I thought the trick is do not pay any downpayment till u get the home loan approval

anyway, as long as you have the copy of agreement + signed by all parties + with their IC numbers, you at least have some sort of insurance

nope.. i'm about to.. coz i thought for deposit/booking payment should have any problem...

what i paid is PART of downpayment so called BOOKING/DEPOSIT (2%)...

In short, yes.

But that is if your bank approves your loan under your current financial situation.

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Added on July 10, 2009, 11:46 amerm.. may i ask how much was the d/p?

you do know consulting a lawyer is expensive right?

This post has been edited by cheez: Jul 10 2009, 11:46 AM

the d/p (10%) is RM22k... i've paid only 2%

yes i know lawyer service is expensive... but even everything go smooth i still hv to engage lawyer rite?

is it a good idea at this stage, i just apply the loan?

This post has been edited by raul7: Jul 10 2009, 11:56 AM

ya to prepare the S&P u need to engage a lawyer to help you execute the rest of the legal documents.

are they put an extra charge to private caveat lodged or owners are facing lawsuit? or it is include when they preparing my spa?

in normal cases, you need to a lawyer to help you draft the S&P anyway. by right they will check if there is any caveat lodge on the land, and ask you if you want to lodge one yourself during the whole process of purchasing the property. i think in your case you may want to engage them to do a check on the caveat first before commiting on the S&P. not sure if can work this way, its just a suggestion

btw if the house is not belong to them, they are not suppose to sell it to you. but if this is the case, then this is becoming criminal cheating case and nothing to do with buying property.

whatever the bad loan the seller have has nothing to do with your side; that is between him and his bank.

@raul7,
Go ahead to apply for loan lah - U may just be sweating over nothing. Also, U said earlier the house belongs to the agent so why should there be a problem?

Just make sure U get ur name on the SPA to proof you're the new owner - that way the banks won't come after U even if the other fella's owing the banks loadsa $

omnimech, cheez, dreamKrusher, Pai, tinkerbel, Tohsan, n73me, chamelion

TQ a lot for all ur advice... all of u are very helpful guiding me...i think i know what to do now... just apply homeloan to 4-5 banks... at the same time engage lawyer to do my spa together with caveat thing...

IF the property not belong to them.. i surely wil ask back my money... in case they dont want to give... i'll lodge a police report... thats it!

**update.. i'm going to meet the owner/'agent' today... actualy dont know for what.. in my mind just want to ask him to delay preparing the spa until i got my loan... with that i've more time for the lawyer to check everything.. good idea?

This post has been edited by raul7: Jul 10 2009, 04:40 PM

Yes, it is always a good idea to get your loan application ready first. After signing the S&P, you don't have much time to shop around for mortgage loan. Once you signed the S&P, then only you sign the loan offer letter and summit it back to the bank.

Sorry for interrupting, i dont know how to post new forum here, im a new user. So anyway,i would like to ask about properties. My salary now is RM1,400.00 .Could i possibly buy a house with that range?

Thank you.