Welcome Guest ( Log In | Register )

Bump Topic Topic Closed RSS Feed
56 Pages « < 4 5 6 7 8 > » Bottom

Outline · [ Standard ] · Linear+

 Lawyers Corner, A one-stop centre on lawyers and queries

views
     
TSdariofoo
post Jan 7 2011, 01:56 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
Probably out but I haven't had sight of it yet.

Stamp Duty for S&P/SPA:
Current (before Budget 2011 announcement)

Stamp Duty for purchase of residential property not exceeding RM250,000 are given stamp duty exemption of 50%, The exemption is granted on one residential property for each individual Malaysian citizen. The exemption is effective for S&P/SPA executed from 8 September 2007 to 31 December 2010.

Proposed in Budget 2011

•50% stamp duty exemption will be given on S&P/SPA with residential property price not exceeding RM350,000.
•The exemption is granted on the first residential property purchased by Malaysian citizen and eligible to be claimed once only within the exemption period.
•Eligible for S&P/SPA executed from 1 January 2011 to 31 December 2012.

If the above proposal is implemented, you would not be eligible.
TSdariofoo
post Jan 7 2011, 03:22 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(LameCouple @ Jan 7 2011, 02:14 PM)
Stamped as in stamp duty like those S&P and loan agreement? As for witnesssed - anyone will do right?
Aiks..seem like if i just want to rent out for a year, it seem quite troublesem. Though i can draft my own loan agreement, signed by both parties and maybe withnessed will do.
*
Stamp duty very little. Calculation is not the same as for stamp duty.

No problem to draft your own agreement. But the fact that you think it's a loan agreement, as opposed to tenancy agreement, makes me go like -> sweat.gif
TSdariofoo
post Jan 7 2011, 03:44 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(zenquix @ Jan 7 2011, 02:35 PM)
Hi

I recently purchased a completed property from a developer. During the course of signing the S&P, I found that the First Schedule did not contain the buildup of the house, which I requested the developer's lawyer to add it in. I then initialed the new version of the first schedule.

I just received the stamped copy of the S&P and I found that the S&P contained the original, uninitialed First Schedule. This was also highlighted by the bank's lawyer.

A call to the developer's lawyer got me her staff who said that the developer refused to sign with that amendment so they went ahead with the old one. If I insist on having the house buildup stated, I need to talk to the developer and risk paying late and penalty charges since the S&P is already stamped.

What are my options and recourse?
*
Hey there,

The S&P which you signed is a standard type agreement stipulated under the Act - for landed property we call it a Schedule G agreement, like this:

Attached File  Schedule_G.pdf ( 52.1k ) Number of downloads: 36


Look at the Schedules at the back - Layout Plan, Building Plan, Schedule of Payment and Building Description.

Only those particulars are compulsory to be stated in the agreement.

So what do you mean by 'did not contain the buildup of the house'?

TSdariofoo
post Jan 7 2011, 04:07 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(zenquix @ Jan 7 2011, 03:53 PM)
Hi

It is a completed property (10% deposit and the rest of 90% within 3 months of S&P stamping) and the lawyer did not really follow Schedule G. My First schedule is a table  of information about the property, i.e. vendor, purchases, address of property etc.

For a landed property, it is not required to state the size of the property that one is purchasing?
*
If you're buying from Developer, it must follow Schedule G. How come it's different? Did you appoint your own lawyer? What did he say?
TSdariofoo
post Jan 7 2011, 04:27 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(zenquix @ Jan 7 2011, 04:10 PM)
Sadly i did not have my own lawyer. The lawyer says that this agreement closely mirrors subsale as it is a Build then Sell. Note: I added a screenshot on the previous post. Just want to know whether the S&P is still legal without my initials on the page...
*
I see. Build and Sell. Yeah I saw the screenshot. So it's blank like that? Weird.

Yes it's still valid even without initials. Initials no big deal. Signature is the most important.

Is there an individual title out for this? What did the title search say? Your individual title ought to state the land area.
TSdariofoo
post Jan 7 2011, 04:45 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(zenquix @ Jan 7 2011, 04:30 PM)
oh it's not blank. I censored it for privacy sake. smile.gif

No individual title yet.

I only have the land area but the house build up is not stated anywhere in the S&P, not even in the building plans.

Wah, if initials not important, the lawyer/developer can just swap pages in the S&P after I signed it then?
*
House built-up info like 20x70 or 22x75 is it? No la bro that is usually not mentioned. Why are you so concerned about that? Can't you tell by the building plans? I think you can, right?

Swap pages? Did you insist on a photocopy of it after you signed just for safekeeping?

I doubt if the developer's lawyer had emailed you a copy of the draft S&P for you to look at before you attended at their office to execute it right?

Plus you wouldn't have thought about it because you weren't represented by a lawyer, and you would have had no prior knowledge of practice and procedure as well.

In normal conveyancing practice, parties will exchange drafts first (nowadays via email) and the final draft will be printed out as the agreement to be executed by both parties.

In the event of any alteration (which is very unlikely in the first place), we can always fall back on the final draft email. nod.gif

This is why appointing a solicitor to act your behalf is prudent. A good solicitor, of course. smile.gif

This post has been edited by dariofoo: Jan 7 2011, 04:46 PM
TSdariofoo
post Jan 7 2011, 09:21 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(zenquix @ Jan 7 2011, 05:06 PM)

I did see the draft and and I initialed an amended copy. But the one sent for stamping is the uninitialed unamended one. Will be trying to get the initialled amended version that I signed.
*
Then what they did was wrong. I think you should put in your protest in writing. Get it acknowledged by them. I also think if they still play hardball you better consult a lawyer for proper advice.

Good luck.
TSdariofoo
post Jan 10 2011, 10:37 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
Setapak:

» Click to show Spoiler - click again to hide... «


I assume that this quote is only for the S&P. Why don't you get a quote for the loan documentation legal fees as well? Even if it is factored into the loan (I am assuming it is), doesn't mean that you can't take a look at it first.

Everything is good, especially bankruptcy search - RM24 which is the exact amount incurred. Honest of them

However, the 'courier charge' of RM546 is quite high. How did they get that amount? You can ask for a further breakdown.

Good luck.

Added on January 10, 2011, 10:39 am
QUOTE(jalsrix @ Jan 9 2011, 09:20 AM)
http://www.dailyexpress.com.my/news.cfm?NewsID=75457

Does this mean that before 1/1/2011, you can only get tax exemption for < 250 K. After 1/1/2011, it is for < 350 K.

By definition of first time housebuyer, that means you don't have any property at hand ?

Any confirmation from lawyers here ?
*
First time housebuyer is what it means literally, a person who is buying/owning a house for the first time. nod.gif

Added on January 10, 2011, 10:41 am
QUOTE(edison8904 @ Jan 9 2011, 12:38 PM)
Hi, i am an entrepreneur, currently doing a start up with a IT professional from Singapore, i would like to know more about all legal stuff in going into partnership...also, i would like to know how to protect myself on my own interest, any lawyer or anyone have any experience in helping a start up entrepreneur here? Urgent, currently haven register company, but will register in 1st quarter this year...Please assist me... notworthy.gif
*
Basically, you need to draw up a Partnership Agreement. To do that, you would need to appoint a lawyer. Ask your family and friends to recommend a lawyer whose services they have used before and were satisfied.

This post has been edited by dariofoo: Jan 10 2011, 10:41 AM
TSdariofoo
post Jan 10 2011, 10:50 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(hackwire @ Jan 9 2011, 03:34 PM)
What a good topic for discussion. I just need to ask this question about the Developer Penalty charges for late delivery of the property. The period of building if exceeded 3 years means the developer has to pay interest to the buyer, how much percent is the standard practice ? And if the 3 years period is on the date s&p signed or the day building starts?
*
This is what will be provided for in the standard agreement (for landed property):

Time for delivery of vacant possession
(2) If the Vendor fails to deliver vacant possession of the said Building in
manner stipulated in clause 24 herein within the time stipulated in subclause (1), the
Vendor shall be liable to pay to the Purchaser liquidated damages calculated from day to
day at the rate of ten per centum (10%) per annum of the purchase price from the expiry
date of the delivery of vacant possession in subclause (1) until the date the Purchaser
takes vacant possession of the said Building. Such liquidated damages shall be paid by
the Vendor to the Purchaser immediately upon the date the Purchaser takes vacant
possession of the said Building.

Time starts to run from the date of the agreement,bro.

Added on January 10, 2011, 10:53 am
QUOTE(yanio9 @ Jan 9 2011, 07:43 PM)
i'm first time buyer . i would like to buy a house from the owner . i'm going to make a deposit . do anyone have sample of deposit receipt
*
Is there an agent involved? If yes, there would be a standard form prepared by the agent. To be safe, don't pay by cash (assuming you're intending to do so). Pay by cheque or bank draft.
What receipt are you talking about? You don't really need a receipt. A simple letter enclosing the cheque/b.draft and acknowledged in writing by the seller would suffice.


This post has been edited by dariofoo: Jan 10 2011, 10:53 AM
TSdariofoo
post Jan 11 2011, 03:21 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(echho @ Jan 10 2011, 11:10 PM)
did anyone waive the 14 days deposit clause found in most agents letter of offer nowadays? How to go about this? I was told the fastest bank can make an offer is 3 weeks. Hence the 2 weeks clause was designed to "burn" our deposits.
*
Extension of time is always granted by the vendor. 14 days is also more often than not 14 working days, so you get around 3 weeks. Don't be so pessimistic. If any doubts, check with the agent/vendor. I'm sure they'll oblige with an extension of time.

Cheers
TSdariofoo
post Jan 11 2011, 03:27 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(Hansel @ Jan 11 2011, 10:14 AM)
Hi Dario,... greetings again.

Remember our discssion earlier where there was a group of purchasers who snatched back their uncompleted houses from the developer, and proceeded to build up on their own ?

I heard this morning that they have complied with ALL procedures and rules of their local authority, and have been granted the Certificate-of-Fitness for Occupation (CFO). They are now able to stay at their respective houses, and have managed to enact a framework of this sort for such future problems with other unfortunate purchasers of abandoned housing.

What do you think ?
*
Greeting my ol' friend Hansel.

How's Gretel? tongue.gif Sorry, couldn't help myself. biggrin.gif

Interesting indeed. What framework is this? Can enlighten all of us here with the particulars?

Who wouldn't want to go one up on the developers huh?

This is like a people's revolution!
TSdariofoo
post Jan 12 2011, 10:21 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
sk2000:
» Click to show Spoiler - click again to hide... «


Charges are fair nod.gif
TSdariofoo
post Jan 12 2011, 10:22 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(jctasoga @ Jan 11 2011, 04:42 PM)
Dario, borrow ur thread for a space:

Hi to all new purchasers,

RE: 50% stamp duty rebate/discount for properties below RM350,000 from Jan 2011

Untuk makluman permohonan boleh dibuat menurut Perintah Duti Setem (Peremitan) (No.3/2010) [P.U.(A) 475]

Pusat Khidmat Pelanggan, Bahagian Komunikasi Korporat
Jabatan Khidmat korporat | Lembaga Hasil Dalam Negeri Malaysia
*
Thanks for the heads up on this. cheers.gif
TSdariofoo
post Jan 12 2011, 10:48 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(jalsrix @ Jan 12 2011, 10:38 AM)
I just received a 35 page annexure from EON bank stating all sorts of lopsided statements.

Must I sign this document in order to get the loan ?

One of the unreasonable request: they can valuate the property at my cost at intervals.

Is there such a rule for any other banks ?

please advise.
*
What do you mean lopsided statements? You mean it's biased in their favour?

I had a friend who had the same sentiments like you. He confronted his loan solicitor and demanded that certain terms and conditions in the loan agreement be amended.

You know what was the answer he got?

'Beggars can't be choosers'

sweat.gif

Very disheartening. Quite rude too, if you ask me. But the truth is always hard to digest. Isn't it bro? smile.gif


TSdariofoo
post Jan 12 2011, 12:11 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(jalsrix @ Jan 12 2011, 11:25 AM)
lopsided means everything is under their favor. If they want to do valuation of property at regular intervals, the borrower must pay for the valuation fees and NOT the bank.   shakehead.gif
Why didn't the loan officer mention this before I sign the letter of offer ?

Is this a common requirement for all banks or just one bank ?
*
Normally there would only be one valuation. After you execute the loan docs they will assign the valuer. That process itself will take a few weeks. I don't think you should worry about it.

But to protect yourself, better clarify with the loan officer.


This post has been edited by dariofoo: Jan 12 2011, 04:38 PM
TSdariofoo
post Jan 12 2011, 04:38 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(cutealex @ Jan 12 2011, 12:05 PM)
Dear all the experts/Sifu/ Legal advisors... please help  icon_question.gif

Situation : Joint name to purchase apartment with ex-GF, now break up..
and now have to find best soultion..
Purchase price    : RM200k
Property condition : Under construction
Bank Loan            : Joint applicant (with ex-gf)
SPA                    : Joint applicant (with ex-gf)

now we have break up - so sad but no choice, I have to facing the FACT and be tough to bear the risk,,, haaiizzz..did not expect all this..

so the gal no longer paying the monthly interest/ installment... actually i would like to withdraw her name from the SPA and loan,
but after i consult law firm frens (not lawyer) .. if wanna withdraw name and will have to do like re-finance which cost me RM5k on legal fees and the bank will review my credit... so complicated and a bit costly RM5k..

1) anyway any other suggestions?
2) i heard got 1 so called "Novotion"..what is that? Can explain this if compared to item 3 below?
3) Perhaps, we can do PA (Power of Attorney) cost abt rm800-1000, then mean the gal will give me authoriy or assign her shares to me to fully incharged for this property. Then my questions is ... if we do so, how about next time she is oversea for working then i wanna resell the unit? then how ? she have to sign as well or i can sign alone..can this be include into the PA?

so i more prefer to item 3 which is more save & both of us agreed to sold it upon completion... i know fully trf name would be better so it more costly.. can do anythings to protect me cos i'm the one going to continue paying , afraid one day she will denied this..thus, i more prefer somethings black & white ..

any other suggestions?
I very appreciate for your profeesional input..thanks
*
I'm assuming that there's no individual title issued yet. You can go for option (3) or another option would be to create a Deed of Trust. However, all this will not take away the fact that your ex-gf still has a half-share in the property. Even with a PA, you are basically only acting on her behalf, and any proceeds from any future sale would still have to be divided equally between you both.

That is why I would advise you to appoint a lawyer to effect an assignment of her right's under the SPA (and loan agreement cum assignment) to you. The consideration can be some form of money from you to her, or even by way of a gift (assuming that you have been paying for everything all along).

Talk to your bank representative to see the options open to you with regard to the loan. There may not be a penalty if you eventually have to refinance it, and you choose to do so at the same bank.
TSdariofoo
post Jan 13 2011, 10:36 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(cutealex @ Jan 12 2011, 05:55 PM)
thanks very much , Dariofoo, btw what is so called "Novotion"?
*
I think what you mean is Novation. NAovation is a mechanism wherebY one party transfers all its obligations and benefits under an agreement to a third party. The third party effectively replaces the original party as a party to the contract.

Example: A owes B a sum of money and X comes into the picture to help A. All parties agree by way of a contract of Novation that X will pay the money to B, not A.

This post has been edited by dariofoo: Jan 13 2011, 10:37 AM
TSdariofoo
post Jan 13 2011, 11:26 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(jigsaw2 @ Jan 13 2011, 11:00 AM)
This is a very unique news. Which means these purchasers have managed to follow all procedures related to the application of CFO from the local authority, I recalled my friend telling me earlier it was not easy. Even developers have problems doing the application.

So purchasers can apply for CFO now. There is hope for abandoned projects now for purchasers who are able to secure funding to recover their investments till CF issuance. I think if the purchasers can work out the procedures to abide to all rulings and regulations for CF application by the local authority, the banks will allow the loan disbursements to be given to the purchasers instead of the developer, since the purchasers will complete the property.

Maybe sifus here can give opinions.
*
Am still waiting for Hansel to come back here and tell us how the purchasers went about it. 100% legally, I hope.
TSdariofoo
post Jan 13 2011, 11:38 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
QUOTE(WLB @ Jan 13 2011, 11:32 AM)
last 2week i already sign loan aggrement with cimb..then that person told me..after i sign loan aggmnt..bank will call me to cmfirm n ask the other question
until today,,i didn't receive any call from bank...normally how long bank will call us after sign loan aggment?
*
What do you mean by ask the other question??

Are you sure you sign a loan agreement? Or did you just sign a letter of offer?

Why don't you sort out your S&P first for the time being?
TSdariofoo
post Jan 13 2011, 01:46 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9
Xforged:
» Click to show Spoiler - click again to hide... «


Good to see you back. So I guess the RM1000.00 charge simply vanished into thin air? whistling.gif

Charges are fair but transport ought to be RM100-150 tops. If different state then perhaps RM200 would be justified, since they are charging you RM100 and RM50 for Misc (which to be honest,i've no idea what it is, but most lawyers charge it as the SRO allows them to do so!)

Added on January 13, 2011, 1:53 pm
QUOTE(WLB @ Jan 13 2011, 12:41 PM)
hi dario...sorry...actually that is letter of offer not a loan agrement rclxub.gif
*
There you go. Smart thing you did, getting the loan sorted out first. Now you can sign the S&P with confidence. Once your lawyer has given a copy to the loan lawyer (assuming they're not the same), you will be called to sign the loan documentation. nod.gif

This post has been edited by dariofoo: Jan 13 2011, 01:53 PM
« Next Oldest · Property Talk · Next Newest »
 

56 Pages « < 4 5 6 7 8 > » Top
Topic ClosedOptions
 

Change to:
| Lo-Fi Version
 0.0236sec    0.68    7 queries    GZIP Disabled
Time is now: 27th November 2025 - 05:24 PM
All Rights Reserved © 2002- 2025 Vijandren Ramadass (~unite against racism~)
Removal Request
Powered by Invision Power Board © 2025  IPS, Inc.