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. 

For the rebate thing. Did you mean 50% rebate on stamp duty on loan facilities agreement, which is 0.5% fixed on loan one? I checked with the loan lawyer, they said have to come back to me on this.

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. 

Hai

can i check on the below, please advise, tq
First house
if the loan borrower is both husband and wife , S&P is under both husband & wife name
second house
if the S&P under husband & wife, loan under wife only
third house,
Is the husband side can consider as this is second house only?because the borrower is the wife for the second house
can the husband get the loan of 90%? as per bank negara ruling is 70% for third house onwards?

will it be any penalty charge?
tq

Stamp duty on MOT/Deed of Assignment only.

Check this out:
http://forum.lowyat.net/index.php?act=ST&f=154&t=1748580

Got individual title or not? 

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.

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? 

There is no individual title yet.

Base on your link, there is no stamp duty exemption on loan agreement, but I read in tax budget booklet 2011 stated there is 50% rebate of stamp duty on SPA & loan agreement, is the Stamp Duty (Remission) (No.3) Order 2010 you mentioned in the link supersede the loan agreement stated in the budget 2011? 

The loan lawyer call me this evening confirmed that there is 50% rebate on the stamp duty. Now, I am blur blur  

One noob question:-

Is there any kind of stamp duty on "MOT/DOA" fees will chg later in loan agreement when there is a transfer of master title to individual title? like the Stamp duty on MOT will be paid later (told by SPA lawyer when I signed the SPA). Thx.

There is no free SPA legal free fr. developer .

For the rebate thing. Did you mean 50% rebate on stamp duty on loan facilities agreement, which is 0.5% fixed on loan one? I checked with the loan lawyer, they said have to come back to me on this.

Get her to transfer her 1/2 to you while you refinance with the same bank. I know HSBC allows that. Not too sure about other bank's lock-in period. Though it is not stated on your Letter of Offer with the bank, you can confirm with the officer.
That might work but too complicated.

In this case you have any idea how much it would cost on the SPA side?
I'm told my the loan officer, refinance, the legal fees would be around rm6k. Kinda like she sell to me and then i take another loan. So the have to redo some loan's legal documents. Furthermore the rate is not that good.

How much is your house worth?
The stamp duty/legal fees would only be for her 1/2 share only.

Refinancing would mean re-do the whole documentation.

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

Bought at Rm260

Re-do whole documentation.... <--- big sum i believe? 

drakenkorin:


Legal fees are alright and according to scale. Bankruptcy search ought to be RM12/pax. Other disbursements are fair and reasonable. At least there's no RM50 for 'Miscellaneous' which lawyers always bill but can never justify apart from saying, 'The SRO [Solicitors' Remuneration Order] allows us to bill RM50 for misc'



With regard to stamp duty on MOT - you would be entitled to a 50% rebate 

The ruling is related to loans only, not ownership of property. So since the husb has only taken one loan previously, this third house will be considered as his second loan only. 
There shouldn't be any penalty. If already stamped then probably some extra disbursements for the new ones to be stamped with the nominal RM10 stamp duty only. 

dario, the lawyer quoted an additional rm100 for 'application for 50% remission on stamp duty for transfer'...is this normal?

the secretary requoted the disbursement to be RM1544..how did it get inflated this much from initial RM1200....
may i also know the typical range of disbursement?
this area seems to be the 'gray' area where lawyer 'adjusts' it as they like since we dont know the terms they use

For buying direct from Developer and still under construction, the lawyer cannot charge full legal fees of RM2,277.22.
Tell the lawyer to check his SRO, he must give your a mandatory discount of 30% off from RM2,277.22

hai dario

thank you so much for the input...

There is no individual title yet.

Base on your link, there is no stamp duty exemption on loan agreement, but I read in tax budget booklet 2011 stated there is 50% rebate of stamp duty on SPA & loan agreement, is the Stamp Duty (Remission) (No.3) Order 2010 you mentioned in the link supersede the loan agreement stated in the budget 2011? 

The loan lawyer call me this evening confirmed that there is 50% rebate on the stamp duty. Now, I am blur blur  

Is there any kind of stamp duty on "MOT/DOA" fees will chg later in loan agreement when there is a transfer of master title to individual title? like the Stamp duty on MOT will be paid later (told by SPA lawyer when I signed the SPA). Thx.

If when you bought your house it is still under master title, you would have signed a Deed of Assignment with the bank. After the individual title is issued, you need to create a Charge 16A in favour of the bank (registration at the land office). Legal fees would be subject to a minimum of RM300 only. Stamping on Charge 16A = RM10 per copy only.

House with individual title = Charge to bank (Document : Charge 16A)

House still under master title = assign to bank (Document : Deed of Assignment)
Stamp duty 50% discount on loan and purchase = only if 1st time house buyer of property below RM350k
As a purchaser from a Developer, you are entitled to get for free four (4) copies of the SPA/Deed of Mutual Covenants from the Developer or their solicitors. They are not allowed to charge any fee for it. Some of their lawyers call it admin fee or printing fee, but they're the same thing.
You don't need to appoint from the Developer's panel lawyers, you can appoint your own AND still be entitled to free copies of the SPA. IF your own lawyer ask you to pay the Developer, tell your lawyer to check the Bar Council Rulings and the Housing Development Act.

For buying direct from Developer and still under construction, the lawyer cannot charge full legal fees of RM2,277.22.

Tell the lawyer to check his SRO, he must give your a mandatory discount of 30% off from RM2,277.22
err...kinda. It's wayyyy past my bedtime for me to do any calculations right now. I'll work something out tmrw.

Yes, you're right. I overlooked the legal fees part and was focusing more on the disbursements. The fees permissable would be 70% of the usual scaled fees under the SRO [as the price of the property is between RM100K-RM500K]. It applies to legal fees in relation to the SPA as well as the loan documentation. I humbly stand corrected. 

Machong, do take note. Bring it to the loan lawyer's attention. 

For the SPA, did you mean I have to pay another round legal fees to SPA & bank lawyer for charge of 16A, in future? Thx.

Thanks a lot Jaemmae & Dario.

I got discount on the loan legal fees and the 50% rebate to the stamp duty thing. The lawyer told me the total sum to pay is around RM2,600 (Original is 4,787) . I have calculated myself, but cant get the figure out .       
For the SPA, did you mean I have to pay another round legal fees to SPA & bank lawyer for charge of 16A, in future? Thx.

Yes

Legal fees would be Rm300 for Transfer & RM300 for Charge.