The collection of booking fees by developers is a common practice in Malaysia during property transactions, but many might not be aware that it is actually prohibited under the Housing Development (Control and Licensing) Regulations 1989 (HDR).
By common practice, in Malaysia, developers have been collecting booking fees ranging from a few hundreds up to 5% of the property prices.
PUTRAJAYA (Jan 19): The Federal Court has ruled that the calculation of the late delivery payment or Liquidated Ascertained Damages (LAD) to begin from the date the booking fees is paid to the developer, instead of the signing of the sales and purchase agreement (SPA).
KUALA LUMPUR (Oct 10): Things are looking gloomy again for hotels as stays and events are being cancelled in light of the spike in Covid-19 cases.
For many naïve and unwary purchasers, signing a booking pro-forma with a housing developer, its agent or lawyer and paying a sum of booking fee before signing the formal Sale & Purchase Agreement (SPA) is part and parcel of the standard operating procedure to purchase a residential property.
KUALA LUMPUR (July 17): We have gone for our Cuti-cuti Malaysia vacations as cross state boundaries reopened with the Recovery Movement Control Order and it looks like Singaporeans have the same idea for their own version of a domestic holiday as some of their hotels are allowed to reopen.
KUALA LUMPUR (March 6): Sunway Property has launched the “First Property Customisation & Online Purchase System” in Malaysia for its integrated Sunway GRID project in Sunway Iskandar, Johor.
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