I really need an expert to help me on my current difficult situation.
Early last year I had bought 1 landed property. The developer offered me the package as zero interest until completion.
After 1 1/2 years construction work, recently I had received a interest billing from banker on the interest charged, but the letter clearly stated that the interest will beared by the developer.
However, 1 week later, I received another letter from the developer said that I have to pay for the interest charged with the supporting of certificate of practical completion dated Oct 2010.
My question are :
1. If the banker send me the interest billing which clearly stated the interest will beared by developer, can the developer send me the letter by c.c. the banker (but the banker didn't received it)?
2. I did check with the banker, according to the officer, the loan package i taken was DIBS, means all interest will be beared by developer until "completion", however, she can't clearly explain to me what is the definition for completion. Why the developer can just sending out the letter to the purchaser without their lawyer concern?
3. What rules that actually protect purchaser if we face irresponsible developer? Any govt authority can we file the complaint against them?
4. As the OC been delay for almost 6 months since the last committed date, but developer doesn't explain to us the real situation of the delay of OC. We can't do much against them, because they have 24 months period to delivered the property, we only can claim from them after that. My query is, what type of issue will cause such a long delay? Will the project become suspended later on? what law actually protect purchaser in this case?
I sincerly hope someone could help me to understand more the issue.