if the MOT transfers from developer to vendor took out more than 3+1 month (currently about 7 month), can i got back my 10%. The developer already issue the consent/MOT to land office and some how this vendor does not apply/ register ealier it n they keep telling me that this is due to my deed as im not paying the maintenance fee ( FYI im also the tenant of this house but without tenancy agreement as the vendor agree -verbal understanding- to let me rent it first) n in the snp clearly state that the maintenance fee cover by vendor.

The question is who default it is? vendor or purchaser? could get back my 10%? usually how long would it take to get back my 10%?



This post has been edited by rastaf: Dec 5 2010, 12:24 PM

Rastaf:


Look at your S&P - when does time start to run? It may not necessarily be 3 + 1 from the date of signing the S&P.

If it is after the 3+1 period, the contract is deemed to be null and void and of no effect. The vendor has to return the 10% deposit to you PLUS another sum equivalent to the 10% being compensation (agreed liquidated damages).

The tenant has no duty to settle the maintenance fees. It is the landlord who has the duty to do so, unless it is specifically agreed otherwise.

I do not understand what you mean by the developer already issue the consent/MOT to land office and some how this vendor does not apply/ register ealier . How come the vendor has to apply? It is the developer who applies for individual title, not the vendor.

And how come a direct transfer to you was not done instead (if it was possible)?

Furnish us with more details and I'll advise you further.

Actually I have a question about lease hold title in Johor. In normal circumstances, how long does it take to get the name changed? I heard that it can take between 3 weeks to 3 months. In this circumstances, will this actually exceed the 3+1 months for the whole purchase process to be completed?

This post has been edited by L7Awesome: Dec 8 2010, 10:45 AM

When you say 'to get the name changed' are you implying 'consent to transfer ownership by State Authority' or 'transfer of ownership by way of memorandum of transfer' ?

In the event the property is subject to a condition, i.e. State Authority's consent must be obtained, then the 3+1 period will only start to run from the date of obtaining the said consent.

If you are asking about transfer of ownership by way of memorandum of transfer - please note that for the property to be registered in your name, it has nothing to do with the timeframe period. The most important thing is for the memorandum of transfer (MOT) to be PRESENTED for registration and the fees for it to be duly paid, and receipt issued.

For your bank this receipt for proof of presentation of the MOT, coupled with receipt for proof of presentation of the charge in favour of the bank, is sufficient documentation for them to release the balance loan sum to the vendor, thus completing the S&P.

When the duly registered title is issued, the original will be kept by the bank and a photocopy should be handed to you for record purposes.

Hope the above helps

There was a thread not long ago on whether one can pay legal fees by credit card (CC) as opposed to cash or cheque. Needless to say, no one gave a proper answer.

So, I took the liberty to do some research and this is what I came up with:

 Payment_of_Legal_Fees_by_Credit_Card.pdf ( 129.16k ) Number of downloads: 132


Basically, law firms are allowed to accept payment by way of CC, so you CAN pay legal fees by CC

hi all, I just obtained SPA and loan agreement legal fee quotation,the price was reasonable as I did compare with few firm(I admit I m those calculative person),cause to save as much as I can.

purchase price 410k, 90%+5% moving cost,so total loan is 381k.
Loan legal fee total after discount 5.8k, SPA total after rebate 50% on stamp duty and 30% on professional charges, amount RM8228. For the stamp duty 3.6k it will refund later.

Plan to pay by cc,asked n got to know tat there is 2% charged. so paying RM11833 charged rm237.

thanks Dario n others for all the guide n info..

hanalolu, why u got rebate 50% on stamp duty one as your purchase price > rm350k?

xsean, couz is transfer from parent to child, as a gift..so I got rebate 50%.

Hi,

Can someone let me know roughly how much rebate should i get from the lawyer if I'm doing both S&P n home loan at the same legal firm..

House Value: 395k
Home Loan: 375,036

Quoted legal fee:
Home Loan Fee: 6,750
S&P Fee: 11,400

Was it expensive?

Would be better if you could put the whole invoice here for us to take a look. And the advise will be as to whether the disbursements are reasonable or otherwise. Legal fees are fixed according to scale and therefore the question of rebate does not arise.

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:

SPA and higher loan is for purchase of sub-sale unit. the other loan is for another new unit purchase from developer. therefore the need of two different loan agreements.
ok, can you then at least comment on their 'standard charges' whether it's reasonable or not? eg. travelling, misc, etc.
i'd also asked them about the need to do double or triple 'searches' and etc. they claimed that bank is so strict that some documents they demand to see it to be stamped the same date failing which they don't entertain. so they also told me they will 'adjust' whatever that is done once instead of double or triple lor.
but really up to them to say only lah.

airline, sorry for the late reply. i just PM you on their contacts.

Kochin, it looks alright to me

Dear dariofoo/ any sifu/ master,

i have purchaser one unit with my cousin, now he going to leave and migrate to oversea,

previous the S&P and bank loan are two persons name (it's apartment type & still under constructions).

he dont mind and wish to remove his name from S&P since he will not be permenantly stay at Malaysia. Not free, but pay him back little.

So, anyway to remove his name with minimal cost? if selll after completion, i think 3 years later then a bit hard.. now still under constructions, if sell also the value still not increase much...

my questions is:

1) anyway to remove his name, i know better way is consultant lawyer, but can i know here, if remove name, is the Bank allow? then the loan will purely tag under me.

2) will it consider as refinance ? then the Bank have to evaluted my credit again, then i have to pay more $ for refinance or/ penalty for locking period?

3) what other things to take note? thanks.

So estimate how much the cost?


Thanks in advance,

Since the purchaser and borrower involving, it would be better to get a lawyer to do it for you. It would be complicated and hard to handle.

You need to apply another round of application loan to buy back half of the share from your cousin. MOT will involve and paying heavy sum of stamp duty again.

3) Discharge.

When money involving between you and your cousin, Conflict may arise and transaction has to done fairly by middleman. Proper document and letter need to prepare to suit the situation and done correctly.

Correct me if I am wrong

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Added on December 11, 2010, 5:10 pmcutealex:



Since it's not free, then you would have to appoint a solicitor to prepare a S&P whereby cousin sells his half-share to you. Following that, you need to approach the Bank and find out as to the position of the facility agreement and Deed of Assignment (i'm assuming that strata title has not been issued yet, as will be the likely case) in light of the sale of the half-share.

The Bank can prepare a supplementary agreement whereby you undertake to make the necessary monthly repayments towards settling the total loan sum on your own accord. This is of course, subject to the Bank's discretion, and also subject to your gearing. Will you be able to afford to bear the loan on your own accord? If they are satisfied that you can, they may well make an exception for you.

The question which you have to ask yourself is - is there really a need to go through all that? Is there any difference in the monthly repayment? Are you the only one making the payment, or are you both sharing?

If you're worried about executing documents in the future if he is not around, he can always execute a Power of Attorney to authorise you to execute any documentation on his behalf.

So maybe maintaining status quo may not be a bad idea after all. Weigh all your options first.

This post has been edited by dariofoo: Dec 11 2010, 05:10 PM

Any loan agreement lawyer here(preferable anywhere in Selangor or Kuala Lumpur) that doing standard chartered bank. If anyone know a good one, please share with me their contact. Thanks

This post has been edited by aero: Dec 14 2010, 09:30 PM

This is Lawyer's Corner to share legal knowledge and to ask legal questions. Please proceed to Cari Makan Corner or Touts Corner.

If you're hungry you can drop by Devi's Corner @ Bangsar.

dariofoo,

during s&p process, does s&p or loan lawyer need original s&p from seller or just soft copy enough?

my agent passed me seller's original s&p to me...i also feel weird weird...

A photocopy would do. Sometimes instead of doing a title search the bank can just have sight of the vendor's S&P to check particulars of the property as well as ownership details. Of course once the offer letter is out and signed, your loan solicitor would have to do a proper search.

The original S&P ought to be retained by the seller. It's best that you return it.

thanks dariofoo,

another question, my lawyer asked prepare cheque for remaining deposit to seller. i tot cheque payable to seller name but my lawyer ask to prepare for seller's lawyer...