Tks, bro,... they always appeal and appeal and see who can outlast who,..

Dear all,

Am off for an outstation trip now and will be back on Saturday. Will endeavour to answer all queries (if any) by Sunday or Monday.

Cheerios.

Hi,

I'm new to house purchase. I heard that besides paying the house 10% deposit, there is also other charges like legal fees from both bank and snp, etc, etc that needs to be settled which can cost up to rm20-30k.

Does anyone knows what are the charges and how much that needs to be paid? The house price I'm interested to purchase is RM480k. Please help....need to know whether I got sufficient $$ for all those...

I made a quick rough estimate.

Assuming you can get 90% MOF, 10% = 48,000
S&P Stamp duty = 8600
S&P Legal fees = 3600
Loan legal fees = 2160

Misc = 500 -1000

Are you buying from developer or subsale?

This post has been edited by New Klang: Feb 18 2011, 01:55 PM

Hi there...

It's a subsale....so for subsale got additional charges one ah??

Meaning in total, I've gotta prepare:
48000 + 8600 + 3600 + 2160 + 1000 = 63360 (around RM65k ah) omg!!!

The additional fees can use the EPF withdrawal to cover right?

What is the bank valuation of the property?
If lower than 480K then you need to put in more $$$.
Some banks charge valuation that exceed a certain amount.

Normally, to complete a sub sale will take 3+1months from the S&P date right? If the seller S&P is dated on 1st June 2010, but until now (Feb 2011) the seller have not recieve the full payment from the lawyer. So, is the seller entitle to charge the purchaser late charges?

This post has been edited by sk2000: Feb 18 2011, 04:05 PM

I am still waiting for the bank evaluation now...hopefully it's not a very big different. Will try to negotiate with the owner if the value is lower. By the way...the owner doesn't go through an agent for the house selling.

Is it risky? And what procedures do I need to follow? If I'm making a booking...usually I need to pay 3% deposit to the agent first right? What will be this case without going through agent? I couldn't afford to pay the 3% to the owner without any legal docs...later the owner disappear then how! haha....

Get a lawyer to deal with owner.

If I get a lawyer...do I need to pay additional fees to the lawyer?

It's my first time to buy a house and i believe i've followed all the procedures right, but i think this nasty owner has already been teamed up with his lawyer to cheating my deposit starts from the beginning of this deal.
I've viewed the shop house twice, selling at RM440,000, after i agreed i paid 1% deposit RM4,400 on the 13th December 2010 and the owner only give me 14 working days to apply for housing loan, the owner didn't sign the temporary agreement but his "mistress" represented him to sign it in front of me & me housing agent( I know it suppose to be sign by owner but she keep saying she got right to sign it cause she's his PA, I don’t care that much back there because I just want to get deal done as soon as possible)
I get the bank loan approved right on time on 28th December 2010, so I appointed my lawyer right on the next early morning around 10am. We suppose to sign the S&P agreement by 31st December 2010 ( Last Day ), but that day was suddenly a public holiday which announced by our PM Najib, so it shall falls on the next working day i.e. 3rd Jan 2011.
My lawyer did send a letter to request all the necessary documents by 30th December 2010 and on 3rd Jan 2011 around 4:40pm my lawyer did emailed a draft to the owner’s lawyer. But his “mistress” lying to us that they received it around 5pm or something and keep saying that it’s too late, lawyer can’t make it on time or some shit, keep saying that your deposit has forfeited due to we can’t make it on time to sign the S&P agreement, She even force me to use his lawyer at that moment and I’ve also agreed and I insist to be doing it as soon as possible, She said she would let me know in 2 days time. So we thought it’s should be extend accordingly by what it’s written on the temporary agreement there.
But after 4 days , even me and my housing agent called up this owner, he won’t pick up our calls and his “Mistress” just saying that the deal is over, we have to forfeited your deposit. I’ve seek my lawyer advise about can he doing this ? but my lawyer said it’s a rare case, if he really want to sell his property, 1 – 2 days late shouldn’t be any problem. My lawyer did called up to their lawyer right in front of me and they replied:” we no longer acting for him.”
I’ve even file a case in tribunal consumer to claim back my deposit but stupid tribunal consumer judge saying that this was out of his jurisdiction due to them only deal “goods & services” only. So he ask me to go to civil court.
My question is : If I proceed to the civil court, is my chances getting back my deposit is high ?
And must I hired a lawyer ( I know it’s too expensive)? or can I self debate for my self ? Any advise & comments is much appreciated. Thanks in advance.

Dear Fellow Friend out there, Please wait for our sifu to come back advise. He will be back tomorrow Night for further discussion.

Thank You.

You can just draft out a simple letter stating that you're forwarding the sum of xxx via xxx bank draft/cheque being deposit for purchase of xxx property. And get him to sign at the bottom acknowledging receipt of it. No need to appoint a lawyer right now just to prepare that, as you're not even sure that you're going to purchase it at the moment.

PS: Don't pay your deposit via cash. Either via bank draft or cheque would be advisable.

---

Added on February 20, 2011, 1:15 amYour remedy would be to file a small claims suit at the Magistrates' Court. It entertains claims for less than RM5k. Normally the claimant would act in person, as the claim is small and there is no point appointing a lawyer. Your case will be heard before a Magistrate and you would have to prove your case against the vendor.

Based on what you've stated here, there was no agreement in writing by both parties to extend the time to execute the SPA after the 14 days had lapsed, right? It's only your word against her word. As such, it would fall back on the letter of offer to sell (the 'temporary agreement' which you're referring to). That agreement gives them the right to forfeit if you fail to meet the deadline. If you're going to go on those grounds, your chances are slim.


Your act of calling the chairman (not judge) stupid just for telling you the truth is seriously despicable.

This post has been edited by dariofoo: Feb 20 2011, 01:15 AM

Your remedy would be to file a small claims suit at the Magistrates' Court. It entertains claims for less than RM5k. Normally the claimant would act in person, as the claim is small and there is no point appointing a lawyer. Your case will be heard before a Magistrate and you would have to prove your case against the vendor.

Based on what you've stated here, there was no agreement in writing by both parties to extend the time to execute the SPA after the 14 days had lapsed, right? It's only your word against her word. As such, it would fall back on the letter of offer to sell (the 'temporary agreement' which you're referring to). That agreement gives them the right to forfeit if you fail to meet the deadline. If you're going to go on those grounds, your chances are slim.


Your act of calling the chairman (not judge) stupid just for telling you the truth is seriously despicable.

Thanks bro. But a shameless tout has already taken advantage

If 3+1 then the SPA would lapse on 1st October 2010, if there is no agreement by the parties to extend the agreement. Then the vendor forfeits a sum equivalent to 10% of the purchase price (normally the deposit) and return all other monies to the purchaser (eg the differential sum, or excess deposit).

If the SPA is extended by agreement, usually late penalty interest would be payable by the purchaser and would be calculated up to the day the transaction is finally completed.

Perhaps your agreement is subject to state authority's consent, hence the long delay, Check your agreement. In such cases time would only start to run from the date consent is obtained,

Thanks dario, i think i will try my luck on the small claim then. The tribunal consumer should double check my case before they call me to the hearing, that's why it's dragging me until now.

Ha! Ha! Sorry. Anyway I am not a tout as I did not recommend any lawyer.

Not shameless tout maybe dariofoo pretender. Ha! Ha!

This post has been edited by New Klang: Feb 21 2011, 04:48 PM

Hi, I'm new here. I bought a second hand house with my SPA signed . As usual, the SPA requires the balance sum be paid in full to the vendor within 3 months (90 days) (Completion Date) with an extension of one month (Extended Completion Date) at an interest of 8% p.a. at daily rests.

I used the SPA lawyer recommended by the agent, the vendor uses his own lawyer and for the bank, I use another loan lawyer. I was told by the SPA lawyer initially that this SPA should be fast and should have been settled within 60 days since it's a freehold and the past loan already been settled in full. I was a happy guy.

Initially, the vendor lawyer delayed in providing certain documents like the land title (I think) claiming the vendor is overseas. I was given assurance by various parties that I still had a lot of time since it's supposedly a 2 month-process.

Down the road, I was asked to go to the SPA lawyer office to hand in the cheque for the balance of the deposit which I duly did on the same day my SPA lawyer asked me to.

Fast forward to around 60 days after the SPA document signed, I came to know from the bank loan officer that there was some miscommunication between the SPA lawyer and loan lawyer, which was settled within 2-4 days after my intervention. Later within one week from the Completion Date, I was informed by the loan lawyer that the land office had made a mistake with my I/C No. in the Lodgement of Private Caveat form. Also, the private caveat No. was different (?) and doesn't tally with the land office.

I was under tremendous pressure by then . I also couldn't quite understand what the lawyers were talking as I don't know all these things. Countless calls to both lawyers were made, as well as letters sent.

The SPA lawyer blamed the loan lawyer, saying that the loan lawyer could just easily 'settle' this case at the land office. The loan lawyer said they can't do it, and must be done by the SPA lawyer. I don't fully understood and asked both parties to communicate. This process goes beyond the Completion Date, and now I'm in the Extended Completion Date period.

I wrote a letter to complain to the bank, in which they guarantee that they'll release the balance payment in soonest possible time after all this is settled.

Later, I was told that the Caveat No. was rectified and was informed by the SPA lawyer to inform the loan lawyer to present my case. The next day, the loan lawyer said the mistake hasn't been rectified (I don't know how they could do such things). Finally, the loan lawyer told me that the SPA lawyer should write in to land office to rectify the I/C No. mistake. Within 2 days, the mistake is rectified, a day later my case is presented to the land office, and finally the bank kept their word and release the balance within 2-4 days after the loan lawyer has submitted the documents to the bank.

Now I'm the midst of waiting for the keys to my new house, but the SPA lawyer just called that the vendor lawyer wants to charge for the late payment. The SPA lawyer is appealing to the vendor lawyer saying it's the land office fault, and asked me to wait for a while for the keys. The SPA lawyer also wants to know the final sum demanded by the vendor lawyer for the interests.

I'm in a bind. I'm not at fault here, but it looks like I may have to finally pay for the interests?

I feel that I'm a victim here, with nothing that I could do. I need help. What can I do? While I desperately need the keys to my new house to move in since I'm renting now, I also face a situation that I might have to pay more for the interest charged, which I feel it's not my fault.

Please please please advise.



Thanks.
P/S: I might not used the correct terms as I'm not familiar with the law terms.

But will it be legal if I just draft out the letter and let the owner sign while I have already given him the bank draft/cheque.....just scared the same thing will happen like SeanVinces case where the owner has take the 3% and do nothing! :S