how does it work ? thot compensation is by developer while taxes is for Govt ?
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Puteri Harbour Community
- Thread starter Qube3
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how does it work ? thot compensation is by developer while taxes is for Govt ?
Obviously if the date that the later the developer starts counting the 3 years (?) construction period, the safer it is for the developer. But the buyers will be worse off since they will not get compensation from developer and have to pay higher taxes to the government. Double whammy.
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It is time to fire off email to lawyer and UEM on this state consent approval as it has now become a concern. Taking too long and here in Malaysia if you don't stand beside them or press them they don't move.
just to check.. I've gotten my spa 2 months ago.. And asked to pay start levy which I did.. Also recently received uem letter to ask for progress billing 10% for foundation, does it means my state levy settled already? Any notification or letter if my state consent approved?
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1. Not yet. you can check w yr lawyer for the status.
2. Once SC approved, lawyer will inform you and you'll receive the official letter.
Note: there's a dependency on step2, which is step 1. :p
Stupid question.
What happens if cannot get state consent? Purchase aborted and money refund? Whose's responsibility is that?
apologies.. missed your post..
if they implement "local cannot resell to foreigner" then it's not good for you and me. Those developments whose prices are high due to it being targetted to foreigners will be more affected.
however, if they implement "foreign quota must remain the same even in secondary market" then yours won't be affected, since astkaa has 100% foreigner quota.
so depends how johor implement it.
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again, another weird scenario. cos my friend bot a house and loan / spa all done already, but still waiting state consent. if don't get, i wonder whether he'll get his money back? or money gone just like that?
Remember the loan is between borrower and the bank. The personal guarantees are signed when you take a bank loan.
The property is just the collateral. The bank will still go after the borrower irregardless of what happen to the property.
by logic they wont screw up medini since its 100% foreigner with no min sum, and by the same logic extension, astaka should be safe....... buy thats a lot of IFs. Probably safer to stop buying till they clarify the ruling
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By right, foreigner shouldn't commit anything beforehand. 
5. CONDITIONS PRECEDENT FOR NON-MALAYSIAN PURCHASING PROPERTY IN MALAYSIA
Under the National Land Code 1965, prior approval from the relevant State Authority must be obtained before a non-Malaysian or foreign company is allowed to acquire any property.
5. CONDITIONS PRECEDENT FOR NON-MALAYSIAN PURCHASING PROPERTY IN MALAYSIA
Under the National Land Code 1965, prior approval from the relevant State Authority must be obtained before a non-Malaysian or foreign company is allowed to acquire any property.
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that's right. so in the event that consent not given, buyer will have no choice but to still pay for the legal fees incurred, and would have to cancel the bank loan (paying a penalty), and possibly end up losing the 10-20% deposit paid to the developer. Hence, it is ridiculous that the current adopted procedure appears to be to do all the legal purchasing work up front, before even state consent is granted.
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Pray very hard that the bank drawdown had not commenced as many buyers opt for 90% loan. The banks will chase the borrower for whatever.
Reminds me of Highlands Tower when it collasped, the condo units are no longer there but the borrowers still have to pay. The only thing the banks did was to waive the interests incurred after the mishap and that too with the intervention of the government.
IMO pacific star is taking a big risk launching now amid all the uncertainty over the proposed changes by the Malaysian government... btw I saw on this puteri cove website that the rebate is only 3% instead of 6%. The artist impressions do look very impressive and pricing quite reasonable compared to neighbouring Pinetree
Kicks in when yr SPA becomes unconditional (when state issues consent approval)
I guess I am an anomaly. Never bought directly from developers. But I bought a house from the secondary market where State Consent is required. It's apparently a standard practice; the balance of first 10% (9% after the initial Option money) is paid to the vendor's lawyer as a stakeholder. If State Consent is rejected, Vendor's lawyer is to refund the initial 10% deposit paid. And loan documentation will only commence upon approval of State Consent, as it is stated in SPA (again apparently standard practice) that the purchase is to be completed and balance of 90% purchase price paid within 3 months after obtaining of State Consent. Thus I guess only part of SPA legal fee to be incurred if State Consent fails.
This is a loophole for developers. They can drag e State Consent submissions if they are not ready.
yup, if they implement "foreigner quota must be fixed even for resale market".
if buy for own use, then no issue, as long as price reasonable, you like it, can afford it - just buy.
for "investment" - another story.
The onus of getting the State Consent lies with the purchasers. It has nothing to do with the developers.
Therefore one have to ask its lawyers for such proof of approval. I believe state levy can be used as an indication of approval but one must be careful to ensure it is issued in one's name.
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