Owning your first property may seem a little daunting; there are so many things to consider and the process may and will cause a lot of headaches. So how can buyers arm themselves with property knowledge and guidance to curb unwanted events?
Active measures as a wise buyer can put a stop at any possible pitfall. As such, house buyers are advised to get all the relevant information of the developer and the property even before signing the booking form or the contract of sale. The information gathered is not just to be kept aside and some effort must be put in by buyers to verify all information with the actual product.
Buyers also need to know what must be done and given to them upon receiving the keys to their house and should be wary of promises made by developers in their marketing scheme. One infamous strategy is mentioning proposed projects by the government in brochures, such as proposed highways by the development. Buyers should be aware that these are only proposed infrastructures and will not necessarily be there when the development is completed. Therefore, it pays to keep abreast with the happenings of the country.
Do not bin brochures too soon. While developers may attract buyers with perky promotions, best is to keep these brochures, DVDs/VCDs or any promotional materials until the development is completed for future reference. Take note also that warranties must always come with a card.
Another example is the promise of interest waiver for the months whilst the project was stalled. For this, always request it to be documented in black and white or else you will not receive your keys due to the unpaid remaining charges. The process of buying a property may result in disappointments when things turn awry, so it is always good to have proof in hand.
As a buyer, and more than just “finally owning a property of your own”, the least you can do is take precaution and be wise. Although it may not be fireproof, it would at least lessen the chances of you getting a house full of problems, and not being able to do anything to solve them.
What to Look Out for
Before signing the Booking Form or Contract of Sale, ask a copy of:
Housing Developer’s Licence.
Advertisement & Sales Permit.
Letter from the local authority approving the building plans.
Approved building plans, must be signed and approved by the officer of the local municipal council.
A letter from financial institution confirming the details of the housing development account. The developer can only withdraw money from the account that the purchasers had paid to when a certain criteria of development is met.
Purchaser is to pay the balance of the full purchase price before getting the keys.
Purchasers must receive:
Developer’s architect certificate certifying that building has been duly completed.
Developer has applied for issuance of Certificate of Fitness (CF) for contracts of sale prior to 1 Dec 2007 or Certificate of Completion and Compliance (CCC) for contracts after 1 Dec 2007 and all conditions for the issuance of the CF or CCC have been complied with.