Do not pay beyond 50% until property fully redeemed by developer

It sounds incredulous, but banks had initiated foreclosure proceedings against homebuyers, not because the latter had failed to pay their instalments, but to recover loans which their developers had defaulted! And this was legal because the developers had secured their loans by using the purchasers’ houses as collateral! The crux of the problem was that the Housing and Local Government Ministry’s (KPKT) prescribed sale and purchase agreement (SPA) allowed developers to build houses with the instalments of the purchase price paid by purchasers from the day the SPAs were signed.

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IRB says no TikTok account after viral social media claims

KUALA LUMPUR (Dec 31): The Inland Revenue Board (IRB) said today it does not have a TikTok account and that the agency had made a police report following claims circulating on social media that the board had a presence in the video-sharing social networking service owned by Chinese company ByteDance.

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