This is for Assessment Tax. Cukai Taksiran. Nothing to worry.

Surely by now your lawyer would've got a confirmation from the vendor to extend the date to finalise and execute the SPA. Just check first with your lawyer before jumping to any conclusions. No worries.

Hi Dariofoo

taking loan.

Thanks

Hi,

I've been through all these recently, as recent as few weeks back. So, I just wanna share my experience. 1st of all, do you know the 'currently in the process to transfer to the owner' is at which stage now? If the developer lawyer has 'presented' to the Land Office, then they will have the Presentation slip, with the number, you can check the status in strata.selangor.gov.my. The last I checked with Land Office, a week or 2 back if I'm not mistaken, they're currently processing cases for year 2010 Nov and Dec. You can check it with your date on the Presentation slip, then you can roughly know how long more to process. And you can forget the 'Computerization System of Strata Titles', the system is only running for Landed properties, not condo.

Normal procedure, my date on Presentation slip is April 2011, Land Office staff told me probably the process can be finished by Oct 2011 but i doubted it. You can appeal with the Land Office to speed up the process, if they accept it, it'll take about a month.

If you haven't reach to 'Presentation slip' stage, yes, I would say it probably take a year or more, to transfer from developer to vendor and to you.


Regards.

This post has been edited by babyekc: Aug 9 2011, 12:39 PM

Hi babyekc, thanks for sharing your experience. I think the the current owner is still waiting a letter from the developer. Need to check with the owner again.

hi bro,
Some legal to ask.
Im selling my apartment to a buyer with rm 155k.
Buyer had pay booking fees rm5k to my agent and sign the letter of offer dated 3/7/2011 with condition must sign sap within 14 days.
But buyer only sent the sap on 3/8/2011.

Need your advise on this, can we call to cancel the deal since no sap being sign after 14 days?

Can buyer sue us for cancellation of deal?

Appreciate your advise.

Just checked. What does it mean by "status of perfection of transfer is the MOT has not been executed by the developer but owner has paid the legal fees and disbursement for the perfection of transfer. "?

Dario, is there any different to the legal fee for the loan facilities if we appoint our own lawyer than using the bank's panel lawyer?

Scaled fees would be the same.

But sometimes when the bank allows your SPA lawyer to be appointed on ad hoc basis to also do the loan doc, some firms waive a portion of the disbursements, eg travelling.

Read the terms properly - does it state must execute SPA within 14 days or is it just send a draft copy of SPA within 14 days. Different letters of offer to purchase will word it differently.

And when you said that the buyer only sent the SPA over on 3/8/11, is it a draft of the SPA or is it a finalised one whereby both parties had already started with several drafts beforehand.

If the buyer slept on it for 14 days and did nothing, there would be a right to forfeit. However, if a draft has been sent out and parties were in negotiations to finalise it, then the period would be extended accordingly.

Must also take into consideration as to whether you, as the seller, had provided all the necessary documents for the purchaser to prepare the SPA in the first place.

So, it depends on the facts of the case. How's yours?

. Pay 10% and sign SPA, MOT and other docs
. Purchaser lodges caveat
. Purc sol sends MOT for adjudication followed by stamping.
. Purc signs loan docs
. Bank lodges caveat
. Loan doc sent for adjudication followed by stamping.
. Letter of undertaking by vendor to bank to refund monies.
. Letter of undertaking by Bank to vendor to release loan.
. Vendor releases docs to purchaser's sol
. Purchaser's sol releases all docs including withdrawal of cav, Form 14A(MOT). and registration fees to loan sol.
. Loan sol withdraws both caveats, presents Form 14A and registers charge
. Loan sol advises for drawdown of loan sum
. Payment of loan sum/balance purchase price to vendor and hand over of vacant possession.

As to how long, it would normally be faster than a normal transaction where the vendor still has an outstanding loan, but it depends on how fast the bank and the bank's sol move as well as the purc's sol. Don't delay the application for loan, as things will only move once the loan sol starts the ball rolling and writes to the purc's sol.

This post has been edited by dariofoo: Aug 9 2011, 05:46 PM

Thanks for the detailed explanation Dariofoo. I have come across cases whereby purchaser can use the same lawyer for SPA and loan. Is this advisable? Would the process be slightly faster?

This post has been edited by Skydrop: Aug 9 2011, 06:11 PM

Dear Dariofoo,

Thanks for the reply. May i know where to pay the Assessment Tax? And does it mean i can deduct this in the borang BE? Sorry for the noob questions. I am really clueless when it comes to properties. This is my first house.

Hi Bro,

The term is must sign SPA with 14 days which is written in letter of offer.
I had even sent all the document to my lawyer on 4/7/2011 to prepare the SPA for purchaser.
At first, buyer agreed to hired a same lawyer, but we din't any reply from buyer at all.
On 26/7/2011, his change his mind to hired another lawyer without informing us. And buyer had drag further longer for the draft on SPA.

Latest update, buyer lawyer tell my lawyer and inform wanted to sue us due to we called the deal off.
He stated that he want us to pay back the losses, booking fees + another 5K for compensation + lawyer fees which include loan agreement & SPA.

Need your advised, can purchaser sue us in this case?

It would normally be faster as you eliminate one trail of correspondence and can reduce turnover. Some SPA lawyers can also reduce the disbursements if you appoint them to do the loan doc as well.

However, it depends on how efficient and knowledgeable your SPA lawyer is to do the loan doc. If they are efficient, then all the better. Otherwise, it will end up delaying the whole process.

A double-edged sword,really. If you're confident with your lawyer, then go ahead.

Pay at Majlis Daerah/Majlis Perbandaran/DBKL if you don't have a copy of the cukai taksiran bill. If you have the bill you can pay at post office or even online banking, if the Majlis Daerah/Majlis Perbandaran/DBKL is listed as one of the payees. Personally I prefer post office as you get the acknowledgement printed on the slip.


It's ok. This is a one-stop centre for all noobs to unite. Everyone is a noob, varying only in degrees of noob-ness. Even i'm a noob.

Well, since you have a lawyer on board who has advised you to call the deal off, I'm sure that he would have arrived at that decision having perused all the documents and correspondence between the parties. I do not have any documents to refer to in order to give you a proper advice.

Basically, if the buyer or buyer's lawyer failed to send over even a draft SPA within 14 days, then you have the right to call if off and forfeit the deposit. It's as simple as that. However, if in between there were some correspondence between the parties, like a request for further documents from your part, then the time granted to the buyer to prepare the SPA would be extended. So it depends on how parties were corresponding. In this regard, your lawyer ought to know better.

If you're on the right side, don't be afraid of all these shallow threats to sue. It's just to intimidate you to see if you'll get scared and refund to them the deposit.

Ok, thank you very much for your help dariofoo.

Thanks bro for the advise.

Dear sifus,

I'm a complete n00b in property. I'm currently in the proccess of purchasing my 1st property as my own residence. I was led to understand that in purchasing a property (subsale) the only legal fee I had to pay was for the S&P Agreement, which I have already paid for. Now that my bank loan is approved, the bank's panel lawyer sent the Loan Agreement to me for signing, and there I'm to be charged another RM5k++ as legal fees. Is the correct? That means my legal fees would amount up to abt RM10k (of which 4k was paid for S&P) including both S&P and Loan Agreement (Property Sales Agreement).

Is the the usual practice or have I been conned or overcharged?

Thanks!