kradun:


Disbursements:
10)Stamping fee on SD bankruptcy - 10
11)Stamping fee on owner occupation - 10
- this can be prepared in ONE SD only so there's no need for two, hence no need for another RM10 stamp duty.

16)Purchase document - 250
Check with the Bank whether this is the exact price for it.

18)Land search X2 - 60
Why must it be done twice? It has been done before, so can still use the same one by the same solicitor.

19)CTOS search/ bankruptcy search - 50
Why again? Same solicitor right? If same, then this ought to be omitted as it has been done and quoted in SPA fees.

20)Transport, posting, fax, phone & etc 250
If same firm , then this is quite pricey as in the SPA fees, you had been quoted:
11)Transport - 150.0
12)Printing, telephone, posting 100.0

Ask them to reduce a bit.

If different firm, then I suppose it's alright.

21)Misc 50
Ask them to waive this la. Just because Bar Council says they can charge, doesn't mean they have to charge.
They have the discretion to waive disbursements, but not legal fees, as partial waiver of legal fees amounts to giving discount, which is prohibited.

Good luck

Hi dariofoo,

Can explain more on the completion date?? I'm purchasing a subsales house oh...is this applicable as well? The completion date that you mentioned for the S&P is the date the bank should start release the money?

Now there's so many weird cases in purchasing a house...very scared leh....like my fren..the bank offer letter already mentioned can loan 90% of the house value of 560k...but now after signing S&P and given the 10%, the bank said that the house value is not so high...only worth 500k....so many troubles now....

Oh by the way...could you help to estimate how much additional cash I need to prepare besides the 10% deposit ah? Not so familiar with all this..thanks yea!

This post has been edited by fionalee31650: Apr 7 2011, 11:25 AM

Completion date is the date when the balance purchase price is paid to the vendor, thus completing the transaction. You then collect your keys.

The letter of offer would've stated that the offer is subject to a full valuation upon the property. Your friend signed it, thus agreed to the terms and conditions therein. It happens, i guess, but it's nothing illegal by the Bank. It's part of the deal when they offered your friend the loan.

1. Legal fees for SPA & loan doc
2. Stamp duty on MOT/DOA and facilities agreement
3. Differential sum [RM20K, as you stated]
4. Top up sum [if the final valuation of the Bank does is lower than the initial loan sum stated in the letter of offer - this is subjective and cannot be ascertained ahead exactly]

You can use the website which has the legal fees and stamp duty calculator , which link is on the last page or somewhere in this thread.

really sad...the bank's lawyer advised bank released the payment on 18th march but bank received on 21st march ....the bank had took more 2 weeks to release which the bank released on tuesday 05/04/2011 and bank's lawyer issue the cheque to UOB on 06/04/2011....

as your information my completion is on 5th april 2011 and extended on 5th may 2011....my s&p told me that vendor's lawyer got some delay and got a bit buffer but not sure how long the buffer...

now sure kena penalty but i worry that they will not complete on 5th may 2011...as now need to wait the original doc released by vendor's bank...not sure how long....

almost everyday i chased bank's lawyer and bank but bank always pending my payment without reason....

i had asked my s&p...what if vendor's want to cancel my s&p after extended completion date...he say vendor got power to do that....

i really don't know what to do...now just waiting the doc.....if vendor really cancel my s&p after extended, who gonna bear my losses...

Vendor can do that but from experience shared by my customers at the air mata kucing stall and/or char kuey tiaw stall, this almost never happens as your financier has redeemed the vendor's loan and the only step left is to effect transfer of ownership of the property.

If he wants to cancel, then his financier has to reimburse the redemption sum to your financier, etc etc and that would be a darn hassle to him also as his loan would be 'resurrected' from the dead.

Everything is dollars and cents and I'm sure the vendor would allow another extension, of maybe 2 weeks, subject always that late penalty interest be paid accordingly.

Wait til your lawyer calculates the delay and late penalty interest. Perhaps there can be a waiver, or compromise. Perhaps the delay by the vendor can contra your delay and things would be back to normal. Be positive la a bit,boss.

Cheerios

Refinance would cost easily 7k-8k both SPA and Loan legal fees..
Becos if i were to sell this property later on(i plan to sell but later), there will be yet another legal fees... -.-"

My question if i were to make a PA
1) i have total control/say on the said property? (irrevocable)
2) do i still need her signature/anything when i decide to sell the property?
3) When individual title is eventually issued, it will both our name. So, it will be 1 cost when i got the individual tittle, then another cost to change it to my name?

This post has been edited by dariofoo: Apr 7 2011, 04:49 PM

How much do i need to pay for refinance my property due to value appreciation? extra 70k

thanks,

hai Dario

checked with the lawyer firm, S&P is stamp, suggest us to discuss with the developer to get a letter for the changes in S&P
will cost RM150 from the lawyer, this is only applicable if the developer agree

If not, it will be "revoke" cost RM500, which mean have to redo all the S&P, is this true?


thanks ya

---

Added on April 7, 2011, 6:53 pmhai dario

1) i found out that my landed property, leasehold is under master title and not the individual title,
is this legal for developer to do so?

2) i heard that it will took years to get the individual tiltle, is this true?

3) what is the process to get the individual title?how much it will cost me?


4) what will happen if in future i'm going to sell this house?


found out so many things...just wonder should i proceed to get this house...




This post has been edited by tls2011: Apr 7 2011, 06:53 PM

This is what the lawyer actually charge me... I have pay him the deposit RM500 last friday but i just get his quatation after chasing him for 4 days. I just curious why private land search have to do 3 times & the transportation fee+ telephone+printing+ miscellaneous is quite high...

Memorandum of tranfer ( 298,000.00) - 2536
Entry of Private Caveat - 200
Withdrawal of Private Caveat - 150
Application for stamp duty Remission under PUA 211 - 100
Real Property Gain Tax 2A (RM200 per form) - 200
6 % government tax - 191.16

Total = 3377.16

Disbursement
Private land search on individual title - 30
Private land search on individual title before redemption/loan sum - 30
Private land search on individual title before presentation of transfer - 30
Bankrupt search on vendor vide e-services ( RM17 per person) - 51
Stamping fee for sales & purchase agreement - 40
Affirmation fee on statutory declaration for stamp duty remission - 10
Affirmation fee on statutory declaration for entry of private caveat - 10
Affirmation fee on statutory declaration for non bankruptcy - 10
stamp duty on statutory declaration for non bankruptcy - 10
Registration fee for entry of private caveat - 320
Registration fee for withdraw of private caveat - 60
Registration fee for Memorandum of transfer - 400
Travelling expenses & charges to Shah Alam office, LHDN, Comm. for Oaths' office,vendors' solicitor office, developer office, etc. - 200
Courier and postage charges, telephone & fax charges - 50
Printing & photostate charges - 100
Miscellaneous & etc - 50

Total = 1401.00


TOTAL : = 4778.16

Kindly take note that the abovementioned fee & disbursement do not include the stamp duty payable by u on the transfer(subject to government valuation) in due course - 4960.00

( Note: 50% remission on stamp duty payable on transfer) - 2480.00

This post has been edited by drakenkorin: Apr 7 2011, 11:12 PM

Sorry but I've never come across this kind of charge before, so I can't advise you. But if ask me honestly just pay RM500 to get it done again and keep it clean once and for all.

1. Yes. It's not the developer's fault as the state authority has designated the land as leasehold.

2. Not necessarily. Do some research on the developer and see how their track record is. Some projects are launched with individual titles ready. Some take up to 20 years. Some can't get at all because developer wind-up before applying for individual titles.

3. It won't cost you a dime as the developer will apply and go through the whole process. You only sign the MOT when the title is out. And standby stamp duty, of course.

4. Nothing unusual. You would execute a deed of assignment, as opposed to a MOT. So you assign your rights over the property to the purchaser. That would be an indication of your rights over the property, until indiv title is issued.

Sorry your question is too general. Can u be more specific?

drakenkorin:



It's obvious that this is another quote from a different lawyer although your post doesn't mention it.

You can do the comparison yourself and see which is better for you.

But since you've paid RM500 to this solicitor BEFORE he even quoted you...



This post has been edited by dariofoo: Apr 8 2011, 10:29 AM

hi, regarding the no.2 , may i know if the developer wind-up before applying for individual title what will happen to our property? and then according to the sales say after we get the individual title the lease will start from 99 year again. Is this true?

Nothing. But when you sell, how to get letter of confirmation from developer if there's no developer? Problem la.




I still hutang you an answer for this huh?

Sorry la the sifu of sifus not yet get back to me on this. Need to push him for an answer.

Don't have to worry about leasehold. It will be extended again and again and again. Or maybe even converted to freehold!

Hi dario,

with regard to the first point below, there has been cases where the letter of confirmation has been given by the liquidators. will the liquidators / other parties be able to apply titles for the owners at a later point as well?

For loan agreement like HSBC cases, the bank/advisory want us lawyer to give a fresh copy of bankruptcy search not more than 7 days from the date they receive. Every Bankruptcy Search have a date below corner on the right. Normally we do it once at redemp title and another 1 is at then final release of money.

For condo cases, We as loan lawyer for our client we definately have to do bankruptcy search on developer and proprietor. Company Search RM13 at SSM for any company involving in the transaction.

---

Added on April 8, 2011, 6:24 pmteoanne: if the developer company is under official assignee then most likely got problem with it.

This post has been edited by Seremban_2: Apr 8 2011, 06:24 PM

From what I know, the liquidators/Official Receiver would only issue the letter of confirmation if they have the full and complete set of documents from the developer. If the developer's file is not complete/messy, I doubt if the liquidators/Official Receiver would issue the said letter.

Possibly not the liquidator but some white knight who wants to 'save the day'. Not sure if I've heard of such circumstances before, so I can't give any specific examples of that occuring. Possible, but not probably, I'd say. Who would want to rescue a sinking ship filled to its brim with debts?

Thanks for the info,mate