oohh ok, understand now. ya, my solicitor is applying but the vendor is on and off follw up i think.
its almost 9 months now, and me and husband already feeling lost hopes on the house. if we could get back all the deposits ( inld 3% with agent? ) than maybe we could really take time to search for other house then. i think i would hold up till spa ends this jan.

the rented house again the luck is not by my side. however the owner dont buy the idea on monthly rental and i dont know why.

i think the whole process, delays, owners attitude worsen the situations. it makes me thinks twice on buying said property.

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Added on December 1, 2010, 1:04 pmif spa ends on jan, and loan not even submitted. what is the next step? do another spa?
pay another legal fees?
vendor will pay late charges?
the letter from dev is valid for how long?

This post has been edited by PabloPicasso: Dec 1 2010, 01:04 PM

1) If delay by vendor, the completion date is EXTENDED, as I explained to you earlier. Of course it is more beneficial to you in some sense as you need not pay any late penalty interest for the time being. So, there's no new SPA and no new legal fees;

2) There is no late charges by the vendor, as you are purchasing the property from him. He doesn't pay you anything. His loss is that he doesn't receive the balance purchase price.

3) Letter can be valid as long as the bank accepts it. If they demand a fresh one, just get the dev to reprint it with a new date. After all, the details should be the same.

hi dariofoo,

Need to get some opinion from you. My sister-in-law (SIL) want to do a transfer of her property to my mother-in-law(MIL). It’s a low cost unit in Shah Alam. Particular as below;

1) Unit with freehold title
2) MOT has been perfected previously with the name of MIL & SIL
3) Free of encumbrances
4) Current market value about RM60,000

SIL wish to transfer her 50% portion to MIL. She doesn’t want to have ownership to the house anymore. Can this be done through “Love and Affection”? Heard that there’s some discount on the fees if done thru this way. Some of them mentioned sub-sale, but SIL didnt plan to get any moeny from MIL. Roughly how much need to paid for the fees?

Thank you.

Sorry for the late reply. I was doing some research on it first before giving you a reply.

Basically by Stamp Duty (Remission ) (No.7) Order 2002 [P.U.(A)434/2002] - a donor who transfers the property by way of a gift will be entitled to a 50% discount on STAMP DUTY payable.

* donors in this case only covers parent-child, child - parent. With regard to husband-wife or wife - husband - it is a 100% exemption (there's an Order issued in 2007 regarding this)

In your SIL's case, she will receive a 50% discount on the stamp duty as she is transferring it to your MIL by way of a gift, without any consideration (money,etc).

With regard to legal fees, the scaled fees would be 1% of the value of the property [as the half-share is worth RM30,000.00] - so it would be RM300 (which is actually the minimum fees stated in the Solicitors' Remuneration Order).

The rest of the fees would be RM300 being CKHT2A and RM200 for CKHT 1A (both forms to be filed at the Inland Revenue Department), and disbursements (travelling, photocopy, papers, stationery, etc).

..Plus the stamp duty as stated above.

Thanks alot dariofoo,

U are very informative. U own a lawyer firm?

hi dariofoo bro..

I hav some question need ur advice.
Currently my father own a house at puchong,fully settle with his EPF 5 yrs back.individual title,leasehold,under my father n mother name. Now I wan to "purchase" from them and get a house loan from bank,bank loan and snp will be joint name me n my wife.As I know legal fee for loan side we need to pay for watever fee n stamp duty.The question is,

1. for Snp,is it so call transfer between parent child,and I can get 50% discount on stampduty?but I wan the snp is me n wife name.
2. Legal fee on loan agreement cost me RM7k+,loan at 342k,purchase price 380k,is it usual or is high? snp legal fee cost me 11k+ before deduct the 50% stamp duty,is it worth?
3. how long it would take for the whole process until my parents get the money from bank,let say i sign the LO on 1st dec 2010..as mentioned,the house was fully paid by my parents.
4. Are u working in lawyer firm? do u attach with hsbc?I m taking loan from hsbc.

thanks so much..

1. Dariofoo, How?
2. Post it over here. Dariofoo will help you.
3. 2 to 3 months if the case goes smoothly.

This post has been edited by Seremban_2: Dec 2 2010, 06:11 PM

Hi... Im buying an apartment (subsale) soon. Looking for a lawyer to process the S&P. Any recommended lawyer (reliable with reasonable charges), kindly PM me the name and contact number... or list here if you don't mind.
Preferably, the lawyer firm around Klang Valley.

BTW, it is advisable to use the panel lawyer from the bank?

This post has been edited by kiddo: Dec 2 2010, 11:39 PM

Nanalolu:


1) You are only entitled to the 50% rebate if it is a transfer by way of gift from parent to child. In this case the child (you) is only receiving half-share of the property, you will be entitled to 25% discount only. Your solicitor has to make this clear when sending the MOT for adjudication.

I must add another thing - since the property is unencumbered - you do not need to execute an SPA since the consideration is love and affection (gift). You just need to execute a MOT to transfer it to both you and you.

With regard to legal fees, you will be charged according to the market value of the property.

Once it is transferred to you and your wife, you can both charge it to a financial institution as security for a loan.

This process is easier, rather than executing an SPA - unless your parents are SELLING it to you for some consideration (money).


2) You can post your invoice/note of charges here for us to take a look. The figure you posted is too general.

3) As stated by Seremban_2, it would take a max of 3 months. Anyway that is the time frame allocated. If all goes smoothly, it may even take only a month, as there would only be one advise for drawdown [this is assuming that you execute an SPA,etc]

4)

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Added on December 3, 2010, 9:23 amHave you watched The Dark Knight? I'm just like him.

Only that I don't have a cool car/bike, and I can't stand that tight costume.

Not suited to our local weather

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Added on December 3, 2010, 9:29 amIf you read the first post of this thread, you will notice at the end that there is a warning to all lawyers that no touting is allowed here. Generally speaking, as it is, lawyers are not allowed to advertise, so the 'listing' you've requested is also not allowed here.

I'm sure some 'cari makan' lawyers (or 'lawyers') will PM you to solicit their services. Go ahead if you feel comfortable.

Personally, I would ask family and close friends to recommend a law firm whose services they have personally engaged AND was satisfied with the service rendered.

Read our earlier posts to learn more about selecting lawyers, and also to answer your query on whether it is advisable to use a bank panel lawyer.

If you need any more clarification, come back here and ask.

Cheers.

This post has been edited by dariofoo: Dec 3 2010, 09:29 AM

thanks dariofoo, to confirm on the situation, for my case there is 2 occation,

1. execute MOT,my parents will transfer the ownership of the house 100% to me n my wife,then for my parts I entitle to hav 50% rebate on stamp duty,while my wife need to pay full stamp duty,m I rite? no SPA require thus more cheaper on legal fees?
Later on I deal with bank loan as refinancing to get fund,m I rite?

or

2. treat this transaction is a subsales,I paid for SPA and MOT,I also can get rebate on stampduty,and then get a loan from bank.

compare the 2 option,can I say the 1st is more cheaper?couz no SPA require.
pls advice...tqtq

1.
Professional Charges
A) SPA RM4,370
B) CKHT 2A(per person) RM200
C) Entry & Withdrawal of Private Caveat (Subject to existing loan) RM350
* Verbally mention giving 30% discount

Disbursement
A) GST (5%) RM246
B) Stamp Duty on SPA (4 copies) RM40
C) Stamp Duty on MOT (Estimated) RM10,800
D) Registration of Tensfer RM400
E) Land Search RM90
F) Bankcruptcy/Winding Up search RM 50
G) Travelling RM200
H) Miscellanous RM50
I) Entry & Withdrawal of Private Caveat RM380

Quotation Total = RM17,176

2.
Professional Fees
A) Facilities/Loan Agreement RM3,726
B) Memorandum of Charge RM372.60
C) Entry & Withdrawal of Private Caveat RM350
* Verbally mention giving 30% discount

Disbursement
A) GST (5%) RM222.43
B) Stamp Duty on Facilities/Loan Agreement RM2,340
C) Stamp Duty on Duplicate Facilities/Loan Agreement RM30
D) Stamp Duty for Memorandum of Charge RM40
E) Stamp Duty for Letter of Offer RM35
F) Stamp Duty for Statutory Declaration RM50
G) Registration for Charge RM120
H) Land Search RM90
I) Bankcruptcy/Winding Up search RM 50
J) Affirmation on Statutory Declaration RM30
K) Security Document RM150
L) Travelling RM250
M) Miscellanous RM50
N) Entry & Withdrawal of Private Caveat RM420

Quotation Total = RM8,326.03

3.
Professional Fees
A) Facilities/Loan Agreement RM3,033
B) Deed Of Assignment RM303.3
C) Power of Attorney RM303.3

Disbursement
A) GST (5%) RM181.98
B) Stamp Duty on Facilities/Loan Agreement RM780
C) Stamp Duty on Duplicate Facilities/Loan Agreement RM20
D) Stamp Duty for Deed of Assignment RM40
E) Stamp Duty for Power of Attorney RM40
F) Stamp Duty for Letter of Offer RM10
G) Stamp Duty for Statutory Declaration RM20
H) Affirmation on Statutory Declaration RM30
I) Filing Power of Attorney RM45
J) Land Search RM90
K) Bankcruptcy/Winding Up search RM 50
L) Company/Business Search RM50
M) Security Document RM100
L) Travelling RM250
M) Miscellanous RM50
Quotation Total = RM5,382.58

*Verbally mentioned can give RM4200 nett for everything

Batsignal lighted. Dark Knight DariaFoo please respond.
Thanks.

PS: Discount maybe negotiable slightly further. They claim they can't give bigger discount because they offer good service wor.

which firm u go for kochin?
mind to share?

This post has been edited by airline: Dec 3 2010, 12:26 PM

Hi dariafoo, i just bought an auction condo end of Nov 10. We went there few time, and confirmed that nobody staying since that's no water and electricity supply since year 2009. I will fully paid the outstanding balance by next Monday. (90%). Thus, i can ask lock smith to open the door.

1) After signing the contract (downpayment 10%), we are able to open the door? Or must fully paid? Or must wait until the transfer done legally?

We hope can move in before Chinese New Year, therefore we hope can enter the house as soon as we can for some renovation work.

2) As per POS , the condo sold on "as is where is" basis. Meaning that everything content in the house are belong to me? If let say the ex-owner still left some furniture,we plan to use back the furniture if is in good condition. So, the owndership for the funiture is belong to ex-onwer? Can ex owner take the legal action against us?

Hope to hera from you. Thank you very much.

This post has been edited by HAPPYDAY9959: Dec 3 2010, 01:07 PM

Hanalolu:



When you speak of the rebate, it has to be a transfer by way of a gift. When it is a gift, there is no exchange of money involved. As such, there is no need for a S&P. However, you will still be billed based on the market value of the property, so there is no difference when it comes to scaled fees for the solicitor. Whether you prepare an S&P or otherwise, the fees will be based on the market value, as there is no purchase price to base on.

Ok?

Cheaper in the sense that there would be less disbursements involved if you go for option (1). In fact, it should make sense that you're going for option (1).

If your lawyer still insist on option (2), then...............

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Added on December 3, 2010, 1:20 pmKochin:



Why are there 2 loan facilities? Are you using the same lawyer? In that case, some disbursements are claimed twice - like title search, bankruptcy search, company search. Stamping of SD is only RM10, not RM50. Ask your lawyer if the searches must be done twice and seek clarification why, if they say yes.

Sorry, I don't entertain questions about discounts. I'm sure you know that lawyers are prohibited from giving discounts/rebates/refunds,etc. It is between you and your lawyer to sort it out personally and privately.

PS: How do you know that they are offering good service?

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Added on December 3, 2010, 1:36 pmHappyday9959:




You have to complete full payment of the purchase price first before you are deemed to be the owner and you can take vacant possession of the premises. So wait til your lawyer gives you the green light to take vacant possession. Perhaps in the meantime you can start applying for water and electricity?

'As is where is' would mean that it is sold in the condition that it is with whatever which is in the house. It is mostly inserted to cover the chargee (the bank) - as in most auctioned property, the condition is not guaranteed. It may be damaged and destroyed by the occupants before they leave the property, so you buy it at your own risk.

With regard to permanent fixtures in the property, yes it would belong to you. With regard to movable items, in particular, the furniture you are talking about, I would suggest that you do this to protect yourself:

1) Prepare an inventory of the items left behind;
2) Go lodge a police report listing down the items - stating that if it is not claimed by the previous occupants within 2 weeks, you will dispose off it;
3) Store the items for 2 weeks [realistically, I don't think the occupant will come back to claim it!];
4) After that, I would recommend that you dispose off or sell the items.

Are you sure you want to use the furniture left behind by the previous occupants, even though it is in good condition? Creepy, if you ask me

This post has been edited by dariofoo: Dec 3 2010, 01:36 PM

Hi dariofoo, thank you very much for your reply.

Hi Dariofoo,

May i ask about the stage1. Normally, how long should we wait to get the copy of the stamped agreement? I've signed the S&P on 22 Nov 2010 but still not getting the copy till today.

... Sorry bout that... didn't mean to spoil the thread... was abit excited... hehe
Must admit I skipped some posts (speed reading) because it's regarding buying new development and not subsale.
Anyway, I managed to get a draft quotation from a firm. Below is the detail. Please advise...

I'm buying the leased hold property for RM182,000

Sale and Purchase Agreement 1,724
Preparation of Entry and Withdrawal of Private Caveat 350
Submission for change of ownership form to local council 100
Preparation of CKHT 2A* 200
Stamping of Sale & Purchase Agreement 40
Adjudication fee -
Stamp Duty on Transfer (subject to adjudication) 1,320
Registration fee on Memorandum of Transfer 100
Registration fee on Private Caveat 380
Affirmation fees for Statutory Declaration 4
Title Search 30
Bankruptcy search 48
Printing, Travelling, Courier & Etc 100
Miscellaneous 50
-----------
Total 4,564

Any other missing fees in the list?

This post has been edited by kiddo: Dec 3 2010, 11:00 PM

Happyday9959:

No prob. Do come back and share your experience once all is settled. I think it would be useful for followers of this thread to find out how you personally dealt with this situation. Cheers.

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Added on December 3, 2010, 11:33 pmfazlittc:


You can get it within a week, by right. Call your lawyer and find out. Has both parties executed it? Perhaps a clerk forgot to buzz you to attend to collect it.

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Added on December 3, 2010, 11:38 pmKiddo:



No prob. Can't blame you for being excited. First purchase, I assume?

Apart from the fact that 'change of ownership' can be done on your own, there is absolutely no prob with the quotation. It is very fair.

This post has been edited by dariofoo: Dec 3 2010, 11:40 PM

ahh.... yeah... first purchase

RM100 for the "change of ownership" for me is ok... because
1. no experience: dunno when to do, where to do, how to do, what form to bring, how to fill form, 1 time off effort??, etc
2. need to take leave to do it... leave = $$$
3. lazy... hahaha


One more question>> based on the stamp duty calculater at elawyer website, amount is RM2,640 for property value RM182K. So i presume, RM1,320 for Stamp Duty on Transfer (subject to adjudication) on the quotation already 50% off?

The current position is that stamp duty for purchase of a residential property not exceeding RM250,000 is given a stamp duty exemption of 50%. The exemption is effective for S&Ps executed from 8 September 2007 to 31 December 2010.

Yes, the stamp duty calculated by your lawyer is inclusive of the rebate.

With regard to the RM100 for the change of ownership, looking at your reasons, I'd do the same thing as well - spend RM100 to have that peace of mind. Don't be pennywise, poundfoolish

All the best