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TSdariofoo
post Apr 6 2011, 05:02 PM

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QUOTE(Split^rOck @ Apr 6 2011, 04:54 PM)
Gentleman, i need some advice from you guys. If i booked a unit from a develop and the SA said free "SPA for lawyer side". Does it mean that i can get free SPA legal fee as well as free SPA stamp duty? In other words, i only have to pay for loan legal fee ?
*
Free legal fees would be included. Free stamp duty for SPA would refer to stamp duty on your MOT. So that will only arise if there's individual title issued at the time you execute your SPA. Check with the SA if there's individual title.

Most of the time, the developer would not have the individual title, and even if they did, they rarely would absorb the cost of the stamp duty.

If nothing is mentioned about free legal fees for loan documentation - then yes, you would have to fork that out, and this time, there would be ad valorem stamp duty on the facilities agreement (loan agreement).

Calculator:
http://www.elawyer.com.my/legal_calculator_info.php

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TSdariofoo
post Apr 6 2011, 05:32 PM

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QUOTE(Split^rOck @ Apr 6 2011, 05:23 PM)
Few more questions. Can we obtain the individual title during construction stage?


Can! The faster the better.

QUOTE(Split^rOck @ Apr 6 2011, 05:23 PM)
and do i have the option to apply or ignore the individual title? Since the owner need to pay for the stamp duty after getting the individual title, so what's the benefit of getting it ?
*
There would be a notice from the m'ment office when the MOT is ready for execution once the individual title is out. No you can't ignore it or refuse to execute it. You are bound to execute it. So at that stage, you would need to cough up the stamp duty payable.

The benefit of having an individual title:
1. You would be registered as the registered proprietor of the property, as opposed to now, whereby you are merely a beneficial owner of an undivided lot of a master title, which may still be charged to an end-financier.

2. Once you settle your loan with your current bank, you would obtain the original individual title and you can charge it again for another loan. Basically you would have more flexibility.

3. You need not involve the developer again when you want to sell of your property/ discharge the charge - currently you would need the developer's letter of confirmation/ master chargee's consent, etc. This is an extra hassle.

With an individual title, you can bypass all those requirements.

Am not sure if it can enhance the value of the property as it is very subjective, but it would make it more attractive when selling, in the sense that it would be less of a hassle for the purchaser to complete the transaction. Convenience and expediency is what some, if not all purchasers look for when purchasing a property, right?

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TSdariofoo
post Apr 7 2011, 10:20 AM

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QUOTE(fionalee31650 @ Apr 6 2011, 10:05 PM)
Help needed!! Please advice if this is a normal case??

I wanted to purchase a property price@380k, and bank evaluated max as 360k. So I'm ok to top up additional 20k.

Questions:
The seller mentioned that he will agree to sell the house@380k provided that we agree to hold the loan until Oct 2011. This is because he is waiting for his house to complete soon and do no want to pay additional rental since he already settled his current house loan.

The agent told me that I will still proceed to sign the offer letter by giving 3% out of 380k. Then get the bank offer. Once gotten the bank offer, we will proceed to sign S&P and pay the additional 7% out of 380k. However, the agent mentioned that after signing S&P, we need to inform the lawyar to onhold the bank to only release the full amount on Oct. And in Oct, we pay the additional 20k balance.

So for this case, we only start to pay the installment around Nov after the bank has released the money.

Is this a normal case and valid?? PLEASE HELP....
*
Can be done. But just make sure that the completion date for the S&P is revised accordingly. Since the vendor wants to hold it until Oct 2011, then perhaps to push the completion date to 2 or 3 months + 1 month after that, hence the completion date would be December 2011/Jan 2012 and the extended completion date would be Jan 2012/Feb 2012 as the case may be.

With regard to the Bank, it would be best to check with your mortgage consultant if the Bank would allow that. Shouldn't be a problem icon_rolleyes.gif
TSdariofoo
post Apr 7 2011, 10:24 AM

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QUOTE(Split^rOck @ Apr 6 2011, 05:37 PM)
Got it and thanks for your advice
*
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TSdariofoo
post Apr 7 2011, 10:39 AM

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kradun:
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Disbursements:
10)Stamping fee on SD bankruptcy - 10
11)Stamping fee on owner occupation - 10
- this can be prepared in ONE SD only so there's no need for two, hence no need for another RM10 stamp duty.

16)Purchase document - 250
Check with the Bank whether this is the exact price for it.

18)Land search X2 - 60
Why must it be done twice? It has been done before, so can still use the same one by the same solicitor.

19)CTOS search/ bankruptcy search - 50
Why again? Same solicitor right? If same, then this ought to be omitted as it has been done and quoted in SPA fees.

20)Transport, posting, fax, phone & etc 250
If same firm , then this is quite pricey as in the SPA fees, you had been quoted:
11)Transport - 150.0
12)Printing, telephone, posting 100.0


Ask them to reduce a bit.

If different firm, then I suppose it's alright.

21)Misc 50
Ask them to waive this la. Just because Bar Council says they can charge, doesn't mean they have to charge. whistling.gif
They have the discretion to waive disbursements, but not legal fees, as partial waiver of legal fees amounts to giving discount, which is prohibited. sweat.gif


Good luck icon_rolleyes.gif
TSdariofoo
post Apr 7 2011, 12:01 PM

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QUOTE(fionalee31650 @ Apr 7 2011, 11:24 AM)
Can explain more on the completion date?? I'm purchasing a subsales house oh...is this applicable as well? The completion date that you mentioned for the S&P is the date the bank should start release the money?
*
Completion date is the date when the balance purchase price is paid to the vendor, thus completing the transaction. You then collect your keys.

QUOTE(fionalee31650 @ Apr 7 2011, 11:24 AM)
Now there's so many weird cases in purchasing a house...very scared leh....like my fren..the bank offer letter already mentioned can loan 90% of the house value of 560k...but now after signing S&P and given the 10%, the bank said that the house value is not so high...only worth 500k....so many troubles now....
*
The letter of offer would've stated that the offer is subject to a full valuation upon the property. Your friend signed it, thus agreed to the terms and conditions therein. It happens, i guess, but it's nothing illegal by the Bank. It's part of the deal when they offered your friend the loan.

QUOTE(fionalee31650 @ Apr 7 2011, 11:24 AM)
Oh by the way...could you help to estimate how much additional cash I need to prepare besides the 10% deposit ah? Not so familiar with all this..thanks yea! smile.gif
*
1. Legal fees for SPA & loan doc
2. Stamp duty on MOT/DOA and facilities agreement
3. Differential sum [RM20K, as you stated]
4. Top up sum [if the final valuation of the Bank does is lower than the initial loan sum stated in the letter of offer - this is subjective and cannot be ascertained ahead exactly]

You can use the website which has the legal fees and stamp duty calculator , which link is on the last page or somewhere in this thread.
TSdariofoo
post Apr 7 2011, 01:03 PM

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QUOTE(xSean @ Apr 7 2011, 12:52 PM)
really sad...the bank's lawyer advised bank released the payment on 18th march but bank received on 21st march ....the bank had took more 2 weeks to release which the bank released on tuesday 05/04/2011 and bank's lawyer issue the cheque to UOB on 06/04/2011....

as your information my completion is on 5th april 2011 and extended on 5th may 2011....my s&p told me that vendor's lawyer got some delay and got a bit buffer but not sure how long the buffer...

now sure kena penalty but i worry that they will not complete on 5th may 2011...as now need to wait the original doc released by vendor's bank...not sure how long....

almost everyday i chased bank's lawyer and bank but bank always pending my payment without reason....

i had asked my s&p...what if vendor's want to cancel my s&p after extended completion date...he say vendor got power to do that....

i really don't know what to do...now just waiting the doc.....if vendor really cancel my s&p after extended, who gonna bear my losses... sad.gif
*
Vendor can do that but from experience shared by my customers at the air mata kucing stall and/or char kuey tiaw stall, this almost never happens as your financier has redeemed the vendor's loan and the only step left is to effect transfer of ownership of the property.

If he wants to cancel, then his financier has to reimburse the redemption sum to your financier, etc etc and that would be a darn hassle to him also as his loan would be 'resurrected' from the dead. sweat.gif

Everything is dollars and cents and I'm sure the vendor would allow another extension, of maybe 2 weeks, subject always that late penalty interest be paid accordingly.

Wait til your lawyer calculates the delay and late penalty interest. Perhaps there can be a waiver, or compromise. Perhaps the delay by the vendor can contra your delay and things would be back to normal. Be positive la a bit,boss. smile.gif

Cheerios icon_rolleyes.gif
TSdariofoo
post Apr 7 2011, 04:48 PM

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QUOTE(areankim @ Apr 7 2011, 02:23 PM)
Refinance would cost easily 7k-8k both SPA and Loan legal fees..
Becos if i were to sell this property later on(i plan to sell but later), there will be yet another legal fees... -.-"

My question if i were to make a PA
1) i have total control/say on the said property? (irrevocable)
Yes
2) do i still need her signature/anything when i decide to sell the property?
No
3) When individual title is eventually issued, it will both our name. So, it will be 1 cost when i got the individual tittle, then another cost to change it to my name?
Deed of trust can state that when individual title is issued, it will be registered solely under your name (as she is holding the half-share in trust for you). So there's no 'double cost' involved.
*
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This post has been edited by dariofoo: Apr 7 2011, 04:49 PM
TSdariofoo
post Apr 8 2011, 10:16 AM

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QUOTE(tls2011 @ Apr 7 2011, 06:33 PM)
hai Dario

checked with the lawyer firm, S&P is stamp, suggest us to discuss with the developer to get a letter for the changes in S&P
will cost RM150 from the lawyer, this is only applicable if the developer agree

If not, it will be "revoke" cost RM500, which mean have to redo all the S&P, is this true?
thanks ya
*
Sorry but I've never come across this kind of charge before, so I can't advise you. But if ask me honestly just pay RM500 to get it done again and keep it clean once and for all. icon_rolleyes.gif

QUOTE(tls2011 @ Apr 7 2011, 06:33 PM)
1) i found out that my landed property, leasehold is under master title and not the individual title,
is this legal for developer to do so?

2) i heard that it will took years to get the individual tiltle, is this true?

3) what is the process to get the individual title?how much it will cost me?
4) what will happen if in future i'm going to sell this house?
found out so many things...just wonder should i proceed to get this house... sad.gif
*
1. Yes. It's not the developer's fault as the state authority has designated the land as leasehold.

2. Not necessarily. Do some research on the developer and see how their track record is. Some projects are launched with individual titles ready. Some take up to 20 years. Some can't get at all because developer wind-up before applying for individual titles.

3. It won't cost you a dime as the developer will apply and go through the whole process. You only sign the MOT when the title is out. And standby stamp duty, of course.

4. Nothing unusual. You would execute a deed of assignment, as opposed to a MOT. So you assign your rights over the property to the purchaser. That would be an indication of your rights over the property, until indiv title is issued.

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TSdariofoo
post Apr 8 2011, 10:21 AM

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QUOTE(ychwang @ Apr 7 2011, 06:28 PM)
How much do i need to pay for refinance my property due to value appreciation? extra 70k

thanks,
*
Sorry your question is too general. Can u be more specific?
TSdariofoo
post Apr 8 2011, 10:29 AM

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drakenkorin:

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It's obvious that this is another quote from a different lawyer although your post doesn't mention it.

You can do the comparison yourself and see which is better for you.

But since you've paid RM500 to this solicitor BEFORE he even quoted you... doh.gif

wink.gif

This post has been edited by dariofoo: Apr 8 2011, 10:29 AM
TSdariofoo
post Apr 8 2011, 05:37 PM

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QUOTE(ykl @ Apr 8 2011, 03:23 PM)
hi, regarding the no.2 , may i know if the developer wind-up before applying for individual title what will happen to our property?
*
Nothing. But when you sell, how to get letter of confirmation from developer if there's no developer? Problem la. sweat.gif




QUOTE(ykl @ Apr 8 2011, 03:23 PM)
and then according to the sales say after we get the individual title the lease will start from 99 year again. Is this true?
*
I still hutang you an answer for this huh? sweat.gif

Sorry la the sifu of sifus not yet get back to me on this. Need to push him for an answer. bruce.gif

Don't have to worry about leasehold. It will be extended again and again and again. Or maybe even converted to freehold! icon_rolleyes.gif
TSdariofoo
post Apr 8 2011, 06:51 PM

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QUOTE(teoanne @ Apr 8 2011, 06:03 PM)
Hi dario,

with regard to the first point below, there has been cases where the letter of confirmation has been given by the liquidators.
*
From what I know, the liquidators/Official Receiver would only issue the letter of confirmation if they have the full and complete set of documents from the developer. If the developer's file is not complete/messy, I doubt if the liquidators/Official Receiver would issue the said letter.

QUOTE(teoanne @ Apr 8 2011, 06:03 PM)
will the liquidators / other parties be able to apply titles for the owners at a later point as well?
*
Possibly not the liquidator but some white knight who wants to 'save the day'. Not sure if I've heard of such circumstances before, so I can't give any specific examples of that occuring. Possible, but not probably, I'd say. Who would want to rescue a sinking ship filled to its brim with debts? sweat.gif

TSdariofoo
post Apr 8 2011, 06:52 PM

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QUOTE(Seremban_2 @ Apr 8 2011, 06:12 PM)
For loan agreement like HSBC cases, the bank/advisory want us lawyer to give a fresh copy of bankruptcy search not more than 7 days from the date they receive. Every Bankruptcy Search have a date below corner on the right. Normally we do it once at redemp title and another 1 is at then final release of money.

For condo cases, We as loan lawyer for our client we definately have to do bankruptcy search on developer and proprietor. Company Search RM13 at SSM for any company involving in the transaction.
*
Thanks for the info,mate icon_rolleyes.gif

TSdariofoo
post Apr 9 2011, 12:51 AM

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QUOTE(erictioh @ Apr 8 2011, 11:35 PM)
How do we differentiate between those banker agent who are direct to bank and those outsource ? Coz heard that outsource agent will give more hassle and slow in processing, is this true ?
Would rather not comment as it is very subjective and a general answer would not do justice to the hardworking and honest agents out there. If the agent comes recommended or has the relevant experience, I think it doesn't matter if he is internal or otherwise. nod.gif

QUOTE(erictioh @ Apr 8 2011, 11:35 PM)
If an agent claimed that he's direct to the bank but he's on part time job on this, how do we confirm that he's "direct" ?
Easy. Call the bank directly and find out! nod.gif


QUOTE(erictioh @ Apr 8 2011, 11:35 PM)
I'm buying a house with a special term which the the seller requested the bank only reimburse to the seller after 1st Oct 2011, but my SNP is going to sign around May 2011. The reason is the seller doesn't want to rent from us after SNP sign because he doesn't have outstanding loan with bank. The question is, is there any foreseen risk to me as a buyer ?
*
Well, just make sure that the completion date will reflect this special arrangement and all should be ok. Normally it would be 3+1 from the date of the SPA, so in your case, perhaps time can be stated as 6+1 from date of SPA? If property is unencumbered then ought to be alright and normally it ought to be completed within a month or so. icon_rolleyes.gif
TSdariofoo
post Apr 9 2011, 01:31 AM

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QUOTE(drakenkorin @ Apr 9 2011, 01:12 AM)
one more question i have about loan agreement.
normally the owner would want a total upfront of 10% of house purchase price.
so typically i will need to have bank pay 90% of the remaining balance in form of bank loan.

if i want to reduce my margin of finance(bank loan) by let's say 10%, meaning i borrow 80% in total, what will happen to the balance 10%??

do i pay it upfront to the vendor?
or do i pay the 10% i want to reduce to bank after it makes its transaction?
*
That is called the differential sum. You would have to pay it to your solicitor to be kept in their client's account as stakeholder. They will then release it to the vendor's solicitors (if any) BEFORE your financier releases your loan sum. Any delay in forwarding the differential sum will result in a delay from your financier.
TSdariofoo
post Apr 9 2011, 09:33 PM

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QUOTE(babychoya @ Apr 9 2011, 11:51 AM)
Hi, I need some advise pls...
I just bought a leasehold apartment at 170k.
My s&p lawyer chrg me 3700, but the bank's panel lawyer chrg me 5000.
When I request the bank's lawyer send me bill via email or fax before I going to sign the loan agreement on next Monday, they refuse to give me the bill and said will explain to me face to face on monday.
Is it reasonable that the loan agreement can come up to 5k(include stamp duty)?
*
It can, but it's highly unlikely that it is RM5000 flat. It's ok, you just attend on Monday and listen to their explanation. Perhaps when you see the itemised bill then you would have a clearer picture. Best not to jump to conclusions. If you're unhappy with the bill, raise it with the Bank. icon_rolleyes.gif
TSdariofoo
post Apr 9 2011, 09:40 PM

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QUOTE(static @ Apr 9 2011, 03:27 PM)
I have a situation with my landlord. My 1 year tenancy ends this mid April, and I have already moved out this weekend. So he has 1 week of 'free' rental from us. He was well aware of this, and I said he has 1 week extra for someone to come and rent the unit from him. Today I met him to return the keys and to get back my deposit, but he said he needs 1 week to inspect the unit before returning me the deposit. Plus, he wants to check with management if we have any outstanding amount payable to the management even though i have ALL the receipt for water and sewerage. My electricity bill is registered with e-services under tnb, and paid the latest bill already. He also asked for the keys and cards to be returned to him immediately.

When he said 1 week to inspect the unit, anything can happen and he can probably say I have broken a few items, and told him to check everything now instead. He said everything's fine, and will return the 2 month deposit on monday cos he doesnt have money at the moment. I told him, it is unfair to not return me the rental deposit (2 months) and 1/2 month for utilities. He instead gave me 1k, which is what he has in hand at the moment. And that is only 25% of the total deposit we've put him.

Now he owes me 1 month rental, and 1/2 month utilities. And he took the keys and cards already.

I suggested I hold one pair of keys/cards as a security, but he said I will be held responsible if anything goes missing in the apartment.

For your information, we have cleaned the apartment (cleaner when we moved in anyway, it wasnt occupied for quite sometime and we had to clean it ourselves). And now he wants to hire someone to clean up the place again, and probably will charge it under me.

Any advice would be appreciated.

I have rented 3 apartments in KL, and this is the most troublesome landlord I've ever had.
*
You've done the right thing so far. You can't hold the keys nor the card anymore as he can turn around and say that the tenancy is still ongoing. What you need to do now is to confront him and tell him to return the deposit to you, failing which you will lodge a police report (detaling the sequence of events) and appoint a lawyer to send a letter of demand to him.

Hopefully that would shake him up a bit. If it still fails, see a lawyer to send him a letter of demand.

QUOTE(static @ Apr 9 2011, 03:27 PM)
For your information, we have cleaned the apartment (cleaner when we moved in anyway, it wasnt occupied for quite sometime and we had to clean it ourselves). And now he wants to hire someone to clean up the place again, and probably will charge it under me.
*
He has no right to do so. Once he has taken vacant posession of the premises, there can be no further claim against you, and vice versa. The only thing now which is outstanding is the balance deposit, which you must recover.

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TSdariofoo
post Apr 9 2011, 09:50 PM

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QUOTE(rachel_xxx @ Apr 9 2011, 08:00 PM)
what is the thing that I need to be alert of in the loan agreement? Are all the loan agreement standard? Do I need to go through each and every word? Thanks.
*
Pretty standard. It is the Schedule at the back which differs and which you would have to keep an eye out for.

But you should go through the whole document and ask the lawyer (or the clerk, as is happening in most cases these days doh.gif ) to explain to you any clauses which you don't understand. You're paying the legal fees for that purpose, really. nod.gif

Look out for lock-in period, monthly repayment, interest rate, term of loan, due date for payment, repercussions if you fail to pay and remedies available to the bank, penalty for early settlement within lock-in period. If flexi loan, what are the misc fees, how much are the charges for withdrawal from fund, stuff like that. nod.gif

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TSdariofoo
post Apr 10 2011, 10:26 AM

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QUOTE(rachel_xxx @ Apr 9 2011, 10:26 PM)
But those bolded parts are already mentioned in the LO from bank. Just to check to confirm it is the same with the LO right?
*
Your LO will be annexed to the agreement as well. nod.gif

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