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TSdariofoo
post Apr 3 2011, 01:11 PM

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QUOTE(tls2011 @ Apr 2 2011, 10:16 PM)
Hai

actually i place my booking fee (which is only 40% - 50% refundable only), then the developer requested us to sign few papers
including letter of offer and few pages of the S & P(we did not really aware on this, my mistakes)
then after one week, someone from lawyer firm (this is the developer panel, free legal fee and stamping fee) called up to request us to collect the  S&P, well i'm quite surprise on this as i have never seen the S &Pbefore, according to the lawyer firm we have signed the S & P earlier at the developer side and they just attached teh copy and finalized it?? when i check with teh developer they mentioned they have practicing this all the while, any advise?

thanks
*
As far as it is concerned, you've already signed the SPA. If you now turn around and say that you were only given only a few pages to sign and not the full agreement, it will be your word against the word of the lawyer and the developer who will insist that you've signed the whole agreement.

You should've insisted for the whole agreement and brought it back to be perused before you sign anything.

Having said all that, however, SPAs with developers are mostly standard docs which has to comply with the Schedule G or Schedule H template as stipulated by the HD Act. So at the end of the day, I doubt if it will make much of a difference.

Hope all goes well. icon_rolleyes.gif

TSdariofoo
post Apr 3 2011, 01:13 PM

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QUOTE(sansi @ Apr 2 2011, 05:22 PM)
Dario,

Understood.In my case there's no letter of offer to purchase.I've never sign it and not been told about this.
I'm not sure whether buyer know about this too as I believe it must be countersign by me.
Furthermore,buyer did sign the S&P but I don't.
*
So why not sign the S&P now if same has been prepared? There ought to be a clause which clarifies the position in the event the purchaser fails to obtain a loan. Bring it to the attention of the purchaser's solicitors. Of course, first ask if the purchaser has obtained a loan or otherwise.

This post has been edited by dariofoo: Apr 3 2011, 01:14 PM
TSdariofoo
post Apr 4 2011, 11:56 AM

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machong:
» Click to show Spoiler - click again to hide... «



All alright except bankruptcy search which will cost RM12/pax. In fact, can use same bankruptcy search done by your SPA lawyer as well. No need to do again. nod.gif
TSdariofoo
post Apr 4 2011, 12:00 PM

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QUOTE(Jaemmae @ Apr 3 2011, 07:59 PM)
If I'm not mistaken, a Power of Attorney is valid so long as the Donor is alive.

so....if his gf dies, the PA is of no use and the property will go to her estate to be distributed according to Distribution Act (if she didn't make a Will).
*
The Deed of Trust will state that she is holding it as trust for him. Upon her (untimely) death, the Deed would still be binding on her successors-in-title, and in this case, it would be the executor or administrator of her estate, as the case may be. That person continues to hold it in trust on his behalf. nod.gif

That person can then execute a PA in his favour, if necessary.

How? icon_rolleyes.gif

TSdariofoo
post Apr 4 2011, 03:50 PM

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QUOTE(macong @ Apr 4 2011, 02:46 PM)
Oh. It is not SPA lawyer. Banker insist on panel lawyer. That means I have to pay the bankrupt fee by using diff lawyer? Thx.
*
What I meant was your SPA lawyer would've done a title search. However, I just noticed that you're purchasing from a developer so I assume that you've appointed the developer's panel lawyer as a common solicitor? In the sense that SPA legal fees are 'free'? smile.gif

In that case, separate searches would have to be done.

And yes, the 50% rebate on stamp duty for memorandum of transfer/deed of assignment only would be applicable to your case. icon_rolleyes.gif

This post has been edited by dariofoo: Apr 4 2011, 03:50 PM
TSdariofoo
post Apr 4 2011, 05:42 PM

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QUOTE(macong @ Apr 4 2011, 05:04 PM)
For the rebate thing. Did you mean 50% rebate on stamp duty on loan facilities agreement, which is 0.5% fixed on loan one? I checked with the loan lawyer, they said have to come back to me on this.
*
Stamp duty on MOT/Deed of Assignment only.

Check this out:
http://forum.lowyat.net/index.php?act=ST&f=154&t=1748580

Got individual title or not? smile.gif


TSdariofoo
post Apr 4 2011, 06:23 PM

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QUOTE(tls2011 @ Apr 4 2011, 05:57 PM)
Hai

can i check on the below, please advise, tq
First house
if the loan borrower is both husband and wife , S&P is under both husband & wife name
second house
if the S&P under husband & wife, loan under wife only
third house,
Is the husband side can consider as this is second house only?because the borrower is the wife for the second house
can the husband get the loan of 90%? as per bank negara ruling is 70% for third house onwards?
*
The ruling is related to loans only, not ownership of property. So since the husb has only taken one loan previously, this third house will be considered as his second loan only. icon_rolleyes.gif

QUOTE(tls2011 @ Apr 4 2011, 05:57 PM)
will it be any penalty charge?
tq
*
There shouldn't be any penalty. If already stamped then probably some extra disbursements for the new ones to be stamped with the nominal RM10 stamp duty only. nod.gif
TSdariofoo
post Apr 5 2011, 10:25 AM

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QUOTE(drakenkorin @ Apr 5 2011, 12:00 AM)
dario, the lawyer quoted an additional rm100 for 'application for 50% remission on stamp duty for transfer'...is this normal?
*
No, it's not normal. Ask the lawyer to point out under which part of the SRO [Solicitors' Remuneration Order] is he billing you for in relation to that.


QUOTE(drakenkorin @ Apr 5 2011, 12:00 AM)
the secretary requoted the disbursement to be RM1544..how did it get inflated this much from initial RM1200....
may i also know the typical range of disbursement?
this area seems to be the 'gray' area where lawyer 'adjusts' it as they like since we dont know the terms they use sad.gif
*
Disbursements are subjective and differs from firm to firm. Get an itemised bill from them and you can get a fairer idea. icon_rolleyes.gif

TSdariofoo
post Apr 5 2011, 10:29 AM

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QUOTE(Jaemmae @ Apr 4 2011, 11:52 PM)
For buying direct from Developer and still under construction, the lawyer cannot charge full legal fees of RM2,277.22.
Tell the lawyer to check his SRO, he must give your a mandatory discount of 30% off from RM2,277.22
*
Yes, you're right. I overlooked the legal fees part and was focusing more on the disbursements. The fees permissable would be 70% of the usual scaled fees under the SRO [as the price of the property is between RM100K-RM500K]. It applies to legal fees in relation to the SPA as well as the loan documentation. I humbly stand corrected. notworthy.gif

Machong, do take note. Bring it to the loan lawyer's attention. icon_rolleyes.gif
TSdariofoo
post Apr 5 2011, 10:36 AM

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QUOTE(tls2011 @ Apr 5 2011, 09:20 AM)
hai dario

thank you so much for the input... biggrin.gif
*
cheers.gif
TSdariofoo
post Apr 5 2011, 11:27 AM

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QUOTE(macong @ Apr 4 2011, 09:00 PM)
There is no individual title yet.

Base on your link, there is no stamp duty exemption on loan agreement, but I read in tax budget booklet 2011 stated there is 50% rebate of stamp duty on SPA & loan agreement, is the Stamp Duty (Remission) (No.3) Order 2010 you mentioned in the link supersede the loan agreement stated in the budget 2011? 

The loan lawyer call me this evening confirmed that there is 50% rebate on the stamp duty. Now, I am blur blur rclxub.gif 
*
You're absolutely right! There is a 50% remission for loan doc as well - under another Order.
I've uploaded it and updated the thread accordingly:
http://forum.lowyat.net/topic/1748580

Thanks for the heads up, mate notworthy.gif


QUOTE(macong @ Apr 4 2011, 09:00 PM)
Is there any kind of stamp duty on "MOT/DOA" fees will chg later in loan agreement when there is a transfer of master title to individual title? like the Stamp duty on MOT will be paid later (told by SPA lawyer when I signed the SPA). Thx.
*
There won't be any ad valorem stamp duty on the facilities agreement as you have paid for same already. There would be a charge created over the indiv title in favour of the Bank, but same would not attract ad valorem stamp duty nod.gif
TSdariofoo
post Apr 5 2011, 02:31 PM

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QUOTE(macong @ Apr 5 2011, 11:31 AM)
For the SPA, did you mean I have to pay another round legal fees to SPA & bank lawyer for charge of 16A, in future? Thx.
*
You won't be charged full scaled fees. nod.gif

This post has been edited by dariofoo: Apr 5 2011, 03:43 PM
TSdariofoo
post Apr 5 2011, 04:03 PM

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QUOTE(Jaemmae @ Apr 5 2011, 02:56 PM)
Yes

Legal fees would be Rm300 for Transfer & RM300 for Charge.
*
I thought that according to the SRO, the fees would be:

1) If the law firm was the same firm which handled the original SPA or loan, as the case may be - it would be either 25% of the scaled fees subject to a minimum of RM200; or
2) If the law firm was not the same firm which handled the original SPA or loan, as the case may be - it would be either 50% of the scaled fees subject to a minimum of RM200.

[Rule 2, 6th Schedule, SRO 2005.]

Maybe there's an amendment which I'm not aware of. I'm such a dinosaur sweat.gif
TSdariofoo
post Apr 5 2011, 05:36 PM

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QUOTE(areankim @ Apr 5 2011, 04:51 PM)
Dario and Jaemmae,

Can i have a clearer picture of how much charges i would expect to pay for my case?

1) Transfer half of her share to me
2) Refinance the loan

House : RM260k, Freehold
*
Got individual title already? If got, then only option (1) is available smile.gif

This post has been edited by dariofoo: Apr 5 2011, 05:38 PM
TSdariofoo
post Apr 5 2011, 08:40 PM

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QUOTE(cngi @ Apr 5 2011, 05:59 PM)
I am speaking from personal experience. Loan agreement and SPA already sign around 3 weeks ago. Just wonder developer never ask for 10% downpayment yet. 10% downpayment pay only after SPA being stamped right?
Wonder they only want to start for stamping if they about want to start for construction, so that wont delay in 3 years delivery period. 3 years construction devlidate count from 1st day of stamping date right if i am not mistaken?
*
Yes it is from the date of stamping nod.gif
TSdariofoo
post Apr 6 2011, 10:06 AM

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Problem solved. Thanks to mod for stepping in. icon_rolleyes.gif

This post has been edited by dariofoo: Apr 6 2011, 10:19 AM
TSdariofoo
post Apr 6 2011, 10:08 AM

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QUOTE(Jaemmae @ Apr 5 2011, 09:31 PM)
You'd be surprised at how many law firms are charging flat rate of RM300 instead of the 25% or 50% of scale fees.
*
It doesn't matter what law firms are charging, the question was how much the fees are according to the law,and in my humble opinion, the answer ought to be likewise.
TSdariofoo
post Apr 6 2011, 10:10 AM

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QUOTE(Jaemmae @ Apr 5 2011, 09:31 PM)
You'd be surprised at how many law firms are charging flat rate of RM300 instead of the 25% or 50% of scale fees.
*
It doesn't matter what law firms are charging, the question was how much the fees are according to the law,and in my humble opinion, the answer ought to be likewise.
TSdariofoo
post Apr 6 2011, 10:13 AM

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QUOTE(rivers @ Apr 5 2011, 11:47 PM)
Hi Dario,

Hope you can help me with a predicament that I am in. Recently put down an earnest deposit for a DS house in Subang Jaya. Owner i a malay so had the agent do a title search and both agent and my lawyer confirmed that the title does not state that it is a bumi lot. (sekatan kepentingan part is blank and the another part says something like selama-lamanya).

Question is this, do you foresee any issue with the transfer? Appreciate your advice and also what would be the next step.. Thanks.
*
Selama-lamanya ought to mean that the property is freehold. If Sekatan Kepentingan and Syarat-Syarat Nyata part is blank then there ought to be no concerns. Look out to see if there's any caveats on the land. If there's caveats which ought not be there then it's best to ask the owner as to the reason why such caveats are there. Certain creditors are known to just place caveats on debtor's properties.

Check everything before you sign the SPA.

icon_rolleyes.gif
TSdariofoo
post Apr 6 2011, 10:32 AM

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QUOTE(areankim @ Apr 5 2011, 09:38 PM)
Just bought this house on Dec 2009. I'm not sure if it's still under master tittle. But i remember i sign deed of assignment. So shud be still with master tittle.
*
The DOA would be with the Bank. In such cases, there would not have been an individual title as if there was an individual title, you would be executing a Charge instead of a DOA. As such, the issue of 'transferring' her half-share to you does not arise at the moment.

So, in my humble opinion, you either create a trust with a PA, or you refinance. Your call. icon_rolleyes.gif
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