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Hi. I have just bought an apartment. During the deal with the sales rep, i was misinformed that the unit i bought was a non bumi lot. However after signing the Letter of offer from the bank, tgen was i informed that the unit was a bumi lot. There was nothing stated in the agreement n neither in the bank's Letter of Offer. I have tried to neg with the sales person of the developer but she stands to the statement that i had been briefed that the unit i bought was a Bumi lot. She even quote that i can sell the unit later to a non Bumi by applying to the land office with a minimum payment. I will be signing the SPA within this week. I had seek the advice from the bank officer and was told that if i am going to cancel the LO, then i have to pay a penalty of abt RM6k. Please advice.
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1 Answer

David Wong Lai Kwong
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Ask advise from National House Buyer's Association to find out your rights under the Housing Developer's Act- www.hba.org.my and seek counsel from Bank Negara on consumer's rights - www.bnm.gov.my Are you a bumiputra to be able to buy a bumiputra quota in the first place with the bumiputra discount? Based on experiences with clients and lawyers, it is not easy nor transparent to transfer bumiputra quota units to non bumiputras at least not within the first 5 years of purchase. Even after 5 years, it is not automatic or guaranteed but still subject to the whims and fancies of the Land Office person in charge. Unfortunately this is the negative flaw of this policy that had affected many bumiputras when they want to sell their properties at market rate or urgently during financial difficulties. All the best to you. David Wong Principal QUANTUM REAL ESTATE (E-1320) www.quantumrealestate.com.my Read More
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