96 Macau property
Macau Business talked bank than the agreed one,’’
Tricks
to buyers, real estate agents said Ms Lee.
and lawyers to get a fuller In short, she says: “A
understanding of the me- monopoly situation has been
chanics of buying a proper- created whereby a customer
ty and what protections the wanting a loan from a Macau
law offers. bank for purchase of Prince
of the trade
When thinking of buy- Flower City - with no title
ing the Prince Flower City deed or occupancy permit - is
unit, Ms Lee knew there only able to do business with
could be problems getting a one bank.’’
loan: “There is no title deed
Even at the best of times, buying a home
or even occupancy per- legislation problems
can stretch us to breakingpoint.
mit, therefore no document
which offered security to Ms Lee explains the prob-
But in a market where sharp practice the bank,’’ she told Macau lems with her home-buying
is commonplace, things can be even
Business. situation: “There are a lot of
problems with the legislation
more stressfull
After studying the con-
ditions offered by different when it comes to protecting
banks, Lee negotiated the the consumer, these laws are
by luciana leitão
purchase: “A loan applica- not very clear,’’ she says.
tion was made directly with Having spoken on numer-
“
I
am at the mercy of what- buying from had arranged an a bank,’’ she said, but the ous occasions with legal advi-
ever terms and conditions exclusive deal. following day she received a sors, what astonishes her most
they offer me,’’ is how This type of situation phone call from the bank. is the nebulous legal nature of
she put it. After agreeing arises regularly in Macau - “They said they wanted the contract between buyer and
to buy a residential unit in and is perfectly legal. Some to do business with us but seller: “The advice we get is ‘if
Prince Flower City, Ms Lee are content to accept that this were unfortunately not able the consumer and the supplier
was forced to make a loan ap- is how the market works while to proceed as the developer feel that a contract is reason-
plication to a particular bank others believe the government would not sign a three party able, then it is reasonable’.
because the developer she was should do something about it. agreement with any other This is not the sort of advice
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