Scudai's Property Buyer Guide
Sale Form

Upon selecting the unit and payment of initial deposit, you will be issued a Sale Form and relevant package form (if any) and the receipt for the initial 10% down payment. The Sale Form will contain the particulars of the property that you have purchased.

Execution of Sale & Purchase Agreement

You must execute the Sale & Purchase Agreement (SPA) at our appointed solicitor’s office upon settlement of the 10% down payment within 14 days of the date of confirmation of sale.

Application for loan

You are advised to apply for a housing loan immediately upon confirmation of sales.

Commercial Bank Loan Application

A panel of bankers has been appointed to provide loans to those who qualify, however, the final decision lies with you as you are free to choose any bank of your choice. The documents required to apply a loan are generally as follows (which may vary from bank to bank):

• Original copy of Sale & Purchase Agreement/Official receipt of 1st 10% deposit
• Copy of title deed, if applicable, shall be furnished by us subject to written request from the bank
• Photocopy of your I/C
• A copy of your last 3 months’ pay slip or your last 6 months’ bank statement (if self-employed)
• Letter of confirmation on income and years of service from your employer
• EPF statement/A copy of income tax return/EA form

Loan Documentation Procedure

Briefly as follows:

  • Submission of loan application form to the Bank with the above relevant documents.
  • Interview will be conducted with you by the bank.
  • Letter of Offer will be issued to you upon approval from Bank.
  • The letter of offer is to be duly signed by you as acceptance of the offer and returned to the bank with a copy to be furnished to the developer & your SPA agreement solicitor.
  • Bank will thereafter give instruction to their solicitor to prepare the loan documentation which may include, but not limited to the following:
    - Deed of Assignment and loan arrangement (for Strata Title) or
    - Memorandum of Transfer Form 14A and Charge Document (Landed property with individual titles).
  • You shall be informed by the loan solicitors via letter/phone calls to execute the loan documents at the solicitors’ office.
  • Loan documents, after your execution, shall be forwarded to the bank for execution.
  • Loan documents, after bank’s execution, will be returned to the solicitor. The solicitor will forward the Memorandum of Transfer (for landed property with individual titles) to developers for execution.
  • Executed loan documents by Bank are returned to solicitor for stamping and registration. Stamped loan documents will then be forwarded to bank for safe keeping. A copy each of relevant document will be given to you and the developer.
  • The Solicitor, upon completion of loan documentation including full settlement of differential sum between the purchase price and the loan amount by you, shall arrange to advise the bank to release payment to the developer progressively in accordance with the Third Schedule of the Sale & Purchase Agreement upon receipt of the progress billing.
Payment Procedure

Down Payment

The initial/balance (where applicable) down payment of 10% of purchase price has to be paid to us on execution of the Sale & Purchase Agreement. Any conditional credit note (if applicable) shall only be available for utilization subject to loan confirmation.

Mode of Payment

We advise that payment to be made by crossed cheque, bank draft or money order. If possible, avoid payment by cash (except for the settlement of miscellaneous charges during the handing over of vacant possession).

If you wish to make payment by any bank transfer or bank in the payment directly to our bank account, kindly request the correct bank account no. from our Sales Executive and furnish us thereafter the bank in slips via fax/email soonest possible.  

Progress billings

Progress billings is the periodical invoicing by us as and when the relevant construction stage in the third schedule of the Sale & Purchase Agreement or the Government Schedule is completed as certified by the architect.

Payment Period

A period of 21 working days from date of the progress billing is given for the payment.

Progress Billings to End- financier

If you have obtained end financing loan, progress billing shall be forwarded directly to the Bank with a copy to you to enable you to liaise with them for prompt release of payment.

Late Payment Charge

As stipulated in the Sale & Purchase Agreement and Housing Developer’s (Control and Licensing) Act, a late payment charge at 10% p.a. calculated daily will be levied on any overdue payment to be borne by the purchaser, i.e. payment exceeding the 21 working days from the date of billing.

Example - Progress Billing date : 16.10 .12 for RM 30,000.00 - Due date : 9.11.2012 i.e. 21 working days from date of billing - Payment received on 20.11.2012 - No. of days delayed : From 10.11.2012 to 20.11.2012 = 11 days - Late payment charge = 11 days/365*10%* RM 30,000.00 = RM 90.41

How to avoid Late Payment Charges (LPC)

You may avoid incurring LPC by adhering to the following:

  • Apply for your loan immediately. Our Sales Executives shall assist you in any way possible.
  • Settle the differential sum between loan amount and purchase price immediately upon loan approval or within due date of progress billings
  • Monitor closely the loan processing with your bank to ensure that the loan documents are finalized within grace period
  • Liaise actively with your bank and your solicitors on receipt of the billings from us to ensure payment is made within the stipulated period of 21 days.
Maintenance charges

A lump sum maintenance charges, usually 2 years maintenance charges, where applicable, shall be payable in advance upon vacant possession of the property as per Deed of Mutual Covenant executed together with the signing of Sale & Purchase Agreement.

Refund of over-payment

Refund of overpayment is subject to the following conditions:

  • Loan has been approved by your bank
  • Release of the first progress payment from your bank
  • Settlement of the differential sum between the loan amount and purchase price
  • Settlement of any outstanding late payment charge or other miscellaneous charges (if any)
  • Write in to request for refund, else, excess payment shall be refunded after deducting any late payment charges or other miscellaneous charges upon vacant possession of the property.



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Developers' Association Malaysia (Johor Branch)
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