Seeking property recommendation

MiloIceWithoutIce — Fri, 14 Aug 2020 13:44:53 +0800

Hi all

I am moving out from my current place as my landlord is getting married and taking the unit back so I'm considering where to move to.

I am not from KL, but have worked in this city for 5 years and have always been staying in the same place. Hence I am quite lost in term of where should I move next. Couldn't find any suitable unit in the current condo I'm staying.

The criteria of the new place I'm looking for are:

(i) between KL sentral and Bandar Kinrara as that's where my church and office are.

(ii)Was hoping to find a studio or duplex (or smaller unit with 2 rooms) as I find myself a bit too old to share my personal space with strangers anymore.

(iii) fully furnished;

(iv) rental max 1.2 k.

I am also considering if i should just buy a studio or some cheaper condo (around 500 k) since i will be paying more than 1.2 k per month for the rental , utilities etc. Might as well get the property for myself instead of helping others to pay their loan.

Any advice please?

Developer discount and cash back - is this legal ?

MiloIceWithoutIce — Wed, 12 Aug 2020 16:32:47 +0800

Hi sifu-sifu,

I am a newbie in this property world and am looking to purchase my first house.

Having done my shopping around I've finally found a property that I like. I made my booking, paid the booking fee and I was really surprised when I saw the booking forms (and other ancillary docs that the developer asked me to sign).

For example, the property is 1 million, and the agent told me there will be 8% discount with 5% cash back upon VP and I only need to make 2% down-payment. Sounds like a good deal to me. However on the booking form i stated that the purchase price is 1 million and I will need to make 10% down-payment for 100k. The agent explained that this is common practice in the industry so that the bank will give me higher loan. Isn't this obviously a fraud?

I don't feel comfortable signing the booking form at all, which I understand will be used for the loan application. Call me naive but I was expecting the discounts and rebates clearly written on the booking form. The agent gave me a side letter from the developer stating all the discounts and rebates that I entitled for the purchase, but this was obviously not being disclosed to the bank.

I understand that the banks are probably well aware of these practices and turning a blind eye to it but I am still risking myself from committing fraud (or at least dishonest?) for getting higher loan since there is an underlying duty for us to inform the financier the actual nett selling price?

I am kindly struggling now as I am not willing to sign an inaccurate document but I also really like this property. I obviously can't afford the 100 k down-payment so I think i have to give up on this property if I am not willing to subscribe to this practice.

My friends (property agents and conveyancing lawyers) told me if I am unable to accept such practice then most likely i just have to spend a few years to save money and buy sub-sale as almost all developing projects subscribe to this kind of practice.

Any advice please?

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Seeking property recommendation

Developer discount and cash back - is this legal ?