lopsided means everything is under their favor. If they want to do valuation of property at regular intervals, the borrower must pay for the valuation fees and NOT the bank.


Why didn't the loan officer mention this before I sign the letter of offer ?

Is this a common requirement for all banks or just one bank ?

Dear all the experts/Sifu/ Legal advisors... please help

Situation : Joint name to purchase apartment with ex-GF, now break up..
and now have to find best soultion..


Purchase price : RM200k
Property condition : Under construction
Bank Loan : Joint applicant (with ex-gf)
SPA : Joint applicant (with ex-gf)

now we have break up - so sad but no choice, I have to facing the FACT and be tough to bear the risk,,, haaiizzz..did not expect all this..

so the gal no longer paying the monthly interest/ installment... actually i would like to withdraw her name from the SPA and loan,
but after i consult law firm frens (not lawyer) .. if wanna withdraw name and will have to do like re-finance which cost me RM5k on legal fees and the bank will review my credit... so complicated and a bit costly RM5k..

1) anyway any other suggestions?
2) i heard got 1 so called "Novotion"..what is that? Can explain this if compared to item 3 below?
3) Perhaps, we can do PA (Power of Attorney) cost abt rm800-1000, then mean the gal will give me authoriy or assign her shares to me to fully incharged for this property. Then my questions is ... if we do so, how about next time she is oversea for working then i wanna resell the unit? then how ? she have to sign as well or i can sign alone..can this be include into the PA?

so i more prefer to item 3 which is more save & both of us agreed to sold it upon completion... i know fully trf name would be better so it more costly.. can do anythings to protect me cos i'm the one going to continue paying , afraid one day she will denied this..thus, i more prefer somethings black & white ..

any other suggestions?
I very appreciate for your profeesional input..thanks

This post has been edited by cutealex: Jan 12 2011, 12:08 PM

Normally there would only be one valuation. After you execute the loan docs they will assign the valuer. That process itself will take a few weeks. I don't think you should worry about it.

But to protect yourself, better clarify with the loan officer.


This post has been edited by dariofoo: Jan 12 2011, 04:38 PM

I'm assuming that there's no individual title issued yet. You can go for option (3) or another option would be to create a Deed of Trust. However, all this will not take away the fact that your ex-gf still has a half-share in the property. Even with a PA, you are basically only acting on her behalf, and any proceeds from any future sale would still have to be divided equally between you both.

That is why I would advise you to appoint a lawyer to effect an assignment of her right's under the SPA (and loan agreement cum assignment) to you. The consideration can be some form of money from you to her, or even by way of a gift (assuming that you have been paying for everything all along).

Talk to your bank representative to see the options open to you with regard to the loan. There may not be a penalty if you eventually have to refinance it, and you choose to do so at the same bank.

thanks very much , Dariofoo, btw what is so called "Novotion"?

I think what you mean is Novation. NAovation is a mechanism wherebY one party transfers all its obligations and benefits under an agreement to a third party. The third party effectively replaces the original party as a party to the contract.

Example: A owes B a sum of money and X comes into the picture to help A. All parties agree by way of a contract of Novation that X will pay the money to B, not A.

This post has been edited by dariofoo: Jan 13 2011, 10:37 AM

This is a very unique news. Which means these purchasers have managed to follow all procedures related to the application of CFO from the local authority, I recalled my friend telling me earlier it was not easy. Even developers have problems doing the application.

So purchasers can apply for CFO now. There is hope for abandoned projects now for purchasers who are able to secure funding to recover their investments till CF issuance. I think if the purchasers can work out the procedures to abide to all rulings and regulations for CF application by the local authority, the banks will allow the loan disbursements to be given to the purchasers instead of the developer, since the purchasers will complete the property.

Maybe sifus here can give opinions.

Am still waiting for Hansel to come back here and tell us how the purchasers went about it. 100% legally, I hope.

hi all..im newcomer..

just want to ask something small matter but for me maybe it complicated as a new property buyer n newcomer ..hehe

last 2week i already sign loan aggrement with cimb..then that person told me..after i sign loan aggmnt..bank will call me to cmfirm n ask the other question
until today,,i didn't receive any call from bank...normally how long bank will call us after sign loan aggment?

S&P i not yet sign...how long should i wait..

for info..every 3 days i will call n ask about that matter...

tq

What do you mean by ask the other question??

Are you sure you sign a loan agreement? Or did you just sign a letter of offer?

Why don't you sort out your S&P first for the time being?

Hi dario! After meeting the solicitor the other day, I have signed the S&P and was given the invoice incl detailed fees for each item. fyi, i'm disposing my property and have asked the solicitor to assist in filing Discharge of Charge and RPGT as well as to sort out the transfer of title to the Purchaser. Here is the breakdown of the invoice;

Legal Fees
Application of Consent of Transfer = RM300
Memo of Discharge of Charge/Deed Receipt & Reassignment = RM300
CKHT 1A & 3 = RM300
6% GST = RM54

Disbursement
Application fee for consent to transfer = RM50
CTC of title = RM50
Affirm SD = RM12
Stamp Duty on Discharge of Charge/R&R = RM10
Registration fee on Discharge of Charge/Revoke R&R = RM70
Transport charges & Allowance = RM200
Printing, photostating,correspondence,communication = RM100
Misc = RM50
Grand total = RM1,496

Personally, i think transport charges is a bit high (RM200). I prompt them and they said its a bit high as it'll cover the distance travelling (back & forth the land office, bank, etc) - apparently, the land office is far . Other than that, I have no idea. I even ask the solicitor whether the fees are negotiable. Guess what they responded? 'Sir, the fees are final and non-negotiable' Are the fees for each item acceptable, correct and in order based on your experience and SRO? Appreciate your help..

hi dario...sorry...actually that is letter of offer not a loan agrement

Xforged:


Good to see you back. So I guess the RM1000.00 charge simply vanished into thin air?

Charges are fair but transport ought to be RM100-150 tops. If different state then perhaps RM200 would be justified, since they are charging you RM100 and RM50 for Misc (which to be honest,i've no idea what it is, but most lawyers charge it as the SRO allows them to do so!)

---

Added on January 13, 2011, 1:53 pmThere you go. Smart thing you did, getting the loan sorted out first. Now you can sign the S&P with confidence. Once your lawyer has given a copy to the loan lawyer (assuming they're not the same), you will be called to sign the loan documentation.

This post has been edited by dariofoo: Jan 13 2011, 01:53 PM

Haha. The RM1000 fee was a miscomm from my part. Via telconv with the solicitor, they did mention that RM1000 fee is somewhat a fee to transfer the title. When we met, they justified that 'all-inclusive fees' was in fact RM954 excl disbursement (RM1000 was an indicative figure). I did misinterpret it though. my bad . The property falls under Hulu Langat's land office; the bank & solicitor's office is in the same state (Selangor) but can be considered far. I guess its justifiable but will have a chat with the solicitor on this.

The solicitor did mention that the consent of transfer will take a maximum 5 months; a standard timeframe of 3 months (which I think is quite long, shocking!)

Sorry, Dario and jigsaw, was busy, this was how they started : they appealed to their local authority to help them because their houses were delayed for many years. After much persuasion, the local authority finally called for a meeting between the developer and the group of purchasers.

In the meeting, a date was set for the project to be completed, failing which, the developer is to surrender the houses back to that group of purchasers. The date finally came and the houses were still not completed, hence the houses were surrendered.

The purchasers then proceeded to continue the houses on their own. I think there are other details in between, but I am not sure how and what to ask this friend of mine. Am not too familiar with the laws here.

Which local authority is this?

Hello,
I have a problem here. I just purchased a sub sale unit and both SPA & loan agreement have been signed. Based on one of the clauses stated in the loan agreement, it says bank will release the outstanding to the vendor directly but my SPA says payment should release to the vendor's solicitor instead. Since both parties do not want to compromise..what will be the best solution for this?

Thank you very much for your inputs.

If Vendor is represented it will be released to the Vendor's solicitors as stakeholders. Simple.

Thanks for your reply. But my loan agreement stated the sum will only be released to vendor..not his solicitor. According to banker, this is to protect their interest just to prevent the vendor's solicitor runaway with the money. So how should i go about it?

Are you serious? More risky to bypass lawyer and issue straight to vendor, no?

This is weird. No one trusts lawyers anymore, I suppose

In such cases you loan solicitor has to issue it straight to the vendor. Vendor's lawyer can't object to it. Money is ultimately vendor's anyway.

Bank is always protected by vendor's undertaking anyway.

I'm sure you're represented so your lawyer should know what to do.

Unless he/she is sitting at the corner of the room going like this ->