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 Lawyers Corner, A one-stop centre on lawyers and queries

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tls2011
post Apr 1 2011, 07:35 PM

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Hai

i just got place my fees for a landed house, in the middle of looking for loan from bank
i received a call from the lawyer firm that my S & P is ready to be collect, then only i found out that
the developer have requested me to sign the so called part of the S&P letter and send it to the lawyer to process the S &P
my question is is this acceptable? if any dispute on the S & P, can they change or amend the content? or it is fix for all?

thanks
tls2011
post Apr 2 2011, 10:16 PM

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QUOTE(dariofoo @ Apr 2 2011, 02:42 AM)
I don't quite follow you, sorry. Are you saying that the developer has not signed it yet but has requested you to do so first?

Well, if you're really concerned, you can:

a) Initial on every single page;
b) Ask the lawyer to make a photocopy of it after you sign it and counter-check it afterwards when you receive the stamped copy.

Hope I understood what you asked correctly. If not, do clarify again and I'll get back to you  nod.gif

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Hai

actually i place my booking fee (which is only 40% - 50% refundable only), then the developer requested us to sign few papers
including letter of offer and few pages of the S & P(we did not really aware on this, my mistakes)
then after one week, someone from lawyer firm (this is the developer panel, free legal fee and stamping fee) called up to request us to collect the S&P, well i'm quite surprise on this as i have never seen the S &Pbefore, according to the lawyer firm we have signed the S & P earlier at the developer side and they just attached teh copy and finalized it?? when i check with teh developer they mentioned they have practicing this all the while, any advise?

thanks
tls2011
post Apr 4 2011, 05:57 PM

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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?

thanks sad.gif

Added on April 4, 2011, 6:00 pm
QUOTE(dariofoo @ Apr 3 2011, 01:11 PM)
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.  icon_rolleyes.gif
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ya..hopefully will go to check, just to check if we wanted to admend the S&P , to change the name to one name only,
will it be any penalty charge?
tq

This post has been edited by tls2011: Apr 4 2011, 06:00 PM
tls2011
post Apr 5 2011, 09:20 AM

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QUOTE(dariofoo @ Apr 4 2011, 06:23 PM)
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.  icon_rolleyes.gif
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.  nod.gif
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hai dario

thank you so much for the input... biggrin.gif



tls2011
post Apr 7 2011, 06:33 PM

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QUOTE(dariofoo @ Apr 4 2011, 06:23 PM)
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.  icon_rolleyes.gif
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.  nod.gif
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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 pm
QUOTE(dariofoo @ Apr 4 2011, 06:23 PM)
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.  icon_rolleyes.gif
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.  nod.gif
*
hai 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... sad.gif




This post has been edited by tls2011: Apr 7 2011, 06:53 PM
tls2011
post Apr 12 2011, 06:00 PM

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Added on April 7, 2011, 6:53 pm
hai 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?

5) How about the MOT, when should i pay for it? cry.gif


Hai dario

can you assist me on the above?
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