Thanks bro...you make my day...

this has probably been asked before, but cant seem to find it in the thread.

1. How is the legal fee for S&P and loan agreement calculated?
2. 50% discount on stamping duty is for S&P or loan?

thanks.

Barca made my day

Here you go:
http://www.elawyer.com.my/legal_calculator_info.php

The link to calculate stamp duty payable is also there.

50% rebate is for stamp duty on S&P only

Hi,

I have a couple of questions in relation to selling property under construction (i.e. yet to obtain CF).
Can I sell my property without getting the CF from developer?
I wonder how much I am going to pay/incur if the property price is RM850,000?
Many thanks.

Hello all, am in the process of buying my first subsale unit, so have some nervousness regarding the condition of unit. Is there any (legally binding) way to ensure that (a) the seller discloses information regarding condition of unit, & (b) to hold seller liable should there be any damage/ defect, other than standard wear & tear?

My concern is protecting myself against situation like buying the condo, then discovering that ie pipe or electrical fixtures damaged etc.

Also, if there is, would they be part of the S&P, or does it need to be done before I even make earnest deposit?

::nervous::

1. Yes you can sell it.
2. Pay/incur means legal fees? You can use the legal fees calculator. The link to the website is in my previous post in this page.

This post has been edited by dariofoo: Mar 10 2011, 10:10 AM

Good question.

Well, it is the common notion that the property is sold on an 'as is where is' basis. What you see when you view the house and subsequently book it is essentially what you get.

When you subsequently sign your S&P, there ought to be a clause which reads along these lines:

It is hereby mutually agreed by the parties hereto that the risk of damage to the said Property except fair wear and tear thereof shall only pass to the Purchaser upon the Purchaser paying the Balance Purchase Price to the Vendor pursuant to Clause 3 hereof upon which payment vacant possession shall have been delivered to the Purchaser.

With regard to 'pipe or electrical fixtures damaged' as you mentioned, it would be prudent to check it when you inspect the house and probably again before the balance purchase price is paid to the vendor. The second inspection is rarely, if ever, done, but since you said you're nervous, better be safe than sorry.

If, during the second inspection, you find structural defects, the vendor has to rectify/repair it at his own cost.

You can bring in a plumber or electrician to do an inspection on your behalf as well. The cost, of course, would be borne by you. Do these before you pay the earnest deposit. You have every right to do so.

Good luck.

Thanks!

Thanks for prompt reply. And, other than legal fee and stamp duty, is there any other fees that I have to pay real propery gain tax? fyi, this is my first property and less than 5 yrs holding. Thank you.

There's no stamp duty involved. As for legal fees, if you appoint your own solicitor then you would have to pay full scaled fees (the same figure you get using the fees calculator). If you want to authorise the purchaser's solicitors to act on your behalf, then you need not pay him the full scaled fees, but there would be other charges.

As to the pros and cons of a vendor appointing one's own solicitor or tumpang the purchaser's solicitor, please go through the earlier posts in this thread as it has been discussed at length earlier.

With regard to RPGT - you can apply for a one-time total exemption or you can go ahead and pay the RPGT, which is 5% of your nett gain. Remember that you would have to pay 2% of the purchase price first to LHDN, and once they've calculated the nett gain (after going through all the receipts you submit together), they will reimburse you the excess.

That's about it.

Oh and do check with your financier if there's any penalty involved if you're settling the loan earlier. Find out how much.

That's about it.

It is a norm for an SPA to not mention at all the whether the property is "freehold" or not? as long as it is specified in the title obtained from developer is enough? Thanks,

The norm is for it to be mentioned in the agreement.

If you're purchasing from a developer, the standard format Schedule G agreement would apply. If you look at the preamble:

Preamble

WHEREAS the *Proprietor/Vendor is the registered and beneficial owner of all
that *freehold land/leasehold land of ……………… years expiring on …………………
held under .…………………………………………………….. (description of title) and
No. of Title …..…………………………. *Lot No./L.O. No. …………………. Section
…………………….. in the *Town/Village/Mukim ………………………… District of
……………………………………… State of ………………………….. in an area
measuring approximately ……………………… hectares ………………… square
metres (hereinafter referred to as “the said Land” )* and has granted the Vendor the
absolute right to develop the said Land as a housing development and to sell the said
Land;

* emphasis added

So it has to be mentioned, although a title search which has to be conducted would eventually specify the status of the land.

Dear all,

I've received a few PMs asking for legal advice via PM. I've politely requested those who did so to post the said PM at this thread.

I've also amended the first page of this thread as follows:

Please do not PM me for any legal advice, nor ask for any recommendations for law firms. I do not give out any advice via PM. Please post your legal query at this thread so that everyone can benefit from an answer.

Kindly be guided accordingly.

Agreed with dariofoo,... better to post here in the open, and for anonymity-sake, can use a nickname lar,... if posted here, other forummes who have had previous related experiences could contribute also.

But point man would always be dariofoo,....

Agreed with dariofoo. It would be better to post here in the open.

I hoping to learn from dariofoo.

Go easy on the kind words, gentlemen, or else people will think that you guys are my dupes (re: duplicate accounts)



Hansel, how's the dispute regarding the purchasers vs developer? Hope they've initiated proceedings already. At least a letter of demand. Don't be accused of being guilty of laches/acquiscence later on if you delay. Must act fast to assert one's legal rights. Do keep us updated, if possible

Hi Dario,

Its been a while. Wanted to sought your advise on the below quote submitted by the solicitors. My friend got a sweet deal on a new property (probably not so sweet looking after looking at the fees) with a loan of RM170k. The 30% discount is based on their offer since they'll be drafting the s&p as well. Appreciate you help whether the below is in accordance with SRO, is accurate and in order. Thanks buddy!

Based on scale fee under the Solicitors
For the 1st RM150,000.00 at 1% RM1,500.00
For the next RM20,000.00 at 0.7% RM 140.00
RM1,640.00
----------------
RM1,148.00
1/10 on Deed of Assignment RM 200.00
1/10 on Power of Attorney RM 200.00
RM1,548.00
6% service tax RM 92.88
----------------
RM1,640.88
Disbursements
(a) STAMP DUTY
1. Facility Agreement RM 850.00
2. Copies of Facility Agreement RM 30.00
3. Deed of Assignment RM 40.00
4. Power of Attorney RM 40.00
5. Statutory Declaration RM 30.00
-----------------
RM 990.00
(b) SEARCH
1. Land search RM 30.00
-----------------
RM 30.00
© REGISTRATION FEES
1. Power of Attorney RM 65.00
-----------------
RM 65.00
(d) OTHERS
1. Statutory Declaration by Borrower RM 30.00
2. Affirmation fees on SD RM 8.00
3. Purchase of documents RM 200.00
4. Transport to Land Office, Stamping
Office, High Court and etc. RM 150.00
4. Printing RM 50.00
6. Miscellaneous RM 50.00
-----------------
RM 488.00
Total Disbursement RM 1,573.00
-----------------
RM 3,213.88
=========

This post has been edited by Xforged: Mar 15 2011, 01:41 PM

Xforged:


Welcome back,bro.

According to SRO, all is in order with regard to legal fees.

The only thing which is contrary to the SRO is the discount which you had mentioned. That is a personal arrangement between the purchaser and the lawyer involved and I would advise forummers not mention such things, not in this forum anyway. I simply do not advise on discounts. I don't think it's right for me to comment on it.

Disbursements - Seems a bit steep when considering the fact that it is the same solicitor who is doing the S&P as well.

But there's a reason for it.