Lawyers Corner, A one-stop centre on lawyers and queries
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 Apr 2 2011, 06:04 AM
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#1
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth   
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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. |
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Apr 2 2011, 03:29 PM
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#2
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth
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QUOTE(dariofoo @ Apr 2 2011, 03:07 PM) 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...  |
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Apr 4 2011, 10:13 AM
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#3
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth
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QUOTE(Jaemmae @ Apr 3 2011, 07:59 PM) If I'm not mistaken, a Power of Attorney is valid so long as the Donor is alive. what is ur view in this situation? Redo everything?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). I'm hoping to reduce the legal cost, by performing a PA. Loans part, refinance once lock-in period over. |
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Apr 4 2011, 11:40 PM
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#4
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth
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QUOTE(Jaemmae @ Apr 4 2011, 11:26 PM) 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. In this case you have any idea how much it would cost on the SPA side?That might work but too complicated. 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. |
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Apr 4 2011, 11:50 PM
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#5
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth
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QUOTE(Jaemmae @ Apr 4 2011, 11:45 PM) How much is your house worth? Bought at Rm260The stamp duty/legal fees would only be for her 1/2 share only. Refinancing would mean re-do the whole documentation. Re-do whole documentation.... <--- big sum i believe?  |
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Apr 5 2011, 04:51 PM
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#6
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth
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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 |
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Apr 5 2011, 09:38 PM
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#7
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth
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QUOTE(dariofoo @ Apr 5 2011, 05:36 PM) Got individual title already? If got, then only option (1) is available 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. |
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Apr 7 2011, 02:23 PM
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#8
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Senior Member
3,705 posts Joined: Jan 2003 From: Planet Earth
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QUOTE(dariofoo @ Apr 6 2011, 10:32 AM) 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. Refinance would cost easily 7k-8k both SPA and Loan legal fees..So, in my humble opinion, you either create a trust with a PA, or you refinance. Your call. 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? |
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