Upon execution of the Sale and Purchase Agreement the initial down payment must be paid as stated in our letter
Late Payment Charge
As stipulated in the Sale and Purchase Agreement and Housing Developer's (control and licensing) Act, a late payment charge at 10% p.a. calculated on a daily basis will be levied on any overdue payment
Invoice dated : 2/6/2005 for RM 35,000.00
Due date 23/6/2005: i.e. 28 days from the date of invoice
Payment received on : 30/6/2005
No of days delayed: 24/6/2005 to 30/6/2005 : 7 days
Late Payment Charge : 7days/365 x 10% x RM 35,000.00 = RM 67.12
Avoidance of Late Payment Charges(LPC)
In order to avoid the imposition of LPC, it is recommended that you adhere to the following:
- Apply for your loan immediately. We will be pleased to assist you in any way we can.
- Liaise with the EPF department to ensure prompt release of the withdrawal sum.
- Settle the difference between the loan amount and purchase price immediately on loan approval or on receipt of invoice from us.
- Monitor closely the loan processing with your end-financier to ensure that the loan documents are finalized within the grace period.
- Liaise actively with your end-financier and solicitor on receipt of the invoice from us to ensure payment is made within the stipulated period of 21 working days.
Once the relevant construction stage as stipulated in the third schedule of the Sale and Purchase Agreement or the Government schedule is completed and certified by the Architect, we will bill you periodically.
A period of 28 days from the date of receipt of our invoice is given for payment of the invoice.