Hi Sifus here,

I have one concern, as my SNP signed & stamping done on 22nd June 2011, then, 14th Sept 2011 first payment to settle owner previous bank balance, then, redemption letter taken somewhere in Sept 2011 too, now pending last payment from bank to owner. Understand from my lawyer that the owner's lawyer is very slow in providing the document, now they only receive all the documents from them and my lawyer said HSBC need 2 weeks to process loan due to deepavli + haji        . But there is one problem as i am rushing to move in at this month end because my current house already got upcoming tenant to stay in, then i discuss with owner, he asked for RM 500 rental(not refundable) for 2 weeks, if gao dim then ok, if not he will ask for another RM 500 for another 2 weeks until releasing last payment. Since i already cleared their first payment, and their lawyer is very slow in handling my case, should i pay him? or did he got the rights to ask for rental?

Hi all,
The situation is, a house has been purchased under sharing of 2 person. Now one of the owner would like to surrender.
So, can anobody here explain on how to take out / withdraw one of the name for sharing of housing purchase?

Million thanks...

26k

If im not mistaken, 3+1 is calculated from the date of consent letter from state authority. Not the date of S&P

If there is late penalty interest from the vendor due to the delay, tell him to contra that with rent. Easy. 

The buyer has the right to ask for late penalty interest?
I signed my S&P at 22nd June 2011. As of now i havent get the key from seller, my lawyer(buyer) has done the great job, but just the seller's lawyer very slow in processing everything. So, i remember my due date was 22nd Sept 2011, and with 3+1, my +1 due date will become 22nd Oct 2011, which mean, now i can start to charge the seller's late interest?

Sorry,chief,my mistake. Read your query too fast and misunderstood it in my haste to provide an answer. Humble apologies. 

Delay by vendor only extends the completion date for the purchaser to complete the transaction. So, the completion date would not be 22nd September anymore, as there were delays by the vendor (as you said). It would be extended according to the calculation of number of days of delay from the vendor. If there were no delays from your side, all the better. So, do check with your lawyer as to when the revised completion date would fall.

Coming back to the rental issue, you must remember that vacant possession is only when the full purchase price is paid to him. Although the delay is from his side, the vendor's "punishment" due to the delay, is that he has to wait longer to get his balance purchase price. As such, the discretion whether to charge you rental or otherwise is totally up to him. If you do wish to rent from him, do iron out the other payments - like maintenance fees - who pays such fees in the interim? If you're paying rent like any other tenant, then it ought to be him who bears the cost of maintenance fees.

Good luck. And sorry again. 

hi, anyone knows whether a tenant (who has stayed more than 10 years) in a rented place, can lodge a caveat on the property? how will this affect the landlord/ owner of the property?

Hi dariofoo..wanna ask..is there a way (a law or sumthing) that i can get my deposits back if i cancel my subsciption to a program? One of the terms in the contract says that i can Rescind my agreement within 5days of the date of agreement..

K..so this clause is on  the suscriber's declaration. I/we are aware that i/we are entitled to rescind my/our application within five (5) days commencing after the date of the lodgement of the application with the company.

At the suscribers agreement :
11. Consequences upon expiry or termination
11.1 unless otherwise expressly stated in this Agreement or the Rules & Rgulations,upon the expiry or termination of this Agreement in any of the instances to in Clause 10.2 (i) above and under any other provisions of this Agreement and the Rules & rEgulations, all payments whatsoever already paid by the Subsciber to the Company shall be absolutely forfeited by the Company while all outstanding monies owning by the Subscrber to the Company shall immediately be due and payable together with interest threon (if any) as a debt due and owning by the Subsciber to the company and the Subsription hereby granted and all ancilllary rights thereto shall terminate automatically and the Suscriber or his nominee(s) shall no longer be entitled to any rights or priviledge under this Agreement or to use and enjoy the renewal benefit PROViDED ALWAYS that such termination shall be without prejudice in the Company's rights against The Suscriber in respect of any antecedent breach by the Suscriber of any of the term in this Agreement and the Rules & Regulation.

No, a tenant can't do that. A person who has the intent to purchase the property (and who has paid some consideration to the owner pursuant to same) or who intends to enforce a proprietory right over the property can lodge a caveat to protect his interests. A tenant does not have any proprietory interest over the property.

I read somewhere that, someone (not the owner) who has a registrable interest in the property can lodge a caveat? A tenant who has stayed more than 10 years in a place has a registrable interest and can lodge a caveat or not ??

Hi Dario

if the letter of offer does not state when the S&P should be signed as the vendor is waiting for the purchaser to get his loan approved, can it be based
on market practice (as in 14 - 21 days)  otherwise, the vendor or purchaser can opt to drag the signing of S&P for as long as they want? In this case
effective date from date of loan approval?

Thanks

I read somewhere that, someone (not the owner) who has a registrable interest in the property can lodge a caveat? A tenant who has stayed more than 10 years in a place has a registrable interest and can lodge a caveat or not ??

If it doesn't state, then the vendor is at a disadvantage as the purchaser can take his own sweet time to apply for loans with several banks and slowly decide as to which to choose before signing the SPA. In the law of contracts, market practice does not apply to vary/amend/insert any terms of the letter of offer. What matters is what was agreed and executed upon by both parties.

What needs to be determined is if the letter of offer is such that it forms a binding contract between the parties.

Two scenarios:

1) If the purchaser has paid 2% deposit to the vendor, then there is a binding contract as consideration (via the 2%) has moved from the purchaser. The letter of offer is a binding contract and parties are bound by its terms. If the vendor does not stipulate a fixed timeframe for the purchaser to finalise and execute a SPA, it can be inferred that the time given is indefinite. As scary as it may sound, in reality, it would not drag too long as surely the purchaser would want to settle in his new home as well.

2) If the purchaser has not paid any deposit to the vendor but merely executes a letter of offer, then it can be argued that there is no binding contract as no consideration of any kind moved from the purchaser to the vendor. All the purchaser did was offer to purchase, and the vendor accepted, but nothing was given to the vendor to 'bind' the vendor to honour that acceptance of the purchaser's offer.

In  scenario (2), the vendor can unilaterally terminate the letter of offer. However, it would be prudent to first give the purchaser a timeframe (even if the letter of offer does not stipulate one) - perhaps a letter from the vendor's solicitor to the purchaser (or his solicitor), giving him a further 7 days to prepare and send a draft SPA to the vendor's solicitors, failing which the letter of offer would be terminated and be of no further effect.

Another situation where no consideration has passed is where the 2% was given to the purchaser's solicitors as stakeholder pending approval of purchaser's loan. If the loan is not approved, all of the 2% would be returned to the purchaser. Once again, I am of the opinion that this would fall under scenario (2), as no real consideration has passed to the vendor. If the vendor has the right to forfeit the 2%, then yes, there is some consideration. Otherwise, there is nothing to bind the vendor.

Consideration does not need to be adequate, it just need to be sufficient. In other words, it doesn't need to be 2%. Even if it is RM1.00 from the purchaser, which the vendor accepts, it is enough to form a binding contract, as sufficient consideration has moved from the purchaser to the vendor.

Hope the above helps.