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
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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?