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TOPIC: Re:Payment rules
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Payment rules 1 Month ago
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Can anyone please guide me about the payment plan for a sub-sale..is it necessary that 90% balance payment will be paid within 3 months (90 days) from the date of the state of consent has been obtained?
in case of failure to obtain the state of consent or get bank loan, is it necessary for the vendor to refund the deposit to the purchaser?
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Re:Payment rules 1 Month ago
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Karma: 1
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Yes - 90 days is normal. You might get another 30 days, at interest, if stated in the agreement
Yes - refund in full, without interest, if State Consent is not obtained
S&P's in Malaysia do not protect the buyer against the possibility of not obtaining finance. Your 10% will be forfeited.
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Re:Payment rules 1 Month ago
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Karma: 3
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Believe EPF withdrawal can be applied for the difference between the
balance of purchase price and the loan margin.
Usually a private land search will be conducted very early.
If the property has restiction in interests, then, check
what conditions are required with the land office.
If only consent of State Authority is required, then administratively,
this can be processed following the guidelines set by the land office or
municipal council ( since nowadays, One Stop Centre is becoming quite popular).
In any event, this should be known quite early also.
So, is there a cause of event for forfeiture, if all of these factors
are known early? The answer is not far from being known also.
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Re:Payment rules 1 Month ago
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thanks for the info prasad & raymond
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