LEGAL: Reselling property Q : How soon can I resell a property after I have bought it? Chris Tan of Chur Associates answers: Anytime after the property is purchased. However, the seller should prepare to pay any Real Property Gains Tax (RPGT) if property sold within five years from the date of acquisition. Nevertheless, it should be noted that certain commercial property are subjected to restrictions against disposal during construction. LEGAL: Refund of Deposit Q : I paid a deposit for a new house during a launch recently. I have yet to sign my S&P and this will be my first property. Unfortunately, after much thought, I think it is a bad investment idea. Can I get my refund back from the developer, or shall I consider my RM8,000 lost? Chris Tan of Chur Associates answers: From the question, we are assuming that the term house refers to a residential property. Therefore, the contract used for the signing of S&P should be in compliance with the Housing Development (Control and Licensing) Act 1966. As there is no provision in the prescribed contract under the law for collection of a deposit before signing the S&P agreement, you are entitled to ask for a refund should you decide not to proceed.
Posted on: Sat, 15 Mar 2014 07:16:55 +0000
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