Property Hunter Magazine August Issue 2014 | Page 34

/// Contributor Chris Tan Lawyer Specialising in Real Estate Chris Tan is the founder and now Managing Partner of Chur Associates, a boutique legal practice that thrives in delivering business friendly solutions for its clients and having a niche positioning of ‘Everything Real Estate’ serving the entire value chain from the upstream to the downstream. Chur Associates is a boutique legal firm founded in 2004, specialising in designing legal solutions catered to our clients’ needs. Chur Associates’s brand promise is “We Deliver!” To that end, they offer clientsthe necessary means and methods to ensure their requirements are met. You can get in touch with him at Facebook: Chur Associates Email: [email protected] Trending Up Legally in view of the Property Boom in Malaysia (Part 4) A long with the ever expanding population in Malaysia, the growing need for individual privacy and inclination of the younger generation towards moving out from their growing up nest has inadvertently contributed to the vast demand of residential properties in today’s market. This is also evident from the multiplication of new residential properties being launched and offered in the market in addition to the “second hand” properties (sub-sale) market. And the core of all property transactions, for both the purchaser as well as vendor, is the Sale and Purchase Agreement (SPA). While the author makes reasonable efforts to present information which he believes to be reliable, the author makes no representation that the information or opinions contained in this article is accurate and complete. Readers are advised to seek specific professional advice before acting on the views. 34 www.PropertyHunter.com.my The norm for purchasing from Developer nowadays is the Sell then Build model i.e. you purchase your future home-to-be prior to any physical viewing or completion of the residential property. In other words, the SPA has been signed between you and the Developer on the basis that you will get the set of keys to your unit two to three years down the road. There is also the Build then Sell model where the property has been completed and good to sell to you. Most of the time, you will hear that the SPA is STANDARD for purchasing from Developer because it is governed under the Housing Development (Control and Licensing) Act 1966 (HDA), thus you sign the SPA and the unit is yours. However, has your curiosity of the same led you to study the terms in the SPA, especially on your monetary obligations?