The National House Buyers Association (HBA) acknowledges the challenges faced by our Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz in tabling the national Budget 2023 on Oct 7
The unhealthy practice of liquidators imposing such exorbitant administrative fees for executing the transfer of individual titles to purchasers has now become a norm.
Budget 2023 needs to make homeownership affordable for the ordinary rakyat to have equity in this country.
It is not uncommon for a developer to impose, contracted or otherwise, administrative charges in giving its consent to any resale, transfer or assignment of rights for property purchase pending the issuance of a separate strata title.
Buying a property is the single biggest financial purchase and commitment that the average rakyat will make in his or her lifetime. Hence, the National House Buyers Association (HBA) can’t emphasise enough that careful thought and planning must be done before taking a housing loan to buy a property.
There seems to be an ongoing attempt at circumventing the Federal Court decision –through invoking a different provision in the HDA to allow the authorities to again extend the deadline for delivery of vacant possession or move the goalposts, thereby denying the house buyers their rights to receive their houses on time as stipulated in the sale and purchase agreements, and correspondingly their rights to receive liquidated ascertained damages (LAD) for such delays.