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TSdariofoo
post Jun 22 2011, 04:41 PM

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QUOTE(dexterhau @ Jun 22 2011, 03:20 PM)
Hi dariofoo,

Its me again. I am filling up my CKHT via the eFilling site for Real Property Gain Tax.

However, there is 1 column which I do not know how to fill it up. The "Amaun Dibayar Oleh Pemeroleh ke LHDNM".

In that section, the system need the payment amount, payment date and payment receipt.

I thought the payment was done by the Vendor instead of the Purchaser?

Please help me....

Thank you.
*
That is in relation to the 2% retention sum paid by the purchaser on behalf of the vendor (using 2% from the balance deposit paid during the SPA signing). This 2% is the Gains Tax which is a preliminary payment by the vendor to LHDN. LHDN will assess the gains payable in the end - and if there's excess payment, a refund will be issued to the vendor. If there is a shortfall, a notice will be sent to the vendor to cough up the deficit.

Only applicable if none of the circumstances stated in the CKHT 3 form is applicable to the case at hand.

If CKHT 3 form is used, you can leave that column blank.

Added on June 22, 2011, 4:46 pm
QUOTE(dexterhau @ Jun 22 2011, 03:20 PM)

I thought the payment was done by the Vendor instead of the Purchaser?
*
Go to page 71 of this thread and see my answer on June 8, 2011 to your question. I had explained this scenario to you. icon_rolleyes.gif

This post has been edited by dariofoo: Jun 22 2011, 04:46 PM
TSdariofoo
post Jun 22 2011, 09:44 PM

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QUOTE(dexterhau @ Jun 22 2011, 04:51 PM)
But the problem is I never retent the 2% for the vendor because vendor said he will pay himself during her submission of CKHT1A.
*
Anything in writing by the vendor to confirm that? It is the duty of the pemeroleh to pay the 2%.


QUOTE(dexterhau @ Jun 22 2011, 04:51 PM)
If the above is the scenario, this means that I have to wait for solicitors to pay the 2% and give me the receipt number before I can submit my CHKT2A right?
*
Did you authorise them in writing to pay it on your behalf? Otherwise, look at the terms and condition of the SPA in relation to CKHT. Yes, the receipt number must be stated in the CKHT 2A for LHDN to cross-refer, unless of course you make payment and submit CKHT simultaneously (which is no longer possible in your case).

You're acting in person for the SPA?
TSdariofoo
post Jun 22 2011, 09:46 PM

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QUOTE(elynny @ Jun 22 2011, 08:40 PM)
Thanks Dariofoo smile.gif i shall start bugging the bank officer...
*
Okie dokie. Good luck icon_rolleyes.gif
TSdariofoo
post Jun 25 2011, 04:14 AM

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Fees in relation to submission of private caveat 200.00
* Are you sure that this is for caveat and not CKHT 2A?

Disbursements:
Land search fees 30.00
Photocopying charges 50.00
Fax charges 50.00
Printing charges 100.00
Transport charges (including for multiple trips to Land & Stamp Offices) 350.00
*TOTAL: RM580.00.
* RM50 for fax? RM350 for transport? Is the law firm from a different state from where the Land Office is situated here? From the registration and caveat charges it seems like a property under the jurisdiction of the Shah Alam Land Office. You can also compare with the other quotes in this thread and judge if it is excessive.
TSdariofoo
post Jun 25 2011, 04:21 AM

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QUOTE(uglyx3duck @ Jun 24 2011, 12:54 AM)
thanks for dariofoo .

but now i got one prob. i ask few banks, they say they not accepted my house in half bricks half wooden house as refinance,actually i wan to refinance my land to bank and rebuild my house.
got one banker told me, after had transfer name to my father, she suggest us ask me n my boyfriend to buy from my father.then izit call S&P?? so how was the process? am i need to pay anything?? or everything process included under with bank and my loan apply? thank you
*
If there's an SPA involved then it becomes slightly more complex. There's RPGT involved (which your father has to pay as he gains from the sale). You would still need to pay legal fees for the SPA. That is excluding legal fees and stamp duty on the loan documentation, which is a separate issue.

You might want to consider seeking another opinion, preferrably from a senior banker - as I personally do not see a reason why the bank would differentiate between offering a loan to a borrower who obtains the property via a transfer and via an SPA. I'm sure it can be done via a transfer instead of the need to draft out a SPA.

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TSdariofoo
post Jun 25 2011, 05:13 PM

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QUOTE(p3nboy @ Jun 25 2011, 12:53 PM)
I have a question on earnest deposit on a resale property. If buyer failed to sign the SPA(for personal reason) by the date stipulated in the letter of confirmation. Does the vendor entitle to keep the deposit?
*
Of course you would have to first look at the letter of offer to purchase. If it provides for the right of the vendor to forfeit it, then go ahead. icon_rolleyes.gif
TSdariofoo
post Jun 27 2011, 02:30 PM

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Can't remember that post at all. Would've helped if you had directed me to it so I can see the flow of the QnA to see why I mentioned the word 'status'. Now I like this - rclxub.gif

Step-by-step better you ask your lawyer to explain in detail to you. Better to explain once the SPA is ready to be executed so that you can see the docs yourself and understand. Rather than just reading it.

If you're taking a loan, then vacant posession will be upon receipt of the balance purchase price by the vendor from your financier.

Yes you execute the DOA between yourself and the Bank at the same time you execute the Loan Agreement, etc.

Sorry bro if you have read my earlier posts you'll know my full-time job biggrin.gif
TSdariofoo
post Jun 27 2011, 02:49 PM

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You cannot compare like that. It depends on the location of the property as well as the nature of the property. You must also note that you're taking Islamic loan so there's more disbursements to be incurred. You can only compare the scaled legal fees but for the rest, it is subjective.

Anyways, the charges first:
Form 1 - $100
* What's this?????

Search Fee - $180
* How many title involved? Should only be RM30-50/search

Bankruptcy search - $72
* How many pax involved? Should be RM12/pax

Estimate registration fee of transfer -$500
* This is pricey. Where is the property located and what are the particulars of the title? You can check with the land office in question.

Stamping of Letter of Offer - $20
* Should be RM10/letter

Search Fee - $180
* Same as above

Bankruptcy seach - $72
* Same as above

Affirmation & Stamp duty on statutory declaration in respect of Bankruptcy and owner occupation - $72
* Affirm is RM4/doc and stamping is RM10/doc

Registration fee for withdrawal of private cavaiet - $150 &
Registration charges Annexure - $150
* Check with the land office in question.

Dariofoo bro, what is the registration fee for private caveat and withdrawal? i didnt see that in other people quotation in this forum. Do it really need to have so many stamping like the above? $443 stamping property sales purchase agreement , stamping purchase agreement $40 and stamping charges $40.

Depends on the land office - EXAMPLE: if Shah Alam - entry is RM300 + RM40 for notice and withdrawal is RM60.

Stamping on property sales agreement is ad valorem - 0.5% of your loan. In your case, a 50% rebate is given as it is below RM305K and it is your first property. Hence, RM443.

I think there is double charge for courier, fax & postage and misc fee. Further i would like to know what is the property purchase agreement of $200 and purchase loan document $300? why would they need to purchase that? it should be including in the scale fee for that. What does form 1 stand for? CKHT2 shouldnt it be $300 instead of the quoted $400?

Those are the loan agreements for your Islamic loan. You have to bear the cost, as the banks don't give it free anymore. It's part of disbursements, not legal fees.
CKHT 2A - RM200/pax. If RM400 is billed then surely there's 2 purchasers? If not, address this with them. RM300/pax is for CKHT 1A (vendor).

Form 1 - no idea. Check with them.

I'm using the same lawyer for the S&P and loan agreement. I'm a first time buyer. Unfortunately i cant change lawyer due to bank policy that need to use their panel lawyer. I will fight the price though coz it is extremely high and no discount is offer ( i know this is againt the code of ethic for lawyer but since there is no discount , i will try to minimise the quotation). Basically i felt that i need to overpay roughtly 2-3k on the above quotation.

Even if panel lawyer also they should have a list for you to choose from. Don't let them choose the firm from you as it is normally one who gives a commission to the banker who will get your file. That's how full panel firms work. So now what you need to do is to get another quotation from another panel lawyer (or perhaps another 2 firms) and compare it, if you think that this one is too much.

You can ask for discount on disbursements. That is allowed.

Good luck icon_rolleyes.gif





TSdariofoo
post Jun 27 2011, 03:01 PM

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QUOTE(elynny @ Jun 27 2011, 01:39 PM)
@Dariofoo,

Hi, i happened to received a letter from our LHDN today stating that they have change my income tax file from OG to SG because i have additional source of income. Before i called and asked them, just thought i want to clarify if you have any idea, is this because i owned a property now or ... ?

Many Thanks!!! smile.gif
*

Sorry I've no idea at all, but I've always been curious. smile.gif Do let us know what the acronyms denote once you get the answer. icon_rolleyes.gif
TSdariofoo
post Jun 27 2011, 03:22 PM

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QUOTE(techopeless @ Jun 27 2011, 02:44 PM)
brother dario, thanks for your time helping us out here.

i am in a fix.
In 2002 bought a F/H landed 170k house , joint names(SAP&Loan)
Now we are not together. Bank pushing me to execute MOT but i postpone because want MOT with my name only and must remove her name from SAP&Loan before execute MOT and cannot imagine paying for new SAP,Loan,MOT documents and MRTA too.

Please do advise me the cheapest option..to stay safe or get out of mess.

note: we r never related, just friends , i paid everything and she is willing to remove name without claims.
*
Get a lawyer to prepare a deed of gift whereby she transfers all her rights over the property to you. Get it stamped and check if the Bank will consent to a transfer subject to charge. If the Bank consents then you can have the title solely in your favour. At the same time, check with the developer if they are willing to do a direct transfer of the MOT to you, instead of to both parties. If both parties give the green light then you're good to go.

Otherwise, you would need to go the long way - i.e. do a subsequent MOT and refinance it.

Discuss the option with you Bank first before anything. They might ask for documentation to prove that you are unable to pay the installments on your own, as the basis of their earlier decision to grant you the loan was on the joint income of both borrowers. If they are satisfied with the arrangement, then they ought to allow it, as their interests would still be secured. Remember that this is the discretion of the Bank, and policies differ from Bank to Bank.

Good luck. icon_rolleyes.gif
TSdariofoo
post Jun 28 2011, 09:56 AM

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If the property is still encumbered and since the Bank will lodge a caveat anyway before first drawdown, you might want to speak to your lawyer if there is really a pressing need to lodge a caveat of your own as a purchaser. Discuss the pros and cons with him before deciding if you want to do it. In fact, your lawyer ought to brief you on the option. You can save quite a bit from there. Of course, don't let savings be of paramount importance. Your interests must be protected at all times.

Land search - RM30-50/each.
Bankruptcy search can be done once. Immediately before execution of SPA, so that it can still be used for the loan. Policy differs from bank to bank, but most banks accept a search for around 30-60 days. Some insist on a fresh one done before drawdown.

Affirmation is only RM4/doc.

What is surat akuan ? RM20? Check with them.

9. postage,courier,printing 50
10. telephone, fax 30
11. Transport 150
12. Misc 50

x2 = RM560 - you can ask for a reduction in this.

That's about it. icon_rolleyes.gif
TSdariofoo
post Jun 28 2011, 10:04 AM

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QUOTE(itanium2 @ Jun 27 2011, 07:37 PM)
Hello Dariofoo,

Good day to you.

I am considering a sub sale condo and the owner is a malay. This is not a bumi unit and the owner did not buy it with any bumi discount.
This KL condo is on freehold commercial land with only master title as the condo was just completed last month.

I am a non bumi so is there anything that I need to be aware of if I decide to go ahead with the deal?
If the deal is successful, will there be any complications in future when I want to sell the unit?

Thank you in advance.
*
1) Search on the master title to see if there are restrction in interests; and
2) Check with the developer to see if the unit falls within the list of bumi units.

Prudent not to rely merely on vendor's representation. If things go bad you can't turn around and say misrepresentation, as you have to do the requisite searches.

icon_rolleyes.gif
TSdariofoo
post Jun 29 2011, 09:23 AM

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QUOTE(ryan3721 @ Jun 28 2011, 02:39 PM)
Every little bit saving helps wink.gif
*
Wise words indeed nod.gif
TSdariofoo
post Jun 29 2011, 09:25 AM

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QUOTE(elynny @ Jun 28 2011, 08:50 PM)
@Dariofoo,

Thanks. I called them up today, apparently they said they are sorting out the files now and realised my file is using the wrong quote.. LOL..

OG = you have your own/additional business/income other than fixed salary

SG = salaried worker..

Then i asked the lady, all these while i'm salaried worker..how come i'm under OG? Her reply was.."there was some errors in their files previously, and they are correcting it now..according to her i'm not the first one who called already.." LOL...this is how efficient they are but at least i get an answer today..
*
I spoke to a tax consultant yesterday and he didn't have an idea too as to what the acronyms OG and SG stood for. Probably just some code. But yes, the classification as you stated is correct. Cheers. nod.gif

This post has been edited by dariofoo: Jun 29 2011, 09:26 AM
TSdariofoo
post Jun 29 2011, 09:44 AM

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QUOTE(cheekily @ Jun 29 2011, 07:05 AM)
A simple question, for the legal fees for bank loan, is it based on the value of the property or the amount borrowed from the bank? Let's say I'm taking 90% bank loan which is inclusive of the legal fees, the charges are based on the 90% amount or the total amount borrowed?
Total sum borrowed. So essentially you're paying interest on your legal fees as well valuation fees. smile.gif

QUOTE(cheekily @ Jun 29 2011, 07:05 AM)
Also, how do you calculate the facility agreement charges...is there any formula? Thanks in advance.
*
Sorry am not sure. Perhaps you can open a topic in the open forum and some bankers would assist you nod.gif
TSdariofoo
post Jun 29 2011, 09:28 PM

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QUOTE(uglyx3duck @ Jun 29 2011, 05:56 PM)
hi dariofoo
me again, i want to ask, ask last tme i ask u that the banker ask me do S&P means buy the property from my dad. how was it calculate on all S&P matter?
*
Do check out the first page of this thread. There's a link to a site where you can calculate it. icon_rolleyes.gif
TSdariofoo
post Jun 30 2011, 01:11 PM

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QUOTE(kkkw80 @ Jun 30 2011, 12:35 PM)
HELP!! I bought a condo in 2003 under 2 name but in 2008 I've done a Deed of Assignment where she sold her share to me.

Now i'm selling the property in 2011 and I was told by LHDNM i am still taxable for RPGT but at 50% of the amount. Is this correct??
*
Yes that is true. Only the half-share acquired in 2008 would be subject to RPGT. icon_rolleyes.gif
TSdariofoo
post Jun 30 2011, 01:14 PM

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QUOTE(cheekily @ Jun 30 2011, 11:16 AM)
I was referring to the legal fees for the bank loan agreement, the facility agreement legal charge fees (not the disbursement part)... coz previously the quotation I got was based on the 90% loan (90% of the property value alone) - banking facilities of RMxxx,xxx. After that, I got the final version of the quotation and the amount for banking facilities was the total sum borrowed (90% of the property value + extra for legal fees), so higher value means higher fees charged for the facility agreement. 

Example:

Particulars
[B]BANKING FACILITIES OF RMxxx,xxx
*
Legal fees would be based on the total loan sum, and total loan sum includes legal fees and valuation fees, as you had opted for it to be included in the loan. So the legal fees will be higher than if you had just taken a loan based on the balance purchase price of the house.

With regard as to how to calculate it, you can use the calculator at the first page of this thread, or download the SRO thereto as well. icon_rolleyes.gif
TSdariofoo
post Jun 30 2011, 07:46 PM

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QUOTE(mecn04 @ Jun 30 2011, 01:27 AM)
I am going to purchase a subsale condo but cannot get 90% loan. So I plan to use my gf for the loan & I will pay the 10%. In the SPA plan to have both name means both are owner? Is it wise to do so or there is better workaround since I cannot afford to pay 30%.
*
Yes, the names in the SPA will tally with the names in the title or DOA to denote ownership.

You can still go around it. SPA will remain in your name, but the loan documentation will be executed by your gf (third party charge or third party DOA) and you (first party charge or first party DOA). But your gf must understand that she's liable to pay a loan for a property which does not belong to her sweat.gif

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TSdariofoo
post Jul 1 2011, 09:32 AM

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QUOTE(TheFear @ Jul 1 2011, 01:08 AM)
Hi dariofoo,

Need yr help urgently.

I placed a booking for buying a subsale residential property to agent
(cash $5k) days ago. The property estimate will be obtained CF in July.

1) Till now, owner still hv not signing anything, what documents should owner be signing & what is the whole procedure?

2) my loan in processing, but the agent said owner don't hv the temporary title, is it possible? Otherwise, how buyer proceed the loan?

3) if the agent not honest, what can I do?

4) if the owner out of sudden not willing sell his property, what should I get to compensate?

5) can a property sell before obtained key from developer/CF? Is the procedure the same?
Appreciated your kind reply sooner.

Thank you.
*
1) Did you sign a letter of offer to purchase? The vendor has to sign it as well and pass it to you. Only then do you pay the RM5K deposit. When you paid cash, did you get an acknowledgement or receipt from the agent? That is important to link him to the transaction.

2) Owner not having title is possible, as it would in all probability still be under a Master Title. The owner's original SPA should be enough to apply for a loan at the moment.

3) Complain. There's a link to a site a few pages back in this thread.

4) It all depends on whether there is a letter of offer to purchase, and if so, what is provided for in the said letter. If there's no black and white for the owner so far and you paid cash to the agent with no acknowledgement, there's actually no proof that you even made the booking at all. So, you need to get something in writing from the agent.

5) Yes, it can be sold before CF is issued for the property.

icon_rolleyes.gif
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