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TSdariofoo
post Jul 9 2011, 10:38 PM

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QUOTE(Scopio @ Jul 9 2011, 10:22 PM)
hi all.. wanna ask all the expert in here.. my bro got a case.. he doesn't knw how to settle it..

he put a deposit 1k to purchase a house..then when the developer ask him to go sign the s&p agreement and pay the 10% of the house on or b4 16th june.. he realize tht his bank reject the loan for him.. so now he cant purchase the house, he want to get back the 1k deposit.. i wanna knw how to get back the 1k deposit bcoz he got sigh an agreement for the 1k deposit.. at the agreement written..... "if i/we fail to obtain a loan to complete my/our purchase of the above unit due to my/our ineligibility if income, and shall produce proof of such ineligibility to your company (reject letter from 3 banks) within one(1) month from the date of booking, then the said RM1000.00 shall be redunded to me/us wherein your company shall have the absolute right to re-sell the above property to another person or persons in such manner and on such terms as your company sgall deem fir and i/we shall have no right to any of the purchase money thereby arising"
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I think it's quite clear from the terms. The part which I bolded is relevant here. Your bro needs letter of rejection from 3 banks respectively, show it to them within 1 month, and then claim back refund of the deposit. Otherwise, it's clear cut that they can forfeit it.

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TSdariofoo
post Jul 9 2011, 10:45 PM

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QUOTE(Scopio @ Jul 9 2011, 10:40 PM)
he is using staff loan to apply.. so the loan ald reject.. he need use others bank?? can ask others bank to write reject letter??
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The clause clearly states 3 banks - so it meant he had to apply for 3 banks, minimum. Is he out of time?

QUOTE(Scopio @ Jul 9 2011, 10:40 PM)
can ask others bank to write reject letter??
*
Huh? You mean a fake one? sweat.gif
TSdariofoo
post Jul 9 2011, 11:00 PM

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QUOTE(Scopio @ Jul 9 2011, 10:47 PM)
i also not sure about him.. but he ald seems "tired" to apply loan from others bank.. he keep saying tht the 1k kenot take back.. but i think tht 1k is very hard earn money.. to just let go is not worth.. i just wanna help him to take back the 1k.. got any alternative?? i'm not sure out of time or not.. but i think clearly stated sign s&p is at 16th june.. so haven 1 month yet.. but coming soon..
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Your bro is bound by the terms of the letter. Well, there's still 7 days left to apply for 2 other banks. Perhaps what he can do now is to ask the developer for extra time, stating that he has yet to hear from the other 2 banks (of course, do this AFTER you apply for the 2 loans). Then see whether the developer agrees to grant him the extra time until the banks decide. Or else, be prepared for the deposit to be forfeited. That's the only thing I can think of now.
TSdariofoo
post Jul 10 2011, 12:55 AM

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QUOTE(@Asimo@ @ Jul 9 2011, 11:26 PM)
yup, individual title already.
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Then you can do transfer subject to charge. That would mean that you transfer your share to another party, but the charge created in favour of the bank remains. The bank, must of course, consent to this first. Another thing is that the bank would evaluate the financial capability of the other chargors in the event that you are discharged from your obligations from paying the loan. If they agree, then it would be easier. Otherwise, perhaps have to refinance.

Legal fees are according to the scaled fees. You can download the SRO at the first page of this thread. It will depend on the market price of the property.

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TSdariofoo
post Jul 10 2011, 01:05 AM

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QUOTE(soolee @ Jul 9 2011, 11:43 PM)
As for the sales, we will do double transfer. The buyer's solictor had prepared a draft of S&P with some conditions in the event of rejection of transfer. (which I dont agree with the terms and conditions)
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What are the terms which you don't agree to?

QUOTE(soolee @ Jul 9 2011, 11:43 PM)

However, after discussion with the purchaser, we have come to agreement that even though in the event of rejection of strata title transfer by land office, we still want the sales and purchase to be valid, and will continue to submit/apply for title transfer.
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You mean re-apply for transfer again? Well, normally if the application for transfer is rejected (for whatever reason), the SPA ought to lapse.

QUOTE(soolee @ Jul 9 2011, 11:43 PM)
Will bar council give advise on this matter? Buyer does not want to appoint another lawyer, as he worries he has to pay this lawyer.
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Bar Council will not interfere in this matter. They would advise you to appoint a lawyer to act on your behalf. If you feel that there are terms to be amended, etc, it would be wise for you to be legally represented.

Another thing to note is that the developer has gone into liquidation. And there's no individual title out yet? Or was it submitted for subdivision and then, the developer entered into liquidation?
TSdariofoo
post Jul 10 2011, 01:43 AM

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QUOTE(soolee @ Jul 10 2011, 01:16 AM)
1. in the s&p, there are few occurences of "other monies" to pay to purchaser in the event of rejection of transfer. I would prefer it to replace with quit rent or assessment rather "other monies" which is undefined, this could cause confusion and arguments later on.
thanks for your help!
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If transfer is rejected, the losses of both parties ought to lie where it falls, i.e. each party bears their own losses. The purchaser can't claim anything from you. You would have to refund the deposit and the redemption sum to the purchaser/purchaser's financier, as the case may be. Perhaps that is what is meant by other monies.

How can replace with quit rent or assessment when that is your duty to pay for it? Perhaps what you can do is to ask the lawyer to define other monies.


QUOTE(soolee @ Jul 10 2011, 01:16 AM)
2. in the event of rejection of transfer, I will have to refund the purchaser within 7 days, I requested to have 3 months so that I can reapply for loan.
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7 days or 10 working days is normal practice. The rule of thumb is that you're not supposed to spend the money until everything is 100% confirmed complete. 3 months is definitely not the norm and it is unlikely that the lawyer would advise his client to accept it.

QUOTE(soolee @ Jul 10 2011, 01:16 AM)
what do you suggest in our case, buyer still wants to buy even though the transfer is rejected. by the time of rejection, my loan will be already settled by buyer's financial institution.
thanks for your help!
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If transfer it rejected then the whole thing collapses. Yes of course the purchaser may re-apply again, but if it fails again, then what happens? The deposit, redemption sum (your financier will know how to calculate it and refund the purchaser's financier) and any other sum, like the differential sum would have to be refunded to the purchaser by you. There is no other way.
TSdariofoo
post Jul 10 2011, 02:14 AM

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QUOTE(soolee @ Jul 10 2011, 02:05 AM)
the sequence is,
1. signing S&P
2. deposit
3. buyer's financier released money
4. settle the redemption sum I am owing to my financier
5. present 1st MOT & 2nd MOT
6. wait 2 weeks
7. released balance to me. (assuming no rejection)
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Is this the sequence in the SPA or from your understanding?

Normally no.5, present 1st MOT - will come at no.2. It has to be perfected in your favour first. Then the 3+1 period will start to run. Step no.3 will only come into the picture after 1st MOT has been perfected in your favour, and that the MOT has been executed between you and the purchaser. No Bank will release the redemption sum if their interest is not protected.

QUOTE(soolee @ Jul 10 2011, 02:05 AM)
it's unclear when will be the final date to know if the transfer been approved or rejected. do you have any idea that how long will we have to wait till?
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To be honest with you, this issue of 'transfer not being able to be registered' concern is really not something which happens very often. In fact, it very very rarely happens. If it is rejected due to a mistake in the MOT form, it can be rectified and presented once again. And the second time around, it ought to go through.

So, you ought not worry too much about that. You need to sort out the first transfer between the liquidator and yourself first. Only then do you start waltzing with the purchaser.

QUOTE(soolee @ Jul 10 2011, 02:05 AM)
ithen I paid my solicitor to do the transfer, but unfortunately, when I called after a year (this year). my lawyer didnt do the transfer for me, they said I didnt ask them to, but I oredi paid.
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If you had paid, how come it is not done? And how come you did not push them to do it? You ought to do so, if you had indeed paid them. Why not settle it fast to avoid any complications?

This post has been edited by dariofoo: Jul 10 2011, 02:15 AM
TSdariofoo
post Jul 10 2011, 12:24 PM

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Dear all,

I am shooting off for a much needed mini-holiday. Will be back on Tuesday to answer all outstanding queries (just soo lee's at the moment, i think), and for all new queries, kindly be patient until Tuesday.

If it is an urgent question - do post it at the open forum itself.

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This post has been edited by dariofoo: Jul 10 2011, 12:25 PM
TSdariofoo
post Jul 12 2011, 10:21 AM

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QUOTE(soolee @ Jul 10 2011, 02:43 AM)
I would prefer to have present the 1st MOT first as you said, so I will not have problem to refund the purchaser. which one should come first?
yes, it was my mistake, I paid the lawyer last June, and didnt check again thinking it would take a year. when I called again this April, they said I didnt ask them to.
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Check what is stated in their invoice/note of charges. See whether preparation of MOT is included or otherwise. If there is none, there's no point pursuing it with them anymore as cakap mulut has no basis.
TSdariofoo
post Jul 12 2011, 10:44 AM

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QUOTE(misscreamypie @ Jul 10 2011, 06:50 PM)
hi smile.gif im new to this thread.
I have some problem with my mum's house. my mum has a house back in the suburb area as we've moved to the city area. I'm from East Msia btw.
So she rented this house to a fellow. At first this man did pay the rent, then slowly he began to owe us the rent, and start to find many excuses not to pay. he paid like once every three to four months for one month's amount of rent which is very ridiculous. My mum was so kind (to me, it's like giving ppl chance to bully) that she believed his words that he'll clear the remaining amount.
So, after staying a few years, we decided to ask him to move, as we intend to sell it, and since he didn't intend to pay, so we feel like selling the house already. In total, he owed us more than 5k, nearly 6k. other than that, he left without any noise, just sneak away like that, leaving unpaid electricity bill of Rm400++ and water RM90++.

So i wana ask whether is it possible to do something about this or just let this happen just like that? this thing had caused my mum to be so sad. to make matter worse, nothing was ever signed before, no contract no nothing, just got receipt book for rent payment, and his I.C, and THAT's all. I was thinking if there's anything we can do. Thanks. Would appreciate if anyone can give me some opinion.
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Well, you can pursue a case against him - provided you can track him down and serve the court documents personally on him. If you can't serve it personally then you have to go for substituted service (i.e. notice through newspapers and display on Court notice board), which will cost quite a bit. Even if you go through all that and win the case (most probably by default as most likely, he's not going to know about it, or even if he did, he doesn't come across as someone whol would bother to show up in Court) - you'll only get a paper judgment as you can't even institute bankruptcy proceedings against him. The other methods of enforcing it are not suitable in the context of your case.

Now, assuming that he defends himself and denies the claim. Can you prove when he stated the tenancy, when he left, and whether he acknowledged any of the receipts given to him? How was rental paid? Cash by hand? Cash by bank-in? If cheque, then yes, you can trace it to him. Otherwise, it's all your mum's word against his. The burden of proof is on your mum to prove, and not for him to deny. So, in the absence of any proof except of cakap mulut, in all likelihood the claim against him would fail.

My advice would be to take it as a bitter pill and the next time around, do spend a bit of money and engage a qualified person to prepare a tenancy agreement icon_rolleyes.gif

No point spending good money chasing bad money. nod.gif
TSdariofoo
post Jul 12 2011, 10:45 AM

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QUOTE(TeannaLim @ Jul 11 2011, 03:05 PM)
Thanks, DarioFoo
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QUOTE(X-Zen @ Jul 11 2011, 08:13 AM)
thanks again bro

just want to say what a good job you are doing here  icon_rolleyes.gif
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cheers.gif
TSdariofoo
post Jul 12 2011, 10:47 AM

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QUOTE(daph84 @ Jul 11 2011, 04:04 PM)
Dear Dario,

Are you familiar with the practice in Sarawak? What are the charges for the legal fee?
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Sorry am not familiar. You can call the Advocates' Association of Sarawak and find out more.

Here's their site: http://sarawak-advocates.org.my/
TSdariofoo
post Jul 12 2011, 05:41 PM

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QUOTE(escargo75 @ Jul 12 2011, 10:58 AM)
When we engage a lawyer to be our stakeholder for a snp (vendor side), beside paying the professional charges for the service of redemption of property, is there any other charges like legal representation charges?
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There are no legal representation charges. For redemption of loan on vendor's behalf - it would be RM300/title for discharge of charge OR RM400 if for deed of RnR (with revocation of power of attorney). There would be a bit of disbursements too for expenses incurred nod.gif
TSdariofoo
post Jul 12 2011, 05:42 PM

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QUOTE(suetyen @ Jul 12 2011, 04:54 PM)
in land matters, fees are regulated by the solicitors remuneration act 2006.
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It's actually the Solicitors Remuneration Order 2005, ma'am icon_rolleyes.gif
TSdariofoo
post Jul 13 2011, 08:37 AM

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QUOTE(lazzy_dogg @ Jul 12 2011, 06:51 PM)
i have an issue.... i bot a subsale house late 2010 and the seller is very slow in providing the proper documentation in order for my bank to pay.... its been 1/2 year and its still not settled.... i know if the buyer delays in providing the documentation ..... 14 days to reply.... the buyer might have to pay interest..... now is.... my bank is waiting to pay the seller but the seller still havent provide the documents.... is there anyway i can charge the seller interest? or something like tat?
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If vendor delays, completion date extends automatically. Vendor's loss is that he can't benefit the balance purchase price. If balance purchase price received and vendor does not hand over vacant possession within xxx number of days, only then does the vendor pay late penalty interest to the purchaser. That's the general rule in most SPAs.

Time to read up yours to see if there's a clause which provides for something on the contrary. Highly unlikely, but no harm trying.

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TSdariofoo
post Jul 13 2011, 01:13 PM

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QUOTE(jojo5565 @ Jul 13 2011, 12:56 PM)
Dear dario,

i'm new in this thread, appreciate your advice.

for my property, developer sent a letter on year 2008 for changing of stracta title. i was appointed a lawyer in this matter, but the lawyer told me unable to do the process coz consent under the previous owner's name. the consent must transfer to the first owner then only come to me. i could find the first owner to do MOT.

my question:
1) could able apply direct transfer to my name?
2) if transfer to 1st owner, normally the whole process how much could be charged? the 1st owner purchased from developer, that time free legal fee on S&P & stamp duty.
3) how long the process taken?
4) can i do refinancing at the same time change strata title?

Thank you.
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1) Can, subject to developer's consent and undertaking to execute a direct transfer to you.
2) If the same law firm who did the SPA is appointed, it will be 25% of the scaled fees. Otherwise, it will be 50% of the scaled fees. Download the SRO at the first page of this thread - and go to pages 20-21 of the SRO.

3) Depends on the effiency of the lawyer and the land office in question.

4) Refinance? I thought that only now you're buying the property? In any event, the strata title must be registered in your favour first.
TSdariofoo
post Jul 13 2011, 01:57 PM

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QUOTE(jojo5565 @ Jul 13 2011, 01:37 PM)
that means appoint SPA lawyer is cheaper than others? but i should appoint others, because SPA lawyer don't reply me any news even i call her for many times.
this property i bought 1 year after only get letter from developer, that's why when i able to contact the 1st owner recently, the 1st owner dont want bear any cost of the transfer. I tend to refinance my property recently, before that would like get professional advice on it. As i know, there is no fix period for bank release money, so can i sign letter offer from other bank then both process do on the same time?

Thank you. really appreciate your advice.
I had contact developer, developer not allowed for direct transfer. for this case, is it no hope to get direct transfer?
*
Then appoint another one. It's only maximum 50% of the scaled fees.

With regard to the refinance part, you might want to consult a banker in the open forum. Am not an authority to speak on bank's policies with regard to that

Since you're already the owner of the property, your previous lawyer would've sent a copy of the relevant SPA, DOA and security documents (as well as the Notice of Assignment) to the developer. Thus the developer would have your name in the record as the beneficial owner. The previous owner has no say in this anymore. I think what you need to do is to appoint a lawyer to write to the developer formally. They would know how to put it properly to the developer. Perhaps the message got lost in translation in your phone call to them. smile.gif

Good luck icon_rolleyes.gif
TSdariofoo
post Jul 13 2011, 02:00 PM

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puco999:
» Click to show Spoiler - click again to hide... «


Have you taken a look at the previous quotations put up by other forummers in this thread and my replies to them? Basically there's easily about 30-40 samples, and if you go through at least 5-6 you can a clearer picture on what's necessary and what's not. If there are any doubts, do ask for clarification. icon_rolleyes.gif

This post has been edited by dariofoo: Jul 13 2011, 02:00 PM
TSdariofoo
post Jul 14 2011, 10:37 AM

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QUOTE(lyt25_1234 @ Jul 13 2011, 11:28 PM)
Can I ask a question on signing SPA?
I basically not married but my gf is asking to include her name when signing the SPA. I have no objection on that, but in terms of the lawyer fees, is there any difference in the lawyer fees with adding additional name to the SPA?
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No. It is fixed according to the price stated in the SPA, irregardless of how much purchasers/vendors are in the picture. icon_rolleyes.gif
TSdariofoo
post Jul 14 2011, 11:30 AM

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QUOTE(Pai @ Jul 14 2011, 12:14 AM)
dariofoo,

thanks for the excellent advice yday wink.gif
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Cheers, my learned friend. It was a pleasure to have finally met the legend himself. icon_rolleyes.gif
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