ASEAN Property Developer Awards 2019/2020. An award that recognises and honors the most innovative and creative real estate developers and agencies who have shaped the foundation of a nation.
Congratulations to all the winning recipients of the ASEAN Property Developer Awards 2019/2020! Your works are truly exceptional and we look forward to more inspiring and impactful developments in the future!
A booking form might seem like an insignificant step on your path to homeownership, but one wrong move could cost you a steady property transaction! A late home loan approval could lead to a booking form being void, and when that happens, you can’t complete your purchase transaction. This means no dream home!
To avoid a void booking form, here are 4 key things you should be aware of!
𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗧𝗲𝗿𝗺 & 𝗘𝘅𝘁𝗲𝗻𝗱𝗲𝗱 𝗧𝗲𝗿𝗺
In a booking form, there is a deadline stated for how long a buyer is given to secure a house loan to finance the property. There are 2 types, the standard term and the extended term. The standard term is 14 days. However, many are unlikely to do so within this time frame due to factors causing a delay in a bank’s approval. Failing to comply, led to your booking form being void as you are unable to finance the house purchase. Therefore, it is best to go for an extended term where the period is prolonged to 21 days or sometimes even 30. The extension had to be requested to the seller or housing developer, which the approval is entirely up to them.
𝗦𝗶𝗻𝗴𝗹𝗲 & 𝗝𝗼𝗶𝗻𝘁 𝗡𝗮𝗺𝗲
The potential home buyer of the property could put their name alone or with another nominee in the booking form. A joint name is usually used in the case of a home loan rejection on the potential homebuyer, leading to a void booking form. The purchase transaction could still be completed by securing a home loan by the joint purchaser. They can then either be joint owners or the homeowner of the property. Some properties would require approval for a joint name from the developer, while secondary property purchases are entirely up to the homebuyer.
𝗠𝗮𝗿𝗴𝗶𝗻 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴
A home loan for a first time homebuyer is a maximum of 90% margin of financing while the rest is a maximum of 70%. However, that could change depending on the factors of the buyer such as their salary, age, or debt service ratio. In your booking form, you should be wary if there is a specific condition that states the validity of the form depends entirely on the approval of your maximum margin of financing. For if you could not secure it, the booking form might become void. Therefore, it is best to amend the condition to subject to loan approval. This way, you could still refund your booking fee even if you are unable to secure the maximum amount of financing.
When you purchase a property, there is a booking fee collected by the developer, ranging from RM500 per unit to 5% of the purchase price. This is usually collected when you have decided on a home and signed the booking form. In many booking forms, the booking fee is recoverable. Therefore, homebuyers should check the Terms and Conditions of the booking form. Any collection of payment done before signing the Sales and Purchase Agreement (SPA) is prohibited. Thus, if the developer refuses to refund your money, you could complain about them.
To get the dream home you have always wanted, it is imperative to know what is listed in the booking form. Even though it might be 2 to 3 pages long, and a tedious task to read through carefully, it is a significant step to your homeownership journey.
Living in a strata property such as condos, flats, apartments, high-rise, or gated estate, there are times when you are unhappy with the management of your home. Be it to unfulfilled promises in a contract or a law allowing you to sue, you would like to get compensation for it. However, do you know you’re not the only one who can lodge a complaint? The property management has just as much rights to sue you for not complying with certain things as a resident! Here are four things you can be taken to court for.
Now and then, you would like to renovate your home to a newer vibe. Residing in a strata property however, requires you to seek permission before you could do anything else. A renovation permit from the local council and approval from your condo management is needed to redecorate your place. Anything that involves altering the structure of your home requires permission, but repainting or fixing new lights can be done without one. Nevertheless, repainting your corridors or changing any space outside your home is not permitted and can land you a lawsuit from the management.
In some strata properties, pets are not allowed by the management and thus, can be taken away and lead to you being sued. There are even some states that do not allow pets to be kept in strata properties. Ultimately, the final say goes to the property management. However, if the state law states that pets aren’t allowed while the management says otherwise, the law will still prevail as it is the state law. So be careful and double-check before owning a pet!
𝗨𝗻𝗽𝗮𝗶𝗱 𝗠𝗮𝗶𝗻𝘁𝗲𝗻𝗮𝗻𝗰𝗲 𝗙𝗲𝗲𝘀 𝗮𝗻𝗱 𝗦𝗶𝗻𝗸𝗶𝗻𝗴 𝗙𝘂𝗻𝗱𝘀
Stated in the Strata Management Act (SMA) 2013, it is required for residents to pay for the regular upkeep and major repair works of the place, which are the maintenance fees and sinking funds. Failure to do so will lead to several reminders to pay, such as a notice or being displayed in a list with similar others. If further actions are still not taken, the developer can, by law, take action against you. Moreover, only paying for one will still get you in trouble, for both maintenance fees and sinking funds are two different accounts.
𝗢𝘁𝗵𝗲𝗿 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗥𝘂𝗹𝗲𝘀
Living in a space that is shared with others, there are rules and regulations in place to ensure equal rights for all residents. As such, the management could also introduce new rules or amend existing ones, which will be displayed in a visible area for residents to see. Rules can be imposed on the usage of facilities, visitors, or even functions. To make sure you’re not sued and be left to pay for breaking the rules, be sure to check the rules from your management!