Dario and Jaemmae,

Can i have a clearer picture of how much charges i would expect to pay for my case?

1) Transfer half of her share to me
2) Refinance the loan

House : RM260k, Freehold

Got individual title already? If got, then only option (1) is available

This post has been edited by dariofoo: Apr 5 2011, 05:38 PM

I am speaking from personal experience. Loan agreement and SPA already sign around 3 weeks ago. Just wonder developer never ask for 10% downpayment yet. 10% downpayment pay only after SPA being stamped right?
Wonder they only want to start for stamping if they about want to start for construction, so that wont delay in 3 years delivery period. 3 years construction devlidate count from 1st day of stamping date right if i am not mistaken?

Yes it is from the date of stamping

Just bought this house on Dec 2009. I'm not sure if it's still under master tittle. But i remember i sign deed of assignment. So shud be still with master tittle.

Hi Dario,

Hope you can help me with a predicament that I am in. Recently put down an earnest deposit for a DS house in Subang Jaya. Owner i a malay so had the agent do a title search and both agent and my lawyer confirmed that the title does not state that it is a bumi lot. (sekatan kepentingan part is blank and the another part says something like selama-lamanya).

Question is this, do you foresee any issue with the transfer? Appreciate your advice and also what would be the next step.. Thanks.

Problem solved. Thanks to mod for stepping in.

This post has been edited by dariofoo: Apr 6 2011, 10:19 AM

It doesn't matter what law firms are charging, the question was how much the fees are according to the law,and in my humble opinion, the answer ought to be likewise.

It doesn't matter what law firms are charging, the question was how much the fees are according to the law,and in my humble opinion, the answer ought to be likewise.

Let me remind all others the purpose of this topic is for "lawyers" to advise on legality issues and not to tout for clients. Because if one is sincere in helping, naturally the opportunity is there for others to approach when they have faith that one is genuine in helping.

So pls quit the "PM" me and you thingy. This can be done discreetly.

Selama-lamanya ought to mean that the property is freehold. If Sekatan Kepentingan and Syarat-Syarat Nyata part is blank then there ought to be no concerns. Look out to see if there's any caveats on the land. If there's caveats which ought not be there then it's best to ask the owner as to the reason why such caveats are there. Certain creditors are known to just place caveats on debtor's properties.

Check everything before you sign the SPA.

The DOA would be with the Bank. In such cases, there would not have been an individual title as if there was an individual title, you would be executing a Charge instead of a DOA. As such, the issue of 'transferring' her half-share to you does not arise at the moment.

So, in my humble opinion, you either create a trust with a PA, or you refinance. Your call.

Gentleman, i need some advice from you guys. If i booked a unit from a develop and the SA said free "SPA for lawyer side". Does it mean that i can get free SPA legal fee as well as free SPA stamp duty? In other words, i only have to pay for loan legal fee ?

Free legal fees would be included. Free stamp duty for SPA would refer to stamp duty on your MOT. So that will only arise if there's individual title issued at the time you execute your SPA. Check with the SA if there's individual title.

Most of the time, the developer would not have the individual title, and even if they did, they rarely would absorb the cost of the stamp duty.

If nothing is mentioned about free legal fees for loan documentation - then yes, you would have to fork that out, and this time, there would be ad valorem stamp duty on the facilities agreement (loan agreement).

Calculator:
http://www.elawyer.com.my/legal_calculator_info.php

Few more questions. Can we obtain the individual title during construction stage? and do i have the option to apply or ignore the individual title? Since the owner need to pay for the stamp duty after getting the individual title, so what's the benefit of getting it ? It's because the property will worth more with the individual title ?

Can! The faster the better.

There would be a notice from the m'ment office when the MOT is ready for execution once the individual title is out. No you can't ignore it or refuse to execute it. You are bound to execute it. So at that stage, you would need to cough up the stamp duty payable.

The benefit of having an individual title:
1. You would be registered as the registered proprietor of the property, as opposed to now, whereby you are merely a beneficial owner of an undivided lot of a master title, which may still be charged to an end-financier.

2. Once you settle your loan with your current bank, you would obtain the original individual title and you can charge it again for another loan. Basically you would have more flexibility.

3. You need not involve the developer again when you want to sell of your property/ discharge the charge - currently you would need the developer's letter of confirmation/ master chargee's consent, etc. This is an extra hassle.

With an individual title, you can bypass all those requirements.

Am not sure if it can enhance the value of the property as it is very subjective, but it would make it more attractive when selling, in the sense that it would be less of a hassle for the purchaser to complete the transaction. Convenience and expediency is what some, if not all purchasers look for when purchasing a property, right?

Got it and thanks for your advice

Help needed!! Please advice if this is a normal case??

I wanted to purchase a property price@380k, and bank evaluated max as 360k. So I'm ok to top up additional 20k.

Questions:
The seller mentioned that he will agree to sell the house@380k provided that we agree to hold the loan until Oct 2011. This is because he is waiting for his house to complete soon and do no want to pay additional rental since he already settled his current house loan.

The agent told me that I will still proceed to sign the offer letter by giving 3% out of 380k. Then get the bank offer. Once gotten the bank offer, we will proceed to sign S&P and pay the additional 7% out of 380k. However, the agent mentioned that after signing S&P, we need to inform the lawyar to onhold the bank to only release the full amount on Oct. And in Oct, we pay the additional 20k balance.

So for this case, we only start to pay the installment around Nov after the bank has released the money.

Is this a normal case and valid?? PLEASE HELP....

Hi Dariofoo,

I and my wife going to buy a leasehold townhouse price 240k and hope you can guide us. Loan with be apply using both of our name. I am quoted as per below.

SnP:

1)SnP - 2130.0
2)Deed of assignment - 300.0
3)CKHT 2A(2 person) - 250.0
4)6% Tax - 160.8

Total - 2840.8

Disbursement:

5)Stamping SPA - 40.0
6)Stamping DOA - 40.0
7)Stamp Duty - 1900.0
8)Land search - 30.0
9)Affirmation - 20.0
10)CTOS & Bankruptcy search 60.0
11)Transport - 150.0
12)Printing, telephone, posting 100.0
& courier service
13)Misc - 50.0

Total - 2390.0

Grand Total - 5230.8


Loan:

1)Facilities agreement - 1962.00
2)Assignment - 196.20
3)Power of attorney - 196.20
4)Consent to charge - 300.00
5)6% - 159.26

Total - 2813.66

Disbursement:

6)Stamping FA Original + 3 copies - 1110
7)Stamping fee on assignment - 40
8)Stamping fee on PA - 40
9)Stamping fee on letter of offer - 10
10)Stamping fee on SD bankruptcy - 10
11)Stamping fee on owner occupation - 10
12)CTC title 50
13)Application consent to charge - 50
14)Registration consent to charge - 50
15)Filling PA at high court - 60
16)Purchase document - 250
17)Affirmation - 20
18)Land search X2 - 60
19)CTOS search/ bankruptcy search - 50
20)Transport, posting, fax, phone & etc 250
21)Misc 50

Total - 2110

Grand Total - 4923.66

Can be done. But just make sure that the completion date for the S&P is revised accordingly. Since the vendor wants to hold it until Oct 2011, then perhaps to push the completion date to 2 or 3 months + 1 month after that, hence the completion date would be December 2011/Jan 2012 and the extended completion date would be Jan 2012/Feb 2012 as the case may be.

With regard to the Bank, it would be best to check with your mortgage consultant if the Bank would allow that. Shouldn't be a problem