Asked by Ct
I was recently presented with a Sales and Purchase Agreement, for purchasing a landed property in Malaysia to be constructed, which included a consent form for purchaser to allow developer to charge the land for bridging loan facilities. Understand this is allowed under Schedule G of the Housing Development (Control and Licensing) Act 1966.
Although we had signed the SPA but the consent form was left unsigned, as effects of allowing such encumbrance was not explained to us as purchasers at that point in time.
Question:
- is such consent for encumbrance by the purchaser deemed mandatory under the contract and is an integral part of the SPA, such that if the purchaser does not provide such consent, then the SPA signed by purchaser will be aborted / cancelled naturally ? Does developer have discretionary right to abort / cancel such contract? Or in other words, does the developer have such right to abort / cancel SPA already signed
Although we had signed the SPA but the consent form was left unsigned, as effects of allowing such encumbrance was not explained to us as purchasers at that point in time.
Question:
- is such consent for encumbrance by the purchaser deemed mandatory under the contract and is an integral part of the SPA, such that if the purchaser does not provide such consent, then the SPA signed by purchaser will be aborted / cancelled naturally ? Does developer have discretionary right to abort / cancel such contract? Or in other words, does the developer have such right to abort / cancel SPA already signed
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