Hi,

I'm going to pay a booking fee 2% of 150k condo at impian height to the agent tomorrow by cash.

May I know, what should I expect and have to ask? anyway, i already ask to co-team for s&p markup and he agreed.

from our previous conversation he said his lawyer/friend will markup it for me. I think it's easier to use the agent lawyer. but what if i want to use my own lawyer. what is the procedure?

when u pay booking fee, get a booking receipt - if possible, the booking receipt should state that the booking fee is refundable if your bank loan not approved

NO...don't use agent's lawyer, find your own lawyer.....bcos you might not be sure if the agent's lawyer will clearly represent you

s&p mark-up??
do you mean make up the selling price more than 150k?
you have to make sure the property is more than 5 years in order seller not to pay 5% gain tax, otherwise the gain tax is based on the selling price in s&p, which mean more tax is required, who going to bear the extra tax money, most probably seller not going to bear and you suppose to pay for it.

check oso if the property is under bumiputera status or something like that/ how long the owner owned the property, cos will hab difficulty in transfer of ownership

yup, it should be around 163400 and if i get 90% loan i get 147060.
The property is around 10years i think but i don't know how long does the owner own the property.

I don't mind the bumiputera status since i'm a bumiputera , what's the problem of the duration the owner owned the property? is it because the tax? like what zuiko407 said.

any SPA lawyer recommended? and how to clearly know that agent's lawyer will clearly represent me?

please bear with all this noob question though~

oh....if you are bumiputera, then shouldn't have problem if seller is bumiputera, bcos if you are non-bumiputera, there could be some complication buying from bumiputera

it is difficult to find a good lawyer, you might want to ask referrals from your family members or friends instead of the agent

never pay cash...even 2%

First off, dont pay the earnest deposit in cash. Always give a cheque made out to the Real Estate Agency or a lawyer to act as the 3rd party, never direct to the owner. Its definately risky to be carrying around so much cash, and you can be sure that the money goes to the Agency and not to the negotiator or direct to the owner.

Agent will ask you to sign the booking form. I advice you to put an additional clause "Subject to favorable loan approval" to protect yourself just incase your loan not approved.

Kindly contact me (call/sms/email/PM) and I'll help you get a good loan package as I represent many different banks. I can also recommend you a good lawyer to do your loan agreement and you can also use them as your S&P lawyer to speed up the process. Its safer to use your own lawyer rather than the agent's or the seller's lawyer.

Hope to hear from you soon.

Regards,

I just paid the agent by cash.

The markup s&p is like this though~

when signing the s&p, I still have to pay the vendor the 8% balance of 10% deposit. upfront 12k. But when the loan has been distributed I'll get back my 8%. Luckily I actually plan applying for personal loan to renovate the house. but still big mistake coz didn't clearly ask about this before.

The agent ask me to ask the banker how much price I can mark up for the unit. basically to survey the value of the house. damm! i should ask the banker 1st before proceed. big mistake here, coz I assume that I get a low price. because on Iproperty the unit in impian height is around 160k-180k for 1000sq feet. wish me luck~

The agreement does said that subject to loan approval for a period of 2 weeks time, provided with a rejection letter from bank.

now got to go personal loan shopping for 10k and check banker the value of the unit.

This post has been edited by amerz: Mar 25 2010, 08:01 PM

I hope you got a receipt bro.

You should have asked me to check the value earlier.

No matter, I PM'ed you already. Please provide the required details and I'll check for you.

Regards,