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Taking almost 10 months just to buy a "contra" property located in Megan Setpaka until today, the day of writing, 2nd June 2020. Is that normal?

16th August 2019 - I paid my deposit of 3%
24th September 2019 – My loan has been approved and I sign my letter of offer from Public Bank.
21st January 2020 – My S&P is ready; I settle the down payments and sign the S&P.

I feel like the time taken to prepare the S&P after I have applied for my loan is too long. Is there any legal action or compensation that I can claim? I think there should be a case here.
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1 Answer

David Wong Lai Kwong
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Usually, the buyer is required to hire a lawyer to draft the S&P within 14 to 21 days upon signing and acceptance of the earnest deposit by the Owner (Seller) or upon the bank loan approval whichever is stated in the terms of the Letter of Offer to purchase. Provided all necessary documents and information are provided on time by the Owner (Seller). It's the buyer's responsibility to get the S&P ready for signing on time because the Owner (Seller) and/or his bank will not get paid the balance purchase price until the S&P kicks in. Read More
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