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TSdariofoo
post Jul 22 2011, 10:57 AM

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QUOTE(sheesheebaby @ Jul 21 2011, 04:45 PM)
Ahhh......thank you so much dariofoo. You just lifted a huge burden off me. I was so troubled till I couldn't sleep a few nights ago coz a property agent told me that I can't sell due to the title not being under my name.

Just a few more questions,

1. while waiting for the consent, is the property still under my name?
2. until when do I need to service the loan?
3. will the purchaser's bank refuse to approve loan due to this reason?

To the others, if you guys want to buy a hamper for dariofoo (as suggested by someone in this thread), do include me as well. Hope there are more people like him in this world smile.gif
*
1. yes
2. until your loan is redeemed by the first release by the purchaser's financier
3. what reason?
TSdariofoo
post Jul 22 2011, 11:04 AM

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QUOTE(Ricky300 @ Jul 21 2011, 09:53 PM)
Hi dariofoo,

Please advise me.

Direct purchase from Owner without involvement of Agent. However, My brother is the actual buyer. I'm just the middleman (Different State)

Owner requested for a 2% deposit to seal the deal.

Questions:-
1) Any document that can bond the Owner and My Brother for this 2%?
*Please note that my brother is not physically present for the deposit. Can I sign behalf of him? What sort of documents needed?

2) Can I ask my brother lawyer to submit the cheque (2%) to the Owner/Seller?
*Brother in Ipoh (Lawyer also Ipoh) however Seller in KL

Thanks in advance
*
1)Since your brother already has a lawyer in Ipoh, ask the lawyer's assistance to help to draft out a simple letter of offer to purchase with some terms with regard to the earnest deposit. This bonds the vendor until the SPA is ready for execution. Yes, you can sign on his behalf, but make sure vendor executes it in person, with an independant witness present.

2) How will the lawyer forward it to the vendor? Courier? Then when will the vendor execute the letter of offer to purchase? Perhaps you can bring it to the vendor personally and get it executed. At the same time, hand over the cheque. After that, the lawyer will follow-up with the SPA.

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TSdariofoo
post Jul 22 2011, 11:06 AM

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QUOTE(kei18kun @ Jul 22 2011, 06:51 AM)
got it, do i compare with previous post or do i just post it here? notworthy.gif
*
Compare with previous posts as there are many samples and most of it are the same. The advice i've rendered , especially for disbursements, are about the same and is quite general. You can also download the SRO at the first page of this thread to calculate the legal fees, etc.

If still got doubt or if there is some funny or weird charge - then raise it up here.

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TSdariofoo
post Jul 23 2011, 01:50 PM

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QUOTE(irienaoki @ Jul 23 2011, 08:26 AM)
Question
im graduating soon
so my Q is should i practice @ not?
hahaha
man it s quite hard for me to face judges
lack of self confidence
thinking of specializing in conveyancing or apply for govt sector
can anyone enlighten me?
*
Graduating from a local uni? If so, you might as well do your pupillage @ chambering and get yourself called to the Bar. After that, you can decide whether to continue in private practice or join the govt sector.

Don't limit yourself to just conveyancing if you're opting out of litigation. Can consider corporate work as well. There are many areas of law to venture into. Which firm you pick to do your pupillage is important, as it will affect how much you learn in those 9 months.

Good luck icon_rolleyes.gif

TSdariofoo
post Jul 24 2011, 01:11 AM

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QUOTE(Ms Sim @ Jul 23 2011, 09:18 PM)
Hello all, would like to ask, is there any housing act which prevents a condominium to become a hostel?
*
No. It's still residential, isn't it? smile.gif
TSdariofoo
post Jul 24 2011, 01:17 AM

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QUOTE(itsybitsy @ Jul 23 2011, 10:34 PM)
Does that mean that I could only get the keys to the apartment in 6+3+1 months after the S&P is signed?
*
Yes, unless you both can agree on early surrender of keys. Not advised, as things can be sticky if the SPA falls out. Some vendors rent it out to the purchaser, while some are more lenient - take the keys and pay maintenance, quit rent, assessment and other utilities. See how it goes with the vendor. nod.gif

QUOTE(itsybitsy @ Jul 23 2011, 10:34 PM)

Besides saving on the disbursement costs, are there any other benefits of retaining the same S&P lawyer as the loan agreement lawyer?

*
It can be faster, as it eliminates the time for one party to communicate with the other. Less paperwork. However, the word 'may' is important as it depends on how good the law firm is. If it is not efficient in the first place, you're doubly screwed. There is no check and balance and they can take their own sweet time. smile.gif

QUOTE(itsybitsy @ Jul 23 2011, 10:34 PM)
Is the loan agreement is standard version, or is it like the S&P for subsale property?
*
It is standard and its terms and conditions are dictated solely by the Bank with no discretion on your side to amend any of the terms. nod.gif
TSdariofoo
post Jul 26 2011, 12:46 PM

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QUOTE(ycngjack1 @ Jul 25 2011, 03:09 PM)
Once i sign on LOA i have to start pay the loan back d right? can i push back the loan payment due to such incident that i have to wait few months (if situation is same like itsybitsy)?
rclxub.gif  rclxub.gif
Thanks!
*
The norm is that you only start paying once the first release of drawdown to redeem the vendor's loan has been completed. So no worries for the time being nod.gif
TSdariofoo
post Jul 26 2011, 12:59 PM

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QUOTE(jeff_v2 @ Jul 25 2011, 03:50 PM)
can someone advise me, usually how long do it take for a lawyer to obtain a redemption statement from govement loan?
i had been almost 2month, but my lawyer still stuck at this part...
*
1 month is average.
TSdariofoo
post Jul 26 2011, 01:15 PM

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QUOTE(youngman28 @ Jul 26 2011, 01:18 AM)
My question:-
1)is that the normal practice, the lawyer advise the vendor to do so if facing the case as mention above?
-without getting the down payment fr purchase, feel like the purchaser had the right to withdraw the SNP at anytime if the market turn around?
2) Do we trust the lawyer on this?, hear some lawyer may delay the process and use the down payment for their FD income only
-infavour to vendor since had sign the SNP, and the property need to obey the term and condition in SNP?
3) the funny thing is that the lawyer can 't promise a time frame for SNP to be fully execute?

If you are on my shoe, what should u do? ( anyway i am not signing d SNP yet, need some advise fr the forum member here)
*
1) Not normal practice. Insist on the balance 7% to be paid to you.
2) It's not your lawyer right? It's the purchaser's lawyer. So what the lawyer is doing is to protect his client's interests. It does not matter whether you trust him or not. It is highly unlikely that purchaser's lawyer would draft a SPA which favours you.
3) Of course, as the factual matrix clearly indicates that there are conditions precedent before the 3+1 period kicks in. It is not a straightforward matter. The lawyer would of course want to protect his client's interests. Any delay from the purchaser's side, and he would have to pay late penalty interest to you.

As you are unrepresented and since you are not legally-qualified to draft a SPA to propose other terms, you are clearly at a disadvantage here. The terms as proposed by the purchaser's solicitor is clearly biased and favours the purchaser.

QUOTE(youngman28 @ Jul 26 2011, 01:18 AM)
If you are on my shoe, what should u do? ( anyway i am not signing d SNP yet, need some advise fr the forum member here)
*
Appoint your own law firm, give instructions to your lawyer, and let them deal with the purchaser's lawyers directly. Spend a bit of money and have the peace of mind. To continue to act on your own would be, as the saying goes, pennywise, poundfoolish.

Good luck icon_rolleyes.gif

TSdariofoo
post Jul 26 2011, 05:02 PM

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QUOTE(Ms Sim @ Jul 26 2011, 02:29 PM)
But since it becomes a hostel, does that it already being called for business uses instead of residential??
*
Hostel in the business sense would mean like YMCA - a basic hostel for rent on a daily basis. That means there is a signboard placed on the building and the whole building is officially referred to as a hostel and is run in that sense.

If it is merely a case of multiple units being rented out to students, thus giving it an appearance as a student hostel due to the large number of student occupants, it will not be considered as a business. Thus, there would be no case of complaint against the developer/owner of the units.

Hope that clarifies things accordingly. icon_rolleyes.gif
TSdariofoo
post Jul 26 2011, 11:13 PM

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QUOTE(youngman28 @ Jul 26 2011, 09:41 PM)
Point 2 & 3, can i consider to give the purchaser a longer period of 6+1 month?, since the master title involve so many caveat. In addition on that, i can ask the lawyer to write down in SNP that if-
-the default due to the caveat problem, it will automatic gain a glant period of another 2 months
-the default due to purchaser unable to get the bank loan or the loan amount is too high (no glant period to be given)
*
It doesn't work that way. It's difficult for you to insist on those terms as you don't understand the steps and procedure involved. Even the term 'default' which you are using is also wrong, as it is not a case of default.

QUOTE(youngman28 @ Jul 26 2011, 09:41 PM)
can i appoint my own lawyer and ask the purchaser to use my lawyer as well?
*
It doesn't work that way. It is always the purchaser who appoints a lawyer and you have the option to tumpang him to do the redemption of your oustanding loan and the discharge of charge/deed of RnR.


QUOTE(youngman28 @ Jul 26 2011, 09:41 PM)
btw,how much i need to spend to hire a lawyer to do the SNP? as i known fr my friend that the vendor need not to pay much on the SNP, the majority sum will be pay by the purchaser.
*
When you appoint a lawyer of your own, you pay full scaled fees. Calculation is based on selling price, plus a bit more for disbursements. You can calculate the scaled fees at the first page of this thread, and you can download the SRO as well. For disbursements, there are plenty of samples in this thread for you to look and compare to get a rough idea.

What you friend has stated is only applicable if you tumpang the purchaser's solicitors. Only then, you do not pay full scaled fees. However, you are deemed to be unrepresented. There's no concept as sharing lawyers. The purchaser has a lawyer. You do not, at the moment.

I repeat my advice again - appoint a lawyer. Spend a bit of money to have the piece of mind. If money is an issue, perhaps talk to the lawyer to see if you can pay disbursements upfront, and deduct the legal fees once the balance purchase price has been received. In fact,I think the 7% deposit ought to be enough to foot part of the bill.

Good luck to you. icon_rolleyes.gif
TSdariofoo
post Jul 26 2011, 11:15 PM

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QUOTE(Ms Sim @ Jul 26 2011, 06:01 PM)
sorry just to make more things clear.. let say, the college was renting from the owners, then allocate to the student as hostel, since the college payment inclusive accommodation (that is the condo which called hostel), there still no case of complain can be lodge??
*
So it falls within the second scenario stated earlier, which I am now reproducing herein - If it is merely a case of multiple units being rented out to students, thus giving it an appearance as a student hostel due to the large number of student occupants, it will not be considered as a business. Thus, there would be no case of complaint against the developer/owner of the units.

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TSdariofoo
post Jul 27 2011, 01:23 PM

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QUOTE(ern43 @ Jul 27 2011, 11:55 AM)
Hi Dariofoo,

Sorry if this was asked before. But I'm a bit confused on the 50% discount on the stamp duty.

Is it for S&P, Loan or for both?

The property is more than 350K, so I know I'm not eligible for the discount, but my loan is around 239K.
Got quotation from 2 lawyers, 1 said there is not 50% off for the loan stamp duty, so it was out of question. But another one said I'm eligible for that.

Can you verify this?

Thanks!
*
Here's a topic which I created specifically on this matter:

http://forum.lowyat.net/index.php?showtopic=1748580&hl=

You can download the actual gazetted Exemption Order in relation to SPA and loan doc there.

You are not eligible for the 50% rebate because it is based on the purchase price of the property, and not the amount of the loan.

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TSdariofoo
post Jul 27 2011, 05:16 PM

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QUOTE(Llittlestar @ Jul 27 2011, 04:33 PM)
- the buyer request us to use his lawyer, so we can save on this. he also mention we no need to submit the cukai form.
*
He's wrong. Vendor has to submit CKHT 1A and CKHT3 to LHDN.


QUOTE(Llittlestar @ Jul 27 2011, 04:33 PM)
Hi, need advcie here.

My parent is selling the house to the direct buyer (cash).
- the buyer request us to state 50k in the S&P instead of 80k (selling price)  due to his tax matter, and don't let the lawyer know.
- the buyer will pay us the diff amount by bank cheque once we sign the S&P.
*
To safeguard yourself, request that he pays it in either by cash or bank draft BEFORE or on the day of signing. Don't accept a cheque as it takes 3 working days to clear. If the SPA is signed and payment of the cheque is stopped, there is nothing to prove that the purchase price is RM30K.

That's the precaution which can be taken.

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TSdariofoo
post Jul 27 2011, 11:26 PM

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QUOTE(RynN @ Jul 27 2011, 06:09 PM)
Can someone help me on this? My dad want to sell a house but something happened in between.

Just few days ago my dad signed an "agreement to purchase", and the purchaser paid a 3% of earnest deposit to the agent right after signed. Prior to this,  we are actually found a new house and intend to purchase, but my dad signed the mentioned agreement before we pay the deposit to the new house, and now the new house owner changed their mind not to sell the house cry.gif

End up we have to sell our house but no new house for us. Therefore need to ask an advice, since my dad not signing S&P yet, but only the "agreement to purchase", if we are going to cancel the deal, do we need to pay for another 3% more to the purchaser as compensation?

The agent said we need to do so, but when i consult other agent, they said no need to pay for additional 3% but only fully refund to them. Im really confuse what to do now as when my dad sign for the agreement, he did not ask for my opinion, lead to this sad situation occurred.  cry.gif

Just wanted to know must we compensate the purchaser if we cancel the deal? Any other way to cancel the deal without compensate?  sad.gif

Hope my english still understandable... sweat.gif
*
What is stated in the letter of offer to purchase @ 'agreement to purchase' as you have stated? No party can impose any terms of which is not reduced in writing in the said letter of offer and which has been executed by both parties. It's as straightforward as that. No point asking for other people's opinions, when you have something which states the terms and conditions in black and white.

If you can't comprehend what is stated there scan it and post it here. Shall take a look at it on your behalf. icon_rolleyes.gif
TSdariofoo
post Jul 27 2011, 11:31 PM

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QUOTE(Llittlestar @ Jul 27 2011, 08:47 PM)

1)Is it the house > 5 years no need to pay tax?
2)For the cukai form, we should put 80k or 50k?
3)Is there any problem if state 50k in the SPA instead of 80k?
4)My friend's lawyer said that the gov will send people to survey and call for interview if the selling price too low.

*
1) More than 5 years exempted from paying real property gains tax
2) It should follow the purchase price in the SPA
3) Shouldn't be any problem. Just make sure that you get paid the RM30K in advance as explained earlier
4) That might be in relation to stamp duty. But that is purchaser's concern and not yours. If LHDN thinks that the market value is higher, then the stamp duty which the purchaser has to pay on the MOT/DOA will be the market value as assessed by LHDN and not the purchase price. In any event, you have nothing to worry as you would not be involved in all this.

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TSdariofoo
post Jul 27 2011, 11:36 PM

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


Bro, can you compare with the previous samples in this thread to get a fairer idea? There's about 30-50 samples of quotes with comments for you to compare. If still got doubt do come back and ask ya

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TSdariofoo
post Jul 28 2011, 12:23 PM

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QUOTE(Llittlestar @ Jul 28 2011, 10:39 AM)
clear now. thanks dariofoo notworthy.gif
*
icon_rolleyes.gif Don't forget to collect the RM30K upfront. nod.gif
TSdariofoo
post Jul 28 2011, 12:24 PM

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QUOTE(Pai @ Jul 28 2011, 11:55 AM)
dariofoo,

Thanks for helping me make/save 8k..............I'm glad we meet wink.gif
*
The next time we meet, it'll be your turn to help me make/save much more than that smile.gif

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TSdariofoo
post Jul 28 2011, 01:42 PM

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QUOTE(normaron @ Jul 28 2011, 12:51 PM)
CODE

our quotation on ABMB loan for your further action - after 30% deduction

for SPA- Please pay RM390-00 to us as disbursement
----------------------------------------------------

the developer will pay LEGAL FEES for SPA
purchaser need to pay DISBURSEMENT of RM390

[B]the loan fees and disbursement is as per the stated quotation [/B], provided only Assignment, no other security i.e. Fixed Deposit, Letter of Guarantee
----------------------------------------------------
NO stamp duty of SPA. coz property still under Master Title

you need to pay stamp duty for Transfer on SPA / MOT when the STrata Title is issue i.e. in few years time



So at the moment until I am going to sign SPA & Loan Agreement, I only have to pay RM390? Is there anything else?
*
Looks like there's a quotation sent to you stating the legal fees and disbusements on loan documentation. You might want to check on that. RM390 is merely disbursements for SPA.
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