N  e67e22 small

I just signed SPA today of a condo of my investment. The developer solicitor asked me to sign a separate letter about the property I'm purchasing is for own stay.

So, here's my question: I signed the letter, so I can't rent it out for Long Term Rental?


I'm pretty new to this. Anyone know about this? 



SHARE THIS TOPIC


307988 277857705557864 1942731477 n small

Wow...you brought up an interesting issue now. 

Hmm...from my understand defects liability should start counting upon the VP of the property la. But so far I've done under con projects only. Not sure how will it counts for a completed project brought from developer, anyway it should follow whatever words and clauses used in the SPA. Defect liability part is the SPA that's binding; not the agent words anyway. It's not a big deal here.

But wow....declaration of property for own stay only really is the first time I'm seeing this. The lawyer should have explain more details to you ma. I.e. what are the consequences if you are renting it out? And what are the legal action..etc. 

Hmm...never heard of such law la. 

Img 5409 small

which project is that?

N  e67e22 small

I just got a confirmation from my friend who is a lawyer. The declaration letter that say it is for own stay, is a requirement from bank. Because I get bank loan for this property, so it is standard. I guess a lot of property owners did not even look at or realised what they have signed apart from SPA & loan agreement ...kekeke. 

65648440 2406793556070448 9165628430648082432 o small

@nicky_esh thanks for sharing