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TSdariofoo
post Sep 29 2011, 03:57 PM

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QUOTE(jcwy @ Sep 29 2011, 03:32 PM)
First of all, thanks for your help to try sort thing out...

That property never loan from bank before by vendor.
There are no pending doc from me, vendor or loan lawyer when the loan lawyer sent letter of request to SPA lawyer.
The SPA lawyer got tell me once that the Gov valuation is a bit slow...
Now my assumption is the delay till left 2 week is due to the inefficiency of SPA lawyer...
I can't blame loan lawyer or bank because they have 2 weeks only even though they might also delay a bit.
If SPA lawyer be more efficient and allocate just 1 more week for loan lawyer, it will not overdue.
I think SPA lawyer based on their past experience that 2 weeks is enough, but they never consider factor of different bank and different loan lawyer might need different time to process...
*
In conveyancing, time is of the essence, so I doubt if the SPA sets a timeframe and keeps the docs until 2 weeks left and only then send it to the loan lawyer.

As such, it is highly likely that it was only sent when it was ready and complete - the last part would be stamping of the MOT.

Anyway, like I said, if you want to identify the delay from the SPA lawyer (since you're so confident that the loan lawyer and the bank is not at fault), get the correspondence in order.

For your info, since the advent of e-adjudication via STAMPS, LHDN is quite fast and efficient, provided that all the docs and PDS form are in order when submitted
TSdariofoo
post Oct 1 2011, 11:49 PM

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QUOTE(OldKidz @ Sep 30 2011, 01:32 PM)
Hi guys,

Not sure whether I question been asked here before or not.

But am seeking for quick answer. Recently, I will be buying a 2nd hand property, sub-sale.

Thn am wondering, whats the normal charging rate by the lawyer apart of the legal fee?
*
Disbursements - travelling, paper, courier, fax, tel, misc. There's also stamp duty but that goes to LHDN.

You can check out the various samples in this thread for a rough idea how much to expect. icon_rolleyes.gif

TSdariofoo
post Oct 1 2011, 11:50 PM

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QUOTE(Llittlestar @ Sep 30 2011, 07:07 PM)
hi dariofoo, i need to clarify something.
if i already rec'd full payment fm buyer(cash buyer) and all the doc already done, the process take 1 month only.
is this mean that i need to give away the house key and leave the house immediately?
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You need to hand over vacant posession once the full purchase price has been paid to you. Normally the SPA ought to give you 3 working days from date of receipt of the full purchase price. icon_rolleyes.gif
TSdariofoo
post Oct 1 2011, 11:55 PM

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QUOTE(shroom @ Oct 1 2011, 05:41 PM)
Is there an 'acceptable' timeframe for reimbusement and after some time if the lawyer still refuse to reimburse me, what can I do? Thank you in advance.
*
They ought to refund you the excess stamp duty once they've paid the stamp duty to LHDN.

Your options would be to threaten to sue them viz a letter of demand or file a complaint with the A&S Discip Board. That ought to jolt them nod.gif
TSdariofoo
post Oct 4 2011, 10:20 AM

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Fazab:
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1) What is normal? The arrangement [as desribed by you] or the preparation of the letter? If you're referring to the arrangement, then yes it is the case 100% of the time. The lawyer is deemed to represent the bank and not you, although you are paying the legal fees.

With regard to the preparation of the letter - well, it is not the norm although it is prudent for the lawyer to do that, so that the client cannot later turn around and say that the lawyer did not inform the arrangement to her. Sometimes, explaining the arrangement would suffice. The worst part are those who don't even bother explain it to their clients, especially when they know that their client is one who is inexperienced in such matters.

2) By right the schedules ought to be filled up, but some firms nowadays are so overworked that they just get the borrower to sign first and then they will assign someone to type in the blanks. Shouldn't be much of a concern as the schedules will be filled up according to the terms of the letter of offer [LO]. Repayment sum and duration will all be spelt out in the LO and eventually, the clerk will type out what is stated there in the schedules.

If you want to walk away and take another loan, you start the whole process again. This could mean waste of time, if the completion date for the SPA has already started running. If your friend can't complete it in time, she would have to pay late penalty interest to the vendor.


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TSdariofoo
post Oct 4 2011, 10:34 AM

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QUOTE(AhXinXin @ Oct 3 2011, 11:17 PM)
Hello dariofoo, not sure is this has been asked before. Just hoping to have a quick ans.

Issue: Purchased a completed condo from developer, the developer imposing a 60 day completion period (+30 days extention with interest) instead of the standard Housing Development Act, which should be 90days (3 months) + 1 month extension without compromise.

The bank just disbursed the $ and developer charge me for late interest charge, and i checked with the bank and it's still not very clear where is the delay (i am waiting for the crono from bank).

My questions :
1) i signed the SPA with that 60 days term without realising it prior to signing. Is there anything i can do since this is agaist HDA practise?
2) If the delay is caused by the bank, can i ask bank to share/absorb the late charges?
3) Is there anything i can do to ask the developer to waite the interest charges?

Tanks for your help!
*
What do you mean by HDA practise?

Can you scan and put up a copy of your SPA here? You can black out any P&C info. Just need to see the terms. From there I can advise you.

2) You can try, but I doubt if they would oblige. If the delay is from the lawyer, then you can try demanding that they cough up for it.

3) Ask your lawyer to write to the developer to request their discretion to waive. Can't guarantee if will be successful though.

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TSdariofoo
post Oct 5 2011, 12:05 PM

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QUOTE(Fazab @ Oct 4 2011, 11:29 AM)
Plan to sit down with the lawyer and go thru just the document on the loan T & C.
*
Good for you,bro. Know your rights nod.gif
TSdariofoo
post Oct 6 2011, 12:25 PM

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QUOTE(jessica128 @ Oct 5 2011, 04:05 PM)
is this mean i only get the balance 14 days after i pass the key to the lawyer? Can i get the money the same day i give out the key ?
*
Yes, it does mean that way, but the cheque for the balance purchase price can be issued to you simultaneoulsy with handing over of keys by you to the purchaser. Cgeck with the lawyer if that arrangement is possible and get it confirmed in writing. I doubt if they even notice those clauses.
TSdariofoo
post Oct 6 2011, 12:52 PM

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QUOTE(babylabbit @ Oct 6 2011, 09:39 AM)
it is normal for master title hold by developer that we cannot lodge caveat on it ?
the SNP stated cannot lodge caveat ?
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Developers will nornally request that purchaser's financiers do not lodge any private caveats over the master title as it would hinder and delay any application for subdivision of title.

Normally an undertakings by the developer:
1) to not further encumber the master title; and
2) to execute and forward the MOT to transfer the individual title to the purchaser's financier when same is issued

would be sufficient for the purchaser's financiers to waive the requirement to lodge a private caveat.

Some banks require more - like proof of application for subdividision.
TSdariofoo
post Oct 7 2011, 04:13 PM

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QUOTE(jglouisat @ Oct 7 2011, 02:50 PM)
Hi, I have just received notification from developer on the issuance of strata title. I need some input on the reasonable charges for the MOT execution by lawyer.

For charge to bank:

Purchase of document - RM70
Transport charges - RM250
Printing charges - RM100
Misc - RM50

For transmission :

Transport charges - RM250
Printing charges - RM100
Misc - RM50

Are the charges reasonable?
And is it necessary to conduct the search for CTC land title and land search?

Thank you so much.
*
Transport RM500 combined is quite high. There's hardly much travelling as it is just for registration of MOT. Even RM200 for printing is expensive. You can ask for discount as this are disbursements and not legal fees. Good luck.
TSdariofoo
post Oct 11 2011, 01:33 PM

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botaknet:
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That is why it is called GRAND total - because the sum is so GRAND. nod.gif

You can use the calculator at the first page to check legal fees and stamp duty - those are scaled and fixed. If this is your first property then you will get a 50% rebate on stamp duty on your MOT and facility agreement.

With regard to disbursements - you can check the earlier posts in this forum to get a rough idea on how much lawyers charge.

What I can tell you is that there are a lot of charges which are "out of scope", as you pointed out.

The lawyer cannot charge you a fee to conduct land search, bankruptcy search nor to prepare the SD - that is within the scaled fees. Some lawyers charge an additional RM100 to attest the statutory declaration but that can be waived at the lawyer's discretion.

I think you should get another quotation from another lawyer and compare.

UNLESS of course you have asked for a GRAND discount of which the consequence of same would mean that the lawyer have placed a GRAND mark-up of all the charges, resulting in a GRAND total charge.

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This post has been edited by dariofoo: Oct 11 2011, 01:34 PM
TSdariofoo
post Oct 12 2011, 01:13 PM

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QUOTE(muwinner @ Oct 11 2011, 04:26 PM)
I

Added on October 11, 2011, 4:29 pmI hv divorced with my ex.The court had granted his half share of apt to me.The apt hv been fully paid.can i refinance it without transfering the name.It is on joint name.
*
Nope. Need to transfer it first to you before you can do so. nod.gif
TSdariofoo
post Oct 12 2011, 01:16 PM

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QUOTE(jaanu1128 @ Oct 11 2011, 10:44 PM)
how do we know their panel charges?
*
Legal fees for SPA and loan documentation are fixed according to scale. You can use the legal calculator at the first page of this thread to calculate it.

QUOTE(jaanu1128 @ Oct 11 2011, 10:44 PM)
how do we know they are giving a reasonable price? thanks in advance.
*
Reasonable would be in relation to the disbursements. You should get a quotation first (or perhaps two quotations from two firms) and you can compare it with the many samples in this thread in the earlier pages.

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TSdariofoo
post Oct 12 2011, 01:57 PM

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Feel free to use the link to the legal calculator at the first page to calculate the scaled legal fees.

CKHT is RM200 pax only.
There cannot be any charges for MOT
Entry of private caveat is RM200 only
Withdrawal of private caveat is RM150 only.

You can download the SRO at the first page as well. nod.gif

Stamp duty for MOT - if it is your first purchase you are entitled to 50% off [same goes for facility agreement].

Did you ask for a discount on legal fees? If you did, then disbursements are marked up to compensate for same. It is on the high side. You can compare with the many samples in this thread. icon_rolleyes.gif

This post has been edited by dariofoo: Oct 12 2011, 04:30 PM
TSdariofoo
post Oct 13 2011, 12:36 PM

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QUOTE(muwinner @ Oct 12 2011, 03:23 PM)
Thks dario.Clear on that.About d maintenance fees,do i hv 2 pay off d due before i do d transfer?Thats a lot of $,just couln't afford 2 pay?Any idea?
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Even if with title you will still have to pay quit rent before you can transfer. Advisable to settle all dues first. nod.gif
TSdariofoo
post Oct 13 2011, 01:40 PM

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QUOTE(Recorder @ Oct 13 2011, 12:55 AM)
Then my agent said that this copy of contract will the a temporary contract which i will use to get my loan and also lawyer to get a transfer of land title.
From what the agent told me there won't be any S & P agreement dealt in auction properties is that true?


Yes, there is no formal SPA.


QUOTE(Recorder @ Oct 13 2011, 12:55 AM)
He also advise me to pay the quit rent & etc to shorten the process time for the loan. But in the proclamation of sale it is stated that the bank will be responsible to pay all the taxes before the auction. So is if i paid it my self beforehand, can i actually claim it from the bank?
*
Yes, you can pay so in advance and later, instruct your lawyer to write to the bank's lawyer enclosing all the bills and receipts for payment done by you. The bank will then issue you a separate cheque to reimburse you. Make sure of the amount first before you commit to pay.

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TSdariofoo
post Oct 13 2011, 04:21 PM

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QUOTE(.M6 @ Oct 13 2011, 04:12 PM)
Hi,

I need help here.

I'm buying a house which retails at RM580k. But as a staff, I get 10% discount which make the house RM520k.

My loan is approved (RM500k loan) based on the house price of RM580k. But my S&P which i will sign end of december, the S&P price is RM520k.

Will there be a problem because my loan amount is more than 90% of my purchase price. I must loan 500k, i cannot loan lesser than that to prevent lock period.

Hope to hear some input on this.
*
The concern of the bank ought to be the valuation of the property, and not the SPA price. However, you ought to be frank and disclose the lower price which will be stated in the SPA to the bank now itself.
TSdariofoo
post Oct 13 2011, 04:27 PM

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QUOTE(leechers @ Oct 13 2011, 04:05 PM)
hi dario,

i need your advice. i am buying an apartment via agent and by next week i shall be able to sign SPA

1. for the deposit, is it advisable to hand over such large amount of cash to owner, prior signing the spa? or shall i make a bank draft? how do i protect myself should anything happen?

2. by right should the owner settle all pending debts (maintenance fees, utitilies bills etc) before he sell his apartment. how can i ensure this?

please advice. thanks.
*
1. Cheque or bank draft is advisable. If you have a lawyer, he can prepare a cover letter for the vendor to acknowledge.

2. Your lawyer ought to include a clause in the SPA whereby the seller has to provide a certified true copy of the duly paid bills/receipts of the utilities as you mentioned above. Most important are quit rent and assessment. nod.gif
TSdariofoo
post Oct 14 2011, 12:21 AM

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QUOTE(coconutzz @ Oct 13 2011, 02:09 PM)
Hi Dario,

Finally i have the current market value for my dad's house :

- Current Market Value : RM900k
- Fully paid with Title in hand

Would like to do the transfer to my name from my dad, understood there are 2 methods :-
1) Appoint a lawyer - Can advise roughly what is the cost that I shd be expecting pls

2) Do it myself at Land Office, etc - can you advise what are the steps?
Thanks a lot

-----------------------
*
Legal fees, as stated in the SRO (which you can download at the first page) states that the fee would be a reasonable sum, but in any case shall not be less than RM300. Some firms take the market rate and charge full scaled fees according to same.

With regard to stamp duty, you will get a 50% rebate as it is a transfer out of love and affection from father to child. For RM900K, the sum payable after less 50% would be RM10,500.00.

If you opt to go ahead, it would be more advisable to appoint a lawyer. Too much of a hassle to do it yourself, as you would not know how to prepare the MOT and the relevant documents for adjudication of stamp duty.

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TSdariofoo
post Oct 14 2011, 12:34 AM

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QUOTE(.M6 @ Oct 13 2011, 04:43 PM)
it is clearly stated that the buying price of the property cannot be less than RM580 (which is the market price)
*
Ask them to revise it to RM520K. Problem solved. icon_rolleyes.gif

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