THE National House Buyers Association (HBA) has complained to the Minister and those under his charge about purchasers becoming victims when they lose their homes as a result of foreclosure proceedings taken against them by banks to recover loans taken by developers secured by purchasers’ houses bought from the same developers, because the said developers did not settle the loans taken by them.
The crux of the problem is that the Housing Ministry-prescribed sale and purchase agreement (SPA) allows the developer to build the purchaser’s house with the instalments of the purchase price paid by the purchaser from the day the SPA is signed.
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