8th April 2009Buying a house is not something easy to decide even to the rich guys. The knowledge on property is a must even for a young couple who plans to buy a home. Without the basic knowledge, its like a blind leading a blind and therefore, its important for us to bear in mind that, getting enough information before purchasing one is a must.
I manage to get some information that might interest you guys and somehow i think its kinda important for us to know as well. Below are the so call, guidance that our Goverment has laid for us. So......Enjoy......!!!
Some Important Aspects for House Buyers
Before you decide to buy a house, ensure that:
* The housing developer has a license and it is still valid.
* The housing developer has an advertisement and sales permit and it is still valid.
Determine the House Type
For landed property such as bungalows, semi-detached houses and terrace houses, the expected date of completion is 24 months from the date of signing of the Sales and Purchase Agreement.
For subdivided building such as condominiums, flats, apartments and townhouses, the expected date of completion is 36 months.
Buyers are advised to obtain from the housing developer the complimentary brochures with all the pertinent information about the project such the development's licence number, and advertisement and sales permit.
Land Status
Please ensure whether it is:-
* Freehold land - it is in perpetuity
* Leasehold land – check the number of years left
* Malay Reserve
=> The status of the land can be checked at the Land Office or the State Land Registrar.
Brochure Information
Brochures are given free by the developers. Please ensure the brochure has the following information:-
1. The Housing Development’s License number and the expiry date
2. The advertisement and sales permit number and the expiry date
3. Name and address of:
i. the licensed housing developer
ii. authorised agents (if any)
iii. those holding power of attorney (if any)
iv. the project management company (if any)
4. Land status
i. Freehold
ii. Leasehold – number of years left
iii. Encumbrances – whether the land has been mortgaged to the bank for a loan
5. Location description
i. building material specification
ii. size of building
iii. amenities/services
6. Name of housing project (if any)
7. Expected date of completion
8. Price of each type of house
9. Number of units for each type
10. Reference number of the approved building plan and name of the local authority.
==> The rights of buyers must be understood as contained in the Sales and Purchase Agreement as per schedules G and H of the Housing Development (Control and Licensing) Regulation 1989.
First Payment
The first payment of 10 per cent must be made upon signing of the Sales and Purchase Agreement. Please ensure the date of signing of the SPA and the date of first payment are the same.
Be aware that the housing developer is not allowed to collect any form of payment without a Sales and Purchase Agreement being signed.
Architect Certification
Make sure any demand by the developer for instalment payment is supported by a certificate duly signed by an architect or a certified engineer.
Interest on Late Payment
If the buyer or end financier for the buyer fails to pay the developer the progressive payment/instalment within 21 working days from the date of the written notice of payment from the developer, the buyer will be charged an interest of 10 per cent per annum on the instalment not paid.
Termination of the Sales and Purchase Agreement
Be aware that failure to make the progressive payment or interest charged on late payment for a period of more than 28 days will give the developer the right to terminate the Sales and Purchase Agreement. The developer must serve the notice in writing by AR registered post of its intention to terminate the SPA.
To be continue...
Source: Ministry of Housing and Local Government
I not guarantee the accuracy of the information provided and holds no responsibilities for any mistakes made.
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