Lowyat.NET: Latest topics by marzhooc

cancellation after SPA stamped

marzhooc — Mon, 30 Jul 2018 23:50:05 +0800

hi bosses,

I know that this topic was brought up by forumers few years ago (in 2012 as I searched in forum lowyat). But I would like to get fresh advise from you guys about my case. here's below the info:

SPA price: 300k - undercon prop
Downpayment: 0 - 10% rebate by developer
booking fee: 1k
legal fees: 0 - all by developer (approx 6k)
prop type: SOHO - under HDA

today the SPA is stamped. Loan not yet disbursed.

And here's the problem.
I am cancelling the purchase for some personal reason. However, developer sent me a letter asking that I will need to pay:
- 10% of SPA price
- legal fees
- booking fee 1k forfeited.

I have a problem to understand why I need to pay 10% of SPA price. I do not think I found any cancellation clause in SPA.
Is this normal to pay 10% for HDA property for cancellation after SPA stamped?

I really need your advise here.

If any information required, I can tell in details.

Thanks.

property investment strategy

marzhooc — Tue, 15 May 2018 19:57:41 +0800

hi all,

I am sending this message as my first post was locked. So I try to rephrase my question and appreciate if all the otai here can give their 2 cents.

here are the facts:

1: I am buying my 3rd property with 85% loan (commercial property - scarletz @klcc). My first 2 property is residential properties with 90% loan. This 3rd prop is due to complete in 4 years.
2: considered zero knowledge about prop investment but with a little bit of capex to spend for prop investment (only enough for downpayment in case anyone will ask why dont i buy in cash)
3: I plan to buy 4th prop if there is any opportunity.

Here are the questions:

1: Do you think I can sell this property when it is still under construction? ie: 2 years from now?
2: for the loan tenure for this 3rd prop, do you suggest longer period tenure or shorter (ie: 35 yrs vs 25 yrs)?
3: since this property is "jsut next" to KLCC, do you suggest to sell is or to keep it for longer period? reason being is that I need to wait for next 4 years to get my return (if I have tennant for this property). So im a bit in dilemma here though I believe this project is a good investment.
4: MOT - might be another topic. I need to pay MOT after few years. let say i want to sell this unit after paying my MOT, will I get this amount back? or this amount is considered burnt when I want to sell it to another buyer?

hopefully all can give your valuable & constructive feedback and advise.

Yes I am planning to go for property seminar to strengthen my knowledge in near future as well.

thanks.

first property investment for newbie

marzhooc — Sat, 12 May 2018 17:42:03 +0800

Hi Forumers,

Newbie here in this field.
I am planning to buy my 3rd property (the first 2 properties are by mortgage loans).

So for the 3rd property that I planned to buy, do you suggest a subsale property or under construction prop (or a new prop)?

I would like to get advise from otai2 here.

If there is already a thread, thanks to provide me the link for my readings.