Thursday, March 05, 2009

completed property

my work partner just bought a completed property recently ...this is one of the program pushed by our government , whereby the developer built the properties first, then sell after completion... It's good for the buyer, as we buy what we see, we get what we can see and touch .... however, one area to look out is - a completed unit , once deposit is down, developer expects full payment within 14 days ...The buyer has to ensure the loan, S&P , contracts all can be completed ASAP. because there is no more progressive payment here... once loan approved, must rushed for S&P contract that payments can be channelled to the developer right away. Remember, usually from the loan offer letter to completed S&P - it takes min 1 to 2 mths or so, so how ??? I think the buyer need to highlight to the developer , must ask for further extension - as in free interests or no penalty extension... In this case, sometimes a completed unit come with Strata title , available for title transfer ....this will complicate things again, because engaging lawyers , ding dong with Land office for the title transfer usually takes 2 to 3 mths .....without all these, bank may not want to release loan to developer ...again, as buyer, is there any protection to shield from penalty charges ???

just be careful, if you are thinking of buying a unit from this kind of program ....

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