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? 

if in doubt, we have rights not to sign anything. Suggest you check with other solicitors... don't fully listen to the solicitors appointed by developer... conflict of interest may happen.

What kinda project is that? If that project has such a package, I'm very sure the agent who approached you should have told you about it.

Or maybe people are making noises about Airbnb issue to the developer? Then again, I wonder what happened if you sublet it? 

Or is it a low cost property? Low cost property is supposed to be bought for own stay la. 

Not sure. Parking here to see the comments~lol

@Ace thats why i dont understand. I signed it anyway. 

Its low density and very expensive RM 1300 psf. I bought it from developer, after project completed. 

The thing is agent told me is 24 months defects liability earlier & when i sign spa yesterday it turns out only 12 months. The reason is according to housing act, any purchase after project is completed, the defect liability is 12 months only from the spa date. This i could forgive easily.

But signing a letter for 'declaring the property is for your own stay' sound absurb. I signed it bcos lawyer said its only formality. @@ 

The project is just completed in January, so i dont think there is any owner complained to developer. Airbnb is not allowed which i understand completely, but what if i wanna rent it out for long term say min 1 year? There is no law saying a property cant be rented out min 1 year right? 

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. 

which project is that?

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. 

@nicky_esh thanks for sharing