Thank to DarioFoo for yrs promptly advise.

As i am a blue collar worker, earning just a peanstnut for living, and the selling price is about 200k only. am thinking of some simple way to protect myself being a vendor in this transaction.

Point 1, will take note and Insist on the balance 7% to be pay to me
Point 2 & 3, can i consider to give the purchaser a longer period of 6+1 month?, since the master title involve so many caveat. In addition on that, i can ask the lawyer to write down in SNP that if-
-the default due to the caveat problem, it will automatic gain a glant period of another 2 months
-the default due to purchaser unable to get the bank loan or the loan amount is too high (no glant period to be given)

If the matter still hang around and unsolve.

can i appoint my own lawyer and ask the purchaser to use my lawyer as well?
btw,how much i need to spend to hire a lawyer to do the SNP? as i known fr my friend that the vendor need not to pay much on the SNP, the majority sum will be pay by the purchaser.

It doesn't work that way. It's difficult for you to insist on those terms as you don't understand the steps and procedure involved. Even the term 'default' which you are using is also wrong, as it is not a case of default.

It doesn't work that way. It is always the purchaser who appoints a lawyer and you have the option to tumpang him to do the redemption of your oustanding loan and the discharge of charge/deed of RnR.


When you appoint a lawyer of your own, you pay full scaled fees. Calculation is based on selling price, plus a bit more for disbursements. You can calculate the scaled fees at the first page of this thread, and you can download the SRO as well. For disbursements, there are plenty of samples in this thread for you to look and compare to get a rough idea.

What you friend has stated is only applicable if you tumpang the purchaser's solicitors. Only then, you do not pay full scaled fees. However, you are deemed to be unrepresented. There's no concept as sharing lawyers. The purchaser has a lawyer. You do not, at the moment.

I repeat my advice again - appoint a lawyer. Spend a bit of money to have the piece of mind. If money is an issue, perhaps talk to the lawyer to see if you can pay disbursements upfront, and deduct the legal fees once the balance purchase price has been received. In fact,I think the 7% deposit ought to be enough to foot part of the bill.

Good luck to you.

So it falls within the second scenario stated earlier, which I am now reproducing herein - If it is merely a case of multiple units being rented out to students, thus giving it an appearance as a student hostel due to the large number of student occupants, it will not be considered as a business. Thus, there would be no case of complaint against the developer/owner of the units.

alright, thanks dariofoo.. sigh.. my condo is turning into a so'called hostel in which i cannot do anything...

Hi Dariofoo,

Sorry if this was asked before. But I'm a bit confused on the 50% discount on the stamp duty.

Is it for S&P, Loan or for both?

The property is more than 350K, so I know I'm not eligible for the discount, but my loan is around 239K.
Got quotation from 2 lawyers, 1 said there is not 50% off for the loan stamp duty, so it was out of question. But another one said I'm eligible for that.

Can you verify this?

Thanks!

Here's a topic which I created specifically on this matter:

http://forum.lowyat.net/index.php?showtopic=1748580&hl=

You can download the actual gazetted Exemption Order in relation to SPA and loan doc there.

You are not eligible for the 50% rebate because it is based on the purchase price of the property, and not the amount of the loan.

Hmm...thanks for the link.
Sigh~ Thought for the loan part, is based on the loan amt, so I can save some money.Haha

Thanks dariofoo!

Hi, need advcie here.

My parent is selling the house to the direct buyer (cash).

- the buyer request us to use his lawyer, so we can save on this. he also mention we no need to submit the cukai form.
- the buyer request us to state 50k in the S&P instead of 80k (selling price) due to his tax matter, and don't let the lawyer know.
- the buyer will pay us the diff amount by bank cheque once we sign the S&P.

Thank in advance.

He's wrong. Vendor has to submit CKHT 1A and CKHT3 to LHDN.


To safeguard yourself, request that he pays it in either by cash or bank draft BEFORE or on the day of signing. Don't accept a cheque as it takes 3 working days to clear. If the SPA is signed and payment of the cheque is stopped, there is nothing to prove that the purchase price is RM30K.

That's the precaution which can be taken.

Many thank to DarioFoo for yrs valuable advised

Will get a lawyer to help me to handle the case

This post has been edited by youngman28: Jul 28 2011, 05:01 PM

Can someone help me on this? My dad want to sell a house but something happened in between.

Just few days ago my dad signed an "agreement to purchase", and the purchaser paid a 3% of earnest deposit to the agent right after signed. Prior to this, we are actually found a new house and intend to purchase, but my dad signed the mentioned agreement before we pay the deposit to the new house, and now the new house owner changed their mind not to sell the house

End up we have to sell our house but no new house for us. Therefore need to ask an advice, since my dad not signing S&P yet, but only the "agreement to purchase", if we are going to cancel the deal, do we need to pay for another 3% more to the purchaser as compensation?

The agent said we need to do so, but when i consult other agent, they said no need to pay for additional 3% but only fully refund to them. Im really confuse what to do now as when my dad sign for the agreement, he did not ask for my opinion, lead to this sad situation occurred.

Just wanted to know must we compensate the purchaser if we cancel the deal? Any other way to cancel the deal without compensate?

Hope my english still understandable...

Thanks dariofoo.
Is it the house > 5 years no need to pay tax?
For the cukai form, we should put 80k or 50k?
Is there any problem if state 50k in the SPA instead of 80k?
My friend's lawyer said that the gov will send people to survey and call for interview if the selling price too low.
Thanks.

Hi all,

I just bought a condo, and the lawyer has sent me the following quotation for the Loan Agreement legal fees. Loan amount is RM252,000. Can I ask all the sifus here, if the fees are reasonable?

Fees
Facilities Agreement 2214.00
1st party 1st Charge 221.40
Entry of Private Caveat 350.00
Application for Consent to Charge 300.00
------------
6% Govt Tax 3,085.40


Disbursements
Carian Resmi 50.00
Bankruptcy search on Borrower/Vendor 12.00
Winding up search on Vendor/Developer 12.00
Title Search 60.00
Application for Consent to Charge 50.00

Stamp Duty on :-
Letter of Offer 10.00
Facilities Agreement + 2 copies 1,280.00
Memorandum of Charge 40.00
Statutory Declaration on
Owner Occupation & Bankruptcy 20.00

Registration fees on :-
Memorandum of Charge 120.00
Entry of Private Caveat 420.00
Consent to Charge 30.00
Caveator’s Consent 30.00

Affirmation
Statutory Declaration on Owner
Occupation, Bankruptcy 20.00

Travelling expenses 200.00
Miscellaneous 50.00

-----------
Total 5,674.52
-----------

Thank you!!!

What is stated in the letter of offer to purchase @ 'agreement to purchase' as you have stated? No party can impose any terms of which is not reduced in writing in the said letter of offer and which has been executed by both parties. It's as straightforward as that. No point asking for other people's opinions, when you have something which states the terms and conditions in black and white.

If you can't comprehend what is stated there scan it and post it here. Shall take a look at it on your behalf.

1) More than 5 years exempted from paying real property gains tax
2) It should follow the purchase price in the SPA
3) Shouldn't be any problem. Just make sure that you get paid the RM30K in advance as explained earlier
4) That might be in relation to stamp duty. But that is purchaser's concern and not yours. If LHDN thinks that the market value is higher, then the stamp duty which the purchaser has to pay on the MOT/DOA will be the market value as assessed by LHDN and not the purchase price. In any event, you have nothing to worry as you would not be involved in all this.

Floogen:


Bro, can you compare with the previous samples in this thread to get a fairer idea? There's about 30-50 samples of quotes with comments for you to compare. If still got doubt do come back and ask ya

clear now. thanks dariofoo

dariofoo,

Thanks for helping me make/save 8k..............I'm glad we meet

Don't forget to collect the RM30K upfront.

The next time we meet, it'll be your turn to help me make/save much more than that