WHAT'S IN YOUR SPA ?!
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- čas přidán 30. 07. 2024
- Legal documents are always associated to terms and conditions that 'average' people like myself find it very difficult to understand. However, it's not as complicated as I think.
Sales & Purchase agreement, the document to prove your ownership for a piece of property. And in this episode let's discuss about some details stated in an agreement for a landed strata house.
Hence, for younger buyers... have no worries as Malaysia have one of the most sophisticated systems plus first time home buyers are very protected in terms of legality and etc.
Hope you guys learnt something =)
11:44 when he tossed the agreement. 😂 epic! Thx for sharing sean!
Hahaha. Thanks for watching and time stamping that epic moment Mantao!!
Have been binge watching your videos and I just want to say thank you so much for taking the time to make this videos; I've learned alot and I wish you all the best with this channel.
Now time to rewatch some of this videos again!
Wow!! Thanks Joseph. Please share the channel with your peers as well so I can help them too :)
@@iherng ooh I just did!
11.43 : the best advice ever!
Thanks a lot for making this video, Sean. This is extremely helpful.
Thank you for your information, it really helps me alot to be a smart home buyer!
Hi Cheryl. Thanks for watching!!
That's my main drive to do all these videos actually=)
Yes 2% shortage is also available for serviced apartments as well. And they also very smart when phrasing of VP, at the end of it, they will mention,"with electricity and water (either one of those) is ready for connection." Time and again I have seen a lot of people wanted to complain and make a big hu-ha about it without reading the fine lines .In my case, where the developer offers you move-in bonus (whatever term they like to call), when you are signing the piece of paper for acknowledgement, there is this fine line which reads,"you shall not claim any damage(s)against developer arising from SPA"..something along that line..Most of the time, when receiving VP, owners are just too happy to know and read their SPA, as a result, they do not know their rights. What I notice is when you fill in the defect form, and you quote the clauses from SPA, the follow-up is very quick, because you know your shit, else they will just drag it.And usually before handing in the defect forms, I will take a snapshot and emailed them to lawyer as well, to let them know. In the case of serviced apartment, and since they are under the jurisdiction of HBA, you can actually go to their website and download this form to ask the lawyer to withhold the last payment until all defects are done accordingly. Its always good to get email from the lawyer and banker especially for this purpose. People don't seems to understand "Knowing is half the battle won."
Awesome sharing! I love the trick where you attach the clause from SPA with the defect form. That's super useful to young home owners.
Also I like that you'll leverage on your lawyer's professionalism. Most of us just pay 'lawyer fees' without fully leveraging on them.
Again, thank you for your sharing. I really appreciate it as it will benefit other young audiences as well.
Keep sharing sir...love you inputs
Thank you for sharing your feedback. I will definitely share more, hope you can learn something out of these videos yea=)
Hi Sean, thanks for sharing this topic, gonna sign my SPA very soon.
Wow!! Congratulations!!
Great piece of advise Sean, keep up the awesome work.
I will definitely keep up the work...but thanks for the feedback.
Also thanks for watching!!
Hi Sean. Thank you so much for your amazing contents as all these informations are very helpful for me and my friends! Much appreciated :)
Thanks for watching!!
Do say hi to your friends for me:)
very good sharing!
These are really helpful advice bro.. thanks!
You're most welcomed! Hope they came in handy=)
Hi Sean. I really enjoy watching your videos. Thanks for sharing.
Is the SPA clause for developer to repair defects within 30 days a standard clause for all SPA including Strata mixed development service apartment ? Thanks
thanks Sean! you made me wanna re-read my previous SPA and the coming i'm gonna sign soon! hahahaha
Wow.. 2nd purchase!! Congratulations man=)
So awesome!
Hi, thank you bro. This is awesome.
Thanks man! Hope this is helpful=)
This is the best info video.
Hope this will help more people=)
Thanks for sharing. I learnt a lot from it
Glad to hear it Siew Chin. Hopefully it's helpful=)
Hi Sean, just came across your channel, very informative btw, thank you. Just to inquire, with regards to SOHO and the like, they are commercial title as well right? so the Percentage of completion deductions would be following commercial concept of residential?
Hi Aaron, great question. For SOHO, it means Small office home office. Because it can be used as a home as well, that's why it falls under the HDA as well. This means the schedule should follow Schedule H as well=)
Hi Sean, really like your content keep it up. Wanted to ask for the colour code, it only standardizes the colour of the building exterior right? Interior of my unit will not be affected?
Yupe, that's right Ludi. Interior is totally up to you=)
Keep Sharing Sir, i like to watch your video. But, is it possible for you to make another video to explain what is schedule H payment and schedule G payment?
Thank You
That's a great topic to share. Let me gather samples of schedule H & G to do up the video soon.
Anyway, thanks for watching yea=)
Damn good video Mr Sean Tan!
You're most welcomed!! Hahaha.
Thanks for watching=)
Actually for the vp part for utility " it is ready for connection", must the supply be ready only considered vp or without meter also can vp?
I'm a first-time house buyer, I'm squeezing in the final leg of HOC, binge-watching your channel now haha..whats your thought on Old Klang road service apartment? Pretty strategic for rent no?
Hi there. Thanks for binge-watching. hahaha.
Anyway, for OKR projects, it's really down to micro location variables. As there are just so many different highrise projects along this one road *easily 20K units, it proves that the location is great. But you will need to compete for tenants.
My suggestions is to go data approach:
1. Determine what's your risk appetite?
2. Let's say you're looking at Millerz, go research on 10 closest exisiting condo on their ROI as they already have tenants. Find out their rental and occupancy rate.
HOC is a great incentive for buyers but I would suggest to really understand your investment appetite first. Also means how much can you afford for monthly installments every month?
Hope these help=)
Sean, regarding the Materials (4th Schedule). Shouldn't the developer be more specific on the material colors/brand? What can the customer do if the developer did not state the specifics?
Because what if developer promised the exact semi-furnish kitchen cabinet as show unit. But in SPA contract didnt state the colors, brand & etc. Then we VP, the end product is totally not like the show unit.
From the perspective of the developer, they couldn't promise the brand and colour for most of the things because the duration of construction takes around 3-4 years. At that time, those models of product for eg fridge, TV, colour of cabinet may be obsolete already especially for electronics.
However, customers should focus on the dimension and specs first, next only the colour and brands.
Thanks Sean, once again another great content. I have a question, for new units, the chances of of renovating is pretty high, how does that affect the Defect Liability?
So it depends on the degree of renovation. In other words how extensive is the renovation works?
The deal breaker is usually when there's hacking work involved as that affects water proofing, pipings and electrical wirings. It was a trend back then when owners of individual title terrace houses will only renovate after the DLP:)
@@iherng Thanks Sean, based on your experience. Is it better to do a full reno or partial while waiting for the DLP to lapse? Coz its kinda drag if have to do reno after moving in. Was thinking of one shot do all and dont need to think of it :p
You're the best!
:)
Awesome content. I have a question, usually loan approved only sign snp ? Why my developer want me to sign snp before loan not yet approve?
That's to mitigate the risk of what if you cannot qualify for loan after you buy? How are you then gonna finance the property?
But developer is okay for you to sign first because it's closer to a confirmed sale for them.
Thanks Sean. I am about to sign the SPA to buy a strata title landed property from developer. Wondering there is parcel size in the agreement and floor plan but no built up size. Is this standard? there is nothing than just verbal told me the built up size from agent because I buy an end lot. Wondering how those property website able to advertise the built up size if there is no built up size in SPA. I feel uncomfortable. Any advice is appreciated.
It means the same thing, just the terms in individual title versus strata title is different. Main parcel = almost equal to lot size. Accessory parcel which is applicable to apartments to indicate their carpark is not applicable here. But do check your share unit. It will reflect your ownership right during management meetings.
As most agents are not technically trained in terms like this, they tried their best to express hahaa..
Thanks for asking:)
@@iherng thanks for your quick response.
Can you explain what is share unit and how to check?
hi Sean, for LAD part 8:00, would you mind to explain what is meant by "10 % per annum per day, of 20% of the purchase price" ?
If the price is RM 1 mil, then the 20% is RM 200k.
10% would be RM 20k, Interest per day means 20k/365 = RM55 .
Means if 30 days late = RM 1650
@@iherng wow, thanks a lot....
Hi Sean, as mentioned in your video those rebates and freebies will not be included in the SPA, so just wondering how do purchasers get assurance that these will be received after VP? Thanks in advance.
Well it depends on what type of freebies. There will usually be a separate piece of paper to confirm those freebies. But anything attached to the unit can be included in the inventory list such as number of air-conds, TV, and etc.
@@iherng what about the rebates??
Youre terra i learn alot from you
Hahaha. Thanks for watching Low=)
Subscribed!
Appreciate it!!
Sean, God bless you for educating us to be smarter. This is a lot of good deed from you - a good hearted person.
Thanks for watching. Do check out the latest episode, I think it's your question=)
@@iherng: Yes, I watched it and send you another email. Thank you Sir!!!!
Hi. If i but a house with partial furnished, is it must included in s&p as well ?
It’s written in a separate piece of paper within the appendix area.
it shows that property market is highly regulated by respective authorities .which is a good thing.
Yupe. You're absolutely right Mubarak!!
👍🏻
Sunway Lenang Johor Bahru? good for investment? or own stay?
Sharp eyes!! You're right! It's Sunway Lenang JB and I bought it 6 years back during launch.
It was initially for own stay as I was quite certain to start living in JB, however times has changed and I'm now based in KL. So now my unit is rented out, and the return is beyond my expectation. *in a good way.
Anyway, thanks for watching=)
Iherng I see, thanks for sharing...keep up good work 👍👍
When i purchased my first property, i asked if they can send me a draft s&p agreement first so that i can see what i sign, they say cannot. Lol. They say i can only read through on the day of signing. Eventually i had my way, they sent me a draft. But i feel like some developers are quite bully towards home buyers.
You did the right thing.
Hi Jai, how do convince the lawyer firm to send you the draft ? i wanted too.
Guidance is appreciated.
thanks
@@TheHirthikroshan You just have to push for it, they know it's not right, they just dont want you to ask too many questions that take up their time.
Selayang 18?
Nope. Lenang Heights in Johor Bahru.
niceeeee
Thanks!!
I will do one better. I will bring iHerng youtube video along. Lol
Hahahahahahaahhahaahahaha!! That will scare them=)