Dario,nowe i find out the property have termites and the pipes all block no water coming out .can i terminate the trandsactions with these reason?

Hi dariofoo,

Right now my bank has finally closed my house loan account, then I proceed to call up my buyer's lawyer for the status and told me that it's better that I call up my bank to ask to expedite the transfer of the title to the new owner. And so I did that and my bank said it will take about 1 week or so to get it done.

So question is, is there a way to push the bank to hurry up on the transfer as the SPA I signed is already late by a week. I am afraid the buyer's lawyer will charge me 8% interest.

Please advise.

Opps...i need some advise n help...my case is like tat, i buying a property recently...but this property got a tendancy until march,2012 and i believe the name transfer process will take place before year end 2011! Now...i need the house for living purpose. Can i ask the tenant to move out from tat house (terminate the tendancy) ??? Is it law allow us to do tat?? Sorry, this is my 1st time ... Still got plenty things to learn....

This post has been edited by Auwen: Sep 14 2011, 01:27 AM

U have to look at the tenancy agreement betwn the current owner and the tenant if they got sign tenancy agreement.
Otherwise, the best way is to request the seller to deal with u only when the property is vacant.

Ya...erm...if the agreement do mentioned it...mean i have no choice and to be waited until the tenancy agreement finish...??
another question, since the owner is change, does it mean the agreement bet the ex-owner and the tenant no longer valid ....?? unless there is specified...rite???


This post has been edited by Auwen: Sep 14 2011, 02:54 PM

Please bring this to the attention of your SPA lawyer. He can advise you further in this. I've advised you as best as I can. Thank you.

1 week is good and fast. Normally 10 working days max is granted to the vendor's financier. As you are unrepresented, the burden is on you to call the bank and push them to rush it. I can't see any other way, though as I said, 1 week is fast enough.

Why you afraid of late penalty interest (LPI)? If delay from your side, normally completion date will be extended only. Interest only accrues from your side if you receive the balance purchase price in full and do not surrender VP to the purchaser within 3 working days (normally). So you read up the terms of the SPA and do your calculation accordingly. If the delay is from the purchaser, then he has to pay LPI to you, not the other way around.

Your SPA will reflect what happens to the tenancy at the end of the transaction. Your lawyer would've been alerted as to the tenancy and would've sorted it out with the vendor. Do read up your SPA and see what is stated there with regard to the tenancy. If nothing is mentioned then it is the duty of the vendor to get rid of the tenant and surrender VP to you upon receipt of the balance purchase price, thus completing the transaction. If he does not surrender VP to you then he has to pay you penalty.

So, the law is up to what is stated in the your SPA. Do dig it up and read the terms.

Have you checked with your lawyer on this also? Please do that as well.

In a tenancy agreement there would usually be a clause which provides for continuation of tenancy despite sale/transfer of the property to another party. Something like this:

SALE OF THE DEMISED PREMISES BY THE LANDLORD

The parties hereby covenant and agree that in the event that the landlord sells and/or assigns the demised premises, the landlord shall subject such sale and/or assignment strictly to the tenancy herein and to the terms and conditions of this agreement and the tenancy herein shall not be terminated by reason of such sale and/or assignment.

So when you buy it, you buy it with the tenancy.

The above is just an example. For your real life case - do read your SPA as I've advised above.

Cheers.

My lawyer say nothing to be done as the deal completed.i suspect my lawyer not doing his job.What u think Dario?

As I advised you earlier, do appoint another lawyer (who specialises in litigation matters) to study the documents and advise you if it is viable to sue the vendor for damages (compensation). I doubt if you can rescind the transaction based on the factual situation. That is my opinion. Best if you get professional independant advice.

+1 find another nice lawyer to help u.

Dear Dario,

If we are going to submit the CKHT 3, do we need to fill up the CKHT 1A in full, like submitting all the expenses bills?

No need. With regard to CKHT 3:

1) If you've owned it for more than 5 years - no further docs required apart from copy of previous SPA.
2) If you've owned it for less than 5 years are you're using your one time exemption - you need to submit utility bills or copy of CF to show that the property is used for residential. That's about it.

Thanks alot.

So, how about gift from parents to child? do we need to attach with a copy of the birth cert?

Dear Dario,

Could you please tell me where I can find a standard offer letter??

Thanks..

Dreamer

No need. That would only be required when submitting it for adjudication to LHDN - where a notice will be issued exemption you from paying any stamp duty.

For submission of CKHT that is not required.

You can use a sample from a real estate agent. The ones agents use are quite standard, differing only in minor details.

Alternatively, you can draft one out yourself with your own terms and conditions. Better still.

Hello,
Booked a ready completed with cf condo from developer.I signed the OL from the bank and the Snp from the developer(but havnt send for stamping yet) even pay the rest of 10%. But now only notice that my car park is located on others block. The sale person never mention to me just said it located on LG. Normal people will assumed it located on our block but for mine end up mine on the other block next to it. Feel like being cheated and wanted to cancel the purchase. Now problems i cant take back my 10% that i paid. Who should pay all the legal fees and its there any penalty. Currently dont have the SnP agreement so dunno wat the penalty. the developer never gave it to me said they need to send for stamping it that the proper way? Is there any place or ways that i can make a complain towards their unprofessional way of selling the unit. thanks

This post has been edited by Jeffery WL: Sep 19 2011, 11:20 PM

Hi there...hope anyone out there can help to review the charges below is appropriate ? Loan amount rm600k The lawyer said can only give me 50% on principal instrument. Thank you

Toward Our Professional Charges
Principal Instrument – Facility Agreement rm4650

Subsidiary Instruments – Deed of Assignment rm465

– Power of Attorney rm465

Service Tax (6%) rm334

Disbursements
Developer’s confirmation fee rm50

Stamp duty - Facility Agreement rm3000

- 2 duplicate copies of Facility Agreement rm20

- Deed of Assignment rm40

- Power of Attorney rm40

- Letter of Offer rm10

- Statutory Declarations rm20

Filing fee of Power of Attorney rm60

Affirmation fee on statutory declarations rm20

Search fees

- Land search rm60

- Bankruptcy search (on Purchaser & Borrower) rm100

- Winding up search (on developer & proprietor) rm50

- Company search (on developer & proprietor) rm50

Pre-printed documents fee (payable to Bank) rm220

Printing and photocopying charges rm160

Telecommunication, faxes, courier and postage charges rm130

Transport charges rm250

Miscellaneous charges rm50


TOTAL rm10,244.80

This post has been edited by omega17: Sep 19 2011, 06:37 PM