I am worried now that the seller may want to cancel the deal after the 3+1 months. We are entering into the 3rd month now, and bank is about to make first drawdown; some delay due to typo error from the seller's lawyer - this week just wasted!!!

And the seller mentioned in the email seems like giving me a "warning" that it has to be completed by then - which is mid March

what should i do? shoe polish the seller?

if seller cancel have to return ur deposit n extra, pls refer to the SnP. unless u really love the unit, if not then take the money n shop again...

after the 3+1 months period, seller can call off the deal and take the deposits

Try Discuss With The Seller. Some Seller Are Nice To Negociate 1

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Added on February 11, 2010, 9:49 pm* Not Mean To Shoe Polist K ?



This post has been edited by SeaMonster: Feb 11 2010, 09:49 PM

trying already, even ask her out to talk face-to-face to discuss penalties and whatsover, oso wanted to discuss about early possession with rental, she doesn't seem interested - but maybe cos of the long weekend

Read ur SPA.

3 + 1 is subject tp conditions, the delay caused by the vendor must be excluded.

Dont u have a lawyer?

Yah, I have a lawyer, but stupid lawyer inconsistent, one day one thing

Then my lawyer even say that 120 days include public holidays, even though got this statement in the agreement

“Where an act is required to be done within a specified number of days after or from a specified date, the period is inclusive of and begins to run from the date so specified but shall be excluding public holidays.”

I am so confused by the lawyer....

I read in different forum.. a seller is ranting and asking question on how he can cancel the deal because he hasn't received money after 3+1.. and this seller also mention, among other things, about typo error in seller's lawyer documentation..

It seems like this is your case.

Anyway, sometimes it depends on luck when buying a property. Some seller/buyer are nice and can easily negotiate.. some are the other way around.

common excuse sis ! anyway he wont cancel because he make profit by selling you..if find buyer again waste time & money..

u just pay interest after 3+ 1 lo.

I would love to terminate after 3 + 1 coz i could forfeit the 10% and sell to another buyer.

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Added on February 13, 2010, 3:08 pmFirst 3 months = As of right

+ 1 month = 8% per annum

the 5th moth = Vendor can terminate and forfeit.


Honestly, better being non advice rather than being ill advised.



This post has been edited by Cannot Tahan: Feb 13 2010, 03:08 PM

I think you need to calculate the days carefully. There are a lot of days is excluded from the calculation like delayed by the seller's lawyer, seller's bank or land office. My previous transaction took about a year to complete and I never pay any interest, btw the seller also a lawyer himself. Ｉthink you shouldn't contact the seller as much, let your lawyer talk to the seller. Your seller knows you are not clear about all those things and trying to take advantage of you.

it depends what happens tht delay the 3+1months, and u said bank is about to make 1st drawn out, which means ur purchase is almost completed, i don't think the seller can cancel deal, charge interest perhaps. have u read ur SnP properly?

and if stated in SnP public holidays not counted it strictly means not counted.

What the above bro said is right and more accurate, take his advice

Anyway, you still have plenty of time ......first drawdown means all legal documentations are completed.

I have same problem too. I'm the vendor, i signed the s&p with the purchaser on 31st Dec 2010. Its almost 2months now, another two months would be due on april. Is it possible for me to terminate the agreement and forfeit the 10%??

your S&P lawyer should advice you on this. the house i just bought, previously the vendor already makan 20% because two buyers could not obtain loan!

This post has been edited by paultantk: Feb 24 2010, 02:00 AM

Cases due to longer period taken
Your lawyer before hand should have get an approval from the seller's lawyer side on the longer period taken ( on behalf of the seller )

the 3 + 1 not counted from the s&p date, yours is leasehold or freehold property?

Mine is freehold. I did not engage any lawyer because all these while i never use lawyer when sell. The lawyer told me that the purchaser have not even obtain any loan yet.

i think if never obtain loan and the buyer never take any action, only after 3+1 months can forfeit the deposit

alright great, normally is public holiday and saturday sunday consider as part of 3+1?

"day" includes work and non-work day

but, depending on the agreement, public holiday can or cannot be included

but my stupid lawyer and stupid seller lawyer say it include public holidays despite there: "Where an act is required to be done within a specified number of days after or from a specified date, the period is inclusive of and begins to run from the date so specified but shall be excluding public holidays" which i am arguing with them

to my understanding it should be excluding the public holidays . i think you can check out this website for more information on the laws of sale and purchase http://www.agc.gov.my/agc/index.php?option...mid=204&lang=en.

unless the snp is not the standard one which entails additional benefit then i believe the snp should be a standard one which means a 3+1 till forfeit of deposit

perhaps you should get a second opinion from another lawyer on this.

I think ur lawyer really really really bad in english or he/she is in cahoots with the seller.

i got a third opinion from my uncle's lawyer on this issue but he wasn't that helpful because he knows he cant close my deal after all, i feel he "simply" say that it includes public holiday...

never mind, when it comes to late penalties, i will go to my lawyer firm personally to argue with them...

i suggest you complain to the bar council about your lawyer. Try to get some proper legal advice not from family member. Perhaps you can approach your bank and ask them for a referral or opinion from their panel lawyers.

i have been trying to contact my bank (OCBC), but they have been like pushing me around. I cant do nothing but just write complain letters about the panel lawyer. And, the customer service asked me to write to the loan operations department, I even cc. the copy to the headquarters, demanding them to call me, but so far, I have not heard from them - instead they sent me a letter letting me know that I need to pay fire insurance

I want to do something but I can't or don't know how to do it!!! It is just so frustrating

drop me a call when u r convenient.

thanks alot for your help

Managed to check my s&p and it says 3+1 includes public holiday. Well to me is fair enough. I got another loan from ocbc but everything was smooth. I wouldnt blame the bank rather than the people working there.

even though my s&p has "Where an act is required to be done within a specified number of days after or from a specified date, the period is inclusive of and begins to run from the date so specified but shall be excluding public holidays"

merce, who is a bank officer in OCBC says:

If you really insist and expect damn good response, complain to BNM and your bank will surely understand who they are dealing with.

yes i agree with that but from what mercer explained its in favour to you . if im going to buy a house next time i'll look for mercer

i want to ask: if there is already a first drawdown, then the owner cancels the deal, then, what happen to the loan? thanks

you mean that the owner cancels the deal after the 1st payment has been made?

it hasn;t happen, but just thinking the worse scenario

paid deposit + difference between outstanding and loan + first bank drawdown...

i am trying to enter an early possession with rental by the extended completion date, not sure the owner is responding, so far, hasn't respond

Noneed to think too much gal... when the matter happen then only goto negotiate and solve it.

i am also stressed cos my rental (for the current place i am staying) is expiring this end month

trying to take things easy.....thanks for the support

This post has been edited by leongal: Mar 1 2010, 04:21 PM

From my understanding when the deposit has been paid and accepted esp after the completion of the 1st draw down the owner cannot cancel the deal.

Not to sure what others know if there is any way around it. But given that he some how cancels the deal the owner has to pay you back the deposit and the owner has to pay you back double the amount paid.

this is what i know of based on my dad's experience

thanks

but my case will be more than 3+1 months.....that's why the seller has "right" to cancel....but i will take it as it comes la....

What the purpose seller want to cancel?
If he really want to sell the property, sure owner can wait till finish deal.

Unless, owner get mush higher deal or greedy for the tiny deposit amount.

I think owner will understand too if the delay problem not on yours.

If the 1st drawdown has been made and the seller cancel the deal, she might be able to forfeit you 10% downpayment but she has to return the amount of the 1st drawdown to you. It is stated in the s&p or undertaking letter signed by your seller to your bank. It said that if the transfer of title could not be completed for whatsoever reason, the seller undertake to refund the 1st drawdown.

do you know if the bank will charge me an interest on this?

Many owners refuse to give early possession because once the buyer move in, it'll be difficult to get them to move out if the deal is cancelled.

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Added on March 1, 2010, 9:25 pmStart searching for a place where you can rent on a month to month basis.

Not sure if Millennium Court offers month to month rental, but you can call and ask.

Millennium Court,
Jalan Elmu, Off Jalan Universiti,
59100 Kuala Lumpur,
Malaysia
Tel : 03-79652555
Fax : 03-79652688


This post has been edited by Moolah: Mar 1 2010, 09:25 PM

Definitely!

thank you

actually the owner did allowed me early possession with rental earlier own, but i rejected initially because i was still renting the current place, now i need the place since the rental in the current place is expiring. I have emailed owner and awaiting her reply, tomorrow i will try sms her and the next day i will call her to talk to her...

yes, i am looking for alternatives as well...thanks....