Lawyers Corner, A one-stop centre on lawyers and queries
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 Jan 9 2011, 09:20 AM
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Senior Member
1,927 posts Joined: Sep 2009 
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http://www.dailyexpress.com.my/news.cfm?NewsID=75457 Does this mean that before 1/1/2011, you can only get tax exemption for < 250 K. After 1/1/2011, it is for < 350 K. By definition of first time housebuyer, that means you don't have any property at hand ? Any confirmation from lawyers here ? |
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Jan 9 2011, 12:38 PM
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Junior Member
64 posts Joined: Sep 2009
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Hi, i am an entrepreneur, currently doing a start up with a IT professional from Singapore, i would like to know more about all legal stuff in going into partnership...also, i would like to know how to protect myself on my own interest, any lawyer or anyone have any experience in helping a start up entrepreneur here? Urgent, currently haven register company, but will register in 1st quarter this year...Please assist me...
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Jan 9 2011, 03:34 PM
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Senior Member
4,256 posts Joined: Jan 2005
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What a good topic for discussion. I just need to ask this question about the Developer Penalty charges for late delivery of the property. The period of building if exceeded 3 years means the developer has to pay interest to the buyer, how much percent is the standard practice ? And if the 3 years period is on the date s&p signed or the day building starts?
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Jan 9 2011, 07:43 PM
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Junior Member
77 posts Joined: Feb 2007 
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i'm first time buyer . i would like to buy a house from the owner . i'm going to make a deposit . do anyone have sample of deposit receipt
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Jan 10 2011, 10:37 AM
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Elite
2,795 posts Joined: Aug 2010 From: District 9 
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Setapak:
» Click to show Spoiler - click again to hide... « I assume that this quote is only for the S&P. Why don't you get a quote for the loan documentation legal fees as well? Even if it is factored into the loan (I am assuming it is), doesn't mean that you can't take a look at it first. Everything is good, especially bankruptcy search - RM24 which is the exact amount incurred. Honest of them However, the 'courier charge' of RM546 is quite high. How did they get that amount? You can ask for a further breakdown. Good luck. Added on January 10, 2011, 10:39 am QUOTE(jalsrix @ Jan 9 2011, 09:20 AM) http://www.dailyexpress.com.my/news.cfm?NewsID=75457 First time housebuyer is what it means literally, a person who is buying/owning a house for the first time. Does this mean that before 1/1/2011, you can only get tax exemption for < 250 K. After 1/1/2011, it is for < 350 K. By definition of first time housebuyer, that means you don't have any property at hand ? Any confirmation from lawyers here ?   Added on January 10, 2011, 10:41 am QUOTE(edison8904 @ Jan 9 2011, 12:38 PM) Hi, i am an entrepreneur, currently doing a start up with a IT professional from Singapore, i would like to know more about all legal stuff in going into partnership...also, i would like to know how to protect myself on my own interest, any lawyer or anyone have any experience in helping a start up entrepreneur here? Urgent, currently haven register company, but will register in 1st quarter this year...Please assist me... Basically, you need to draw up a Partnership Agreement. To do that, you would need to appoint a lawyer. Ask your family and friends to recommend a lawyer whose services they have used before and were satisfied.This post has been edited by dariofoo: Jan 10 2011, 10:41 AM |
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Jan 10 2011, 10:50 AM
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Elite
2,795 posts Joined: Aug 2010 From: District 9
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QUOTE(hackwire @ Jan 9 2011, 03:34 PM) What a good topic for discussion. I just need to ask this question about the Developer Penalty charges for late delivery of the property. The period of building if exceeded 3 years means the developer has to pay interest to the buyer, how much percent is the standard practice ? And if the 3 years period is on the date s&p signed or the day building starts? This is what will be provided for in the standard agreement (for landed property):Time for delivery of vacant possession (2) If the Vendor fails to deliver vacant possession of the said Building in manner stipulated in clause 24 herein within the time stipulated in subclause (1), the Vendor shall be liable to pay to the Purchaser liquidated damages calculated from day to day at the rate of ten per centum (10%) per annum of the purchase price from the expiry date of the delivery of vacant possession in subclause (1) until the date the Purchaser takes vacant possession of the said Building. Such liquidated damages shall be paid by the Vendor to the Purchaser immediately upon the date the Purchaser takes vacant possession of the said Building. Time starts to run from the date of the agreement,bro. Added on January 10, 2011, 10:53 am QUOTE(yanio9 @ Jan 9 2011, 07:43 PM) i'm first time buyer . i would like to buy a house from the owner . i'm going to make a deposit . do anyone have sample of deposit receipt Is there an agent involved? If yes, there would be a standard form prepared by the agent. To be safe, don't pay by cash (assuming you're intending to do so). Pay by cheque or bank draft.What receipt are you talking about? You don't really need a receipt. A simple letter enclosing the cheque/b.draft and acknowledged in writing by the seller would suffice. This post has been edited by dariofoo: Jan 10 2011, 10:53 AM |
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Jan 10 2011, 11:10 PM
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Junior Member
283 posts Joined: Oct 2010
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did anyone waive the 14 days deposit clause found in most agents letter of offer nowadays? How to go about this? I was told the fastest bank can make an offer is 3 weeks. Hence the 2 weeks clause was designed to "burn" our deposits.
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Jan 11 2011, 10:14 AM
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Senior Member
9,347 posts Joined: Aug 2010
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Hi Dario,... greetings again.
Remember our discssion earlier where there was a group of purchasers who snatched back their uncompleted houses from the developer, and proceeded to build up on their own ? I heard this morning that they have complied with ALL procedures and rules of their local authority, and have been granted the Certificate-of-Fitness for Occupation (CFO). They are now able to stay at their respective houses, and have managed to enact a framework of this sort for such future problems with other unfortunate purchasers of abandoned housing. What do you think ? |
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Jan 11 2011, 03:21 PM
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Elite
2,795 posts Joined: Aug 2010 From: District 9
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QUOTE(echho @ Jan 10 2011, 11:10 PM) did anyone waive the 14 days deposit clause found in most agents letter of offer nowadays? How to go about this? I was told the fastest bank can make an offer is 3 weeks. Hence the 2 weeks clause was designed to "burn" our deposits. Extension of time is always granted by the vendor. 14 days is also more often than not 14 working days, so you get around 3 weeks. Don't be so pessimistic. If any doubts, check with the agent/vendor. I'm sure they'll oblige with an extension of time.Cheers |
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Jan 11 2011, 03:27 PM
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Elite
2,795 posts Joined: Aug 2010 From: District 9
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QUOTE(Hansel @ Jan 11 2011, 10:14 AM) Hi Dario,... greetings again. Greeting my ol' friend Hansel.Remember our discssion earlier where there was a group of purchasers who snatched back their uncompleted houses from the developer, and proceeded to build up on their own ? I heard this morning that they have complied with ALL procedures and rules of their local authority, and have been granted the Certificate-of-Fitness for Occupation (CFO). They are now able to stay at their respective houses, and have managed to enact a framework of this sort for such future problems with other unfortunate purchasers of abandoned housing. What do you think ? How's Gretel?  Sorry, couldn't help myself.  Interesting indeed. What framework is this? Can enlighten all of us here with the particulars? Who wouldn't want to go one up on the developers huh? This is like a people's revolution! |
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Jan 11 2011, 03:35 PM
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Junior Member
221 posts Joined: Mar 2010
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I brought a link house price at RM628,370 with free S&P legal fees. i want to lump the legal fees into my loan agreement, so the lawyer quoted my banker the Loan Agreement legal fees as per followings:-
To our professional charges for service rendered including taking instructions preparing the loan agreement cum assignment, power of attorney and statutory declaration(s) (as the case may be and wherever applicable), attending to execution, stamping and registration of the aforesaid and for all others attendances not specifically referred to herein and generally. Loan Agreement cum Assignment RM3,151.58 Power of Attorney RM315.16 5% Government service tax RM173.34 Disbursements: Stamp Duty - Loan Agreement cum Assignment (4sets) RM3,215 - Power of Attorney (4sets) RM40 Filing of Power of Attorney RM70 Stamping Letter of Offer RM10 Bankruptcy search RM24 Winding Up search RM24 Stamping & affrirming statutory declarication RM35 Purchase of document RM150 Land search RM90 Printing/fax/telephone/courier/postage RM51.92 Transport RM150 Miscellaeous RM50 Total RM7,550 Pls advice. thanks. |
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Jan 11 2011, 04:42 PM
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Junior Member
179 posts Joined: Dec 2008 From: BP, JH
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Dario, borrow ur thread for a space:
Hi to all new purchasers, RE: 50% stamp duty rebate/discount for properties below RM350,000 from Jan 2011 Untuk makluman permohonan boleh dibuat menurut Perintah Duti Setem (Peremitan) (No.3/2010) [P.U.(A) 475] Pusat Khidmat Pelanggan, Bahagian Komunikasi Korporat Jabatan Khidmat korporat | Lembaga Hasil Dalam Negeri Malaysia |
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Jan 11 2011, 04:51 PM
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Junior Member
12 posts Joined: Jan 2011
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QUOTE(dariofoo @ Jan 11 2011, 04:27 PM) Greeting my ol' friend Hansel. Heyyy Dario,.. How's Gretel? Sorry, couldn't help myself. Interesting indeed. What framework is this? Can enlighten all of us here with the particulars? Who wouldn't want to go one up on the developers huh? This is like a people's revolution!  Gretel is doing well,... but she ate too much of a gingerbread recently,... haha,.. that was the story, right ?I heard that it's a method whereby if a landed property is not completed within a certain period, the purchasers can appeal for assistance from their respective Local Authority to help them (the purchasers) take back the rights to their houses from the Developer, after which the purchasers can then proceed to complete their houses with their own funds till the houses can be resided in, and subsequently, apply for the CF too. This method is especially useful for landed properties, and easier to execute too. I wonder if this framework is really something beneficial to would-be purchasers and purchasers who are currently caught with abandoned projects. Sorry, no personal experience here. never been caught by such a thing before. What that interests me is that this is something revolutionery for the housing industry as a whole. |
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Jan 11 2011, 05:10 PM
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Senior Member
2,552 posts Joined: Jan 2008
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QUOTE(jigsaw2 @ Jan 11 2011, 04:51 PM) Heyyy Dario,.. Would be interesting to see the articles and coverage on this. My first thought would be how to get the land titles (unless already divided) Gretel is doing well,... but she ate too much of a gingerbread recently,... haha,.. that was the story, right ?I heard that it's a method whereby if a landed property is not completed within a certain period, the purchasers can appeal for assistance from their respective Local Authority to help them (the purchasers) take back the rights to their houses from the Developer, after which the purchasers can then proceed to complete their houses with their own funds till the houses can be resided in, and subsequently, apply for the CF too. This method is especially useful for landed properties, and easier to execute too. I wonder if this framework is really something beneficial to would-be purchasers and purchasers who are currently caught with abandoned projects. Sorry, no personal experience here. never been caught by such a thing before. What that interests me is that this is something revolutionery for the housing industry as a whole. |
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Jan 11 2011, 07:24 PM
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Senior Member
9,347 posts Joined: Aug 2010
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QUOTE(zenquix @ Jan 11 2011, 06:10 PM) Would be interesting to see the articles and coverage on this. My first thought would be how to get the land titles (unless already divided) I'll see if I can get more information. What specific areas would you like to know ?The land has been subdivided by the developer earlier, and the transfer process is running. |
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Jan 12 2011, 10:21 AM
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Elite
2,795 posts Joined: Aug 2010 From: District 9
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sk2000:
» Click to show Spoiler - click again to hide... « Charges are fair |
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Jan 12 2011, 10:22 AM
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Elite
2,795 posts Joined: Aug 2010 From: District 9
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QUOTE(jctasoga @ Jan 11 2011, 04:42 PM) Dario, borrow ur thread for a space: Thanks for the heads up on this. Hi to all new purchasers, RE: 50% stamp duty rebate/discount for properties below RM350,000 from Jan 2011 Untuk makluman permohonan boleh dibuat menurut Perintah Duti Setem (Peremitan) (No.3/2010) [P.U.(A) 475] Pusat Khidmat Pelanggan, Bahagian Komunikasi Korporat Jabatan Khidmat korporat | Lembaga Hasil Dalam Negeri Malaysia  |
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Jan 12 2011, 10:34 AM
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Senior Member
1,491 posts Joined: Sep 2008 
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QUOTE(dariofoo @ Jan 12 2011, 10:21 AM) sk2000: Charges are fair. » Click to show Spoiler - click again to hide... « Charges are fair  Stick back to him ya. |
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Jan 12 2011, 10:38 AM
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Senior Member
1,927 posts Joined: Sep 2009
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I just received a 35 page annexure from EON bank stating all sorts of lopsided statements.
Must I sign this document in order to get the loan ? One of the unreasonable request: they can valuate the property at my cost at intervals. Is there such a rule for any other banks ? please advise. |
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Jan 12 2011, 10:48 AM
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Elite
2,795 posts Joined: Aug 2010 From: District 9
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QUOTE(jalsrix @ Jan 12 2011, 10:38 AM) I just received a 35 page annexure from EON bank stating all sorts of lopsided statements. What do you mean lopsided statements? You mean it's biased in their favour?Must I sign this document in order to get the loan ? One of the unreasonable request: they can valuate the property at my cost at intervals. Is there such a rule for any other banks ? please advise. I had a friend who had the same sentiments like you. He confronted his loan solicitor and demanded that certain terms and conditions in the loan agreement be amended. You know what was the answer he got? 'Beggars can't be choosers'  Very disheartening. Quite rude too, if you ask me. But the truth is always hard to digest. Isn't it bro? |
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