Frequently Asked Questions

Who do I contact if I have a question about my Contract?

Any questions that relate to the legal aspects of your Contract of Sale must be directed to your legal representative.

How do I get a copy of my deposit receipt?

You will have received a copy of your receipt from the vendor’s solicitor when your 10% deposit was paid. Please ask your solicitor if you cannot locate your copy and require one.

How do I get a copy of my floorplan?

These are sourced from your Contract of Sale. It is important to note that neither floorplans with measurements nor actual individual apartment plans with mark ups would typically be available.

When should I start my finance application?

We recommend you commence your finance application three (3) to four (4) months prior to the forecast settlement date. We will be in touch with you regularly to remind you about commencing your finance application well before settlement is due. Investigating things such as: financiers or brokers, loan options, private funds and interest rates should be done prior to the commencement period.

What is a bank valuation and when will it be conducted?

If you apply for a loan to buy your apartment, your lender will likely organise an independent valuer to appraise the property in order to get an understanding for the property’s value. A report will be generated for your bank with the results, and this will allow them to approve your loan.

We will advise you when your apartment will be ready for a bank valuation inspection and coordinate valuation times. Typically, this will occur closer to settlement.

What is a pre-settlement inspection and when will it be?

Once your property is nearing completion, you will have an opportunity to inspect your new property prior to settlement. This inspection is your chance to complete a condition (defect) report to bring any issues to the attention of the builder and take any measurements you require, such as the fridge recess, washing machine space, etc. Under the Contract of Sale, you are entitled to one (1) inspection before settlement is due, unless otherwise stated in your particular contract of sale.

We will advise you when pre-settlement inspections will commence. Typically, this will usually occur closer to settlement.

What happens with the defects I notice at my pre-settlement inspection?

Most items picked up are common defects and minor in scale that should be easily rectified by the builder. It is important to note; settlement cannot legally be delayed due to existence of minor defects.

If defects are not fixed before you collect your keys, the builder will arrange access directly with the owner or tenant to complete these works.

Can I authorize someone to inspect on my behalf?

To authorise someone for inspection, you will need to contact our team to receive an authorisation form that must then be completed and returned to Setia.

What is the Body Corporate or Owner’s Corporation?

Now known as the Owners Corporation, it is the body that runs the strata plan for your building. All lot owners are members of the corporation and pay levies for the management of, by the Owners Corporation Management Team, as well as to the upkeep of the building and common property.

Strata levies vary considerably from one building to another, and generally reflect the building facilities and condition. Strata levies or fees will be advised through your conveyancer when the statement of adjustments is finalised.

When will I know my settlement/move-in date?

You will be notified by your Conveyancer once settlement has been called. Once your solicitor has received notification from the developer’s solicitor you will generally have 10 business days unless stipulated as otherwise in your contract of sale, to settle your property. Once you have settled, you will be able to collect the keys to your property.

What happens if I can no longer settle?

You must let us know in a timely manner; as well as instruct your legal representative / conveyancer to notify the developer’s legal representative. Colliers as the Master Agent would be able to assist with reselling your property by way of nomination.

What steps are needed for settlement to be called?

There are two documents required to formally classify your apartment ready for settlement to be triggered:

Certificate of Occupancy

The certificate of occupancy is issued by the Relevant Building Surveyor and states a building’s compliance with the applicable building codes and other laws indicating it to be in a condition suitable for occupancy. The certificate of occupancy is conclusive that no major works are outstanding and hence there are no causes for delay to settlement. Minor defects may be outstanding at the time the certificate of occupancy is obtained.

Registration of the Plan of Subdivision

A plan of subdivision is created to create parcels of land. Once the plan of subdivision has obtained Statement of Compliance (SOC), The plan of subdivision is lodged via the Land Title Office (LTO). Subject to the size and complexity of the plan of subdivision, the LTO usually requires 2-3 weeks to issue the Registered Plan of Subdivision.

Once the Plan of Subdivision is registered and the Occupancy Permit is issued, settlement will be triggered. Letters will be sent to your legal representative requiring you to settle your apartment within the allocated timeframe per your contract of Sale.

What do I need to do to make sure I can settle on the due date?

Once the settlement date has been confirmed, please ensure that your finances are in place and contact your legal representative as soon as possible to confirm that everything is finalised for an upcoming settlement.

It is very important to ensure that you are ready for settlement by the due date. Under the Contract of Sale, penalty interest will apply to you in the event you do not settle by the specified date. Requests for settlement extensions need to be formalised through your conveyancer for consideration.

What is the Statement of Adjustments and when will I get it?

The Statement of Adjustments refers to any outgoings that will need to be adjusted to the final amount due at settlement to ensure that the vendor only pays the portion up to the date of your settlement. The statement will specify the amount that will need to be deducted or added to the total amount due for settlement. This can include items such as owners corporation fees, embedded network fees, stamp duty, etc.

Once settlement has been triggered, the developer’s lawyers will finalise the Statement of Adjustments according to your Contract of Sale and issue it along with all other legally required documentation to your nominated legal representative. Please refer to your legal representative for further information.

When/how will I collect my keys?

Once you have settled on your property you will be able to collect keys. We will send you this information closer to settlement.

How do I get information about post-settlement? (Utilities, moving in, etc.)

Once settlement has been called, we will provide details outlining all necessary information about your apartment, including where to collect your keys, move-in information, owners corporation details, connecting utilities and post settlement defect information.

Setia Contact Details

For any questions concerning the settlement procedure, please contact a Setia Customer Relationship Team Member who will be only too pleased to assist you, or you can also contact one of our Customer Relationship Team Members at Setia International Centre in Malaysia.

Setia — Melbourne, Australia

Customer Relationship Team Members:

Michelle Su | Marta Naumowicz | Jordy O’Brien

E: uno.settlement@spsetia.com

T: +613 9616 2500

A: Level 1, 155 Franklin Street, Melbourne 3000, Victoria, Australia

Operating Hours:

9.00 am – 5.30 pm (Mon – Fri)

Setia International Centre – Kuala Lumpur, Malaysia

Customer Relationship Representative:

Au Yong Cui Cui

E: cuicui.auyong@spsetia.com