Developer will have the list, but if you have executed the S&P already and if you're not a bumi - then surely it is not designated as a bumi lot. And vice versa, of course

Bro Dario

I purchase a property with my gf, landed, freehold. S&P and loan under both our name.

Now we are no longer together, and i will be taking care/pay for the house.

What is ur advice in name transfer thing? Can i do a quitclaim deed(she quit)?

Loan still in lock in period. I was she do a quitclaim deed, the loan only refinance once after lock in period. Becos it's very expensive to do it now.

Dario,
I think this is what are you asking for,regarding discharge of charge.

Btw what will happen if this transaction collapse if no letter of offer to purchase involved?

This post has been edited by sansi: Apr 2 2011, 12:33 PM

There would be 2 charges hence one for each respective discharge of charge. My mistake then for missing that info out. Sorry

Are you referring to what would happen before or after execution of the SPA?

If before, then the terms of the letter of offer to purchase would apply. Probably you would forfeit the 2%.

As for after, then it would depend on what is in the SPA itself. Is there such a clause whereby the vendor would have to refund a certain amount of the deposit if the purchaser fails to obtain a loan? If there is none, you would be entitled to forfeit the whole of the deposit upon the expiration of the 3+1 period.

You can instruct a lawyer to prepare a deed of trust whereby she states that she is holding half-share of the property as a trustee on your behalf. She would also execute an irrevocable power of attorney, so that once the lock-in period is over, you can execute the relevant documents on her behalf to effect a transfer of ownership/beneficial interest over the property wholly to you. That is what you can do in the interim.

Thanks Dario. [sorry for PMed u]

So it will be

1) Deed of Trust, same like quitclaim deed?
2) Power of attorney.

Any idea how much it will cost?
Property Price Rm262k, Landed Free hold.

So, by that means, Loan will be still under both our name. Cos i learn from mortgage agent, changing that will cost a bomb...

No scaled fees as deed of trust does not come under SRO. So it depends on the law firm.

Yes for the time being loan will still be under both names. Once the lock-in period is over, immediately arrange for refinancing. When individual title is out (assuming that it is not out yet), use the PA to transfer it solely to your name (once the loan has been settled, of course).

Off to watch Cricket World Cup final at Sid's.

Will answer further queries tmr or latest by monday.

Cheerios

Dario,

Understood.In my case there's no letter of offer to purchase.I've never sign it and not been told about this.
I'm not sure whether buyer know about this too as I believe it must be countersign by me.
Furthermore,buyer did sign the S&P but I don't.

This post has been edited by sansi: Apr 2 2011, 05:27 PM

Hai

actually i place my booking fee (which is only 40% - 50% refundable only), then the developer requested us to sign few papers
including letter of offer and few pages of the S & P(we did not really aware on this, my mistakes)
then after one week, someone from lawyer firm (this is the developer panel, free legal fee and stamping fee) called up to request us to collect the S&P, well i'm quite surprise on this as i have never seen the S &Pbefore, according to the lawyer firm we have signed the S & P earlier at the developer side and they just attached teh copy and finalized it?? when i check with teh developer they mentioned they have practicing this all the while, any advise?

thanks

As far as it is concerned, you've already signed the SPA. If you now turn around and say that you were only given only a few pages to sign and not the full agreement, it will be your word against the word of the lawyer and the developer who will insist that you've signed the whole agreement.

You should've insisted for the whole agreement and brought it back to be perused before you sign anything.

Having said all that, however, SPAs with developers are mostly standard docs which has to comply with the Schedule G or Schedule H template as stipulated by the HD Act. So at the end of the day, I doubt if it will make much of a difference.

Hope all goes well.

So why not sign the S&P now if same has been prepared? There ought to be a clause which clarifies the position in the event the purchaser fails to obtain a loan. Bring it to the attention of the purchaser's solicitors. Of course, first ask if the purchaser has obtained a loan or otherwise.

This post has been edited by dariofoo: Apr 3 2011, 01:14 PM

If I'm not mistaken, a Power of Attorney is valid so long as the Donor is alive.

so....if his gf dies, the PA is of no use and the property will go to her estate to be distributed according to Distribution Act (if she didn't make a Will).

what is ur view in this situation? Redo everything?
I'm hoping to reduce the legal cost, by performing a PA.
Loans part, refinance once lock-in period over.

Good morning Dario,


Pls advise on below loan agreement legal charges for new a freehold terrace house (under con) from developer. Is the fees reasonable?

Can I get 50% exemption on stamp duty ? I am the 1st home purchaser? tq.

Loan amt : RM 261,032

PROFESSIONAL FEES for facilitating the
security documentations, attending to the signing of the
documents, for liasing with various parties for the disbursement of
the loan sum for all other attendances and correspondances 2,277.22


Deed of Assignment 227.72
Power of Attorney 227.72

6% Govt. Tax 163.96
2,896.62
DISBURSEMENTS

Stamp Duty Original Facilities Agreement 1,310.00

Stamping Fees Facilities Agreement (3 copies) 30.00
Deed of Assignment (4 copies) 40.00
Power of Attorney (4 copies) 40.00
Letter of offer 10.00
Statutory Declaration 10.00

Filing fees Power of Attorney 40.00

Official Search Bankruptcy / winding-up 30.00
Land title search 30.00

Attestation fees 20.00
Purchase of Loan Documents 150.00
Courier, stationery, postage, telephone 80.00
Transport 50.00
Miscellaneous 50.00
1,890.00
Total chg 4,786.62

This post has been edited by macong: Apr 4 2011, 10:53 AM

machong:



All alright except bankruptcy search which will cost RM12/pax. In fact, can use same bankruptcy search done by your SPA lawyer as well. No need to do again.

The Deed of Trust will state that she is holding it as trust for him. Upon her (untimely) death, the Deed would still be binding on her successors-in-title, and in this case, it would be the executor or administrator of her estate, as the case may be. That person continues to hold it in trust on his behalf.

That person can then execute a PA in his favour, if necessary.

How?

Oh. It is not SPA lawyer. Banker insist on panel lawyer. That means I have to pay the bankrupt fee by using diff lawyer? Thx.

What I meant was your SPA lawyer would've done a title search. However, I just noticed that you're purchasing from a developer so I assume that you've appointed the developer's panel lawyer as a common solicitor? In the sense that SPA legal fees are 'free'?

In that case, separate searches would have to be done.

And yes, the 50% rebate on stamp duty for memorandum of transfer/deed of assignment only would be applicable to your case.

This post has been edited by dariofoo: Apr 4 2011, 03:50 PM

Yes, I've confirmed with my lawyer, it's a typo error