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ykl
post Mar 25 2011, 07:21 PM

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Hi, I am a 1st time buyer of house, so need some advice here, just pay a booking for a leashold landed house, buying for developer at 599k, now is at the stage of applying loan and after that can sign SPA, my question is that

1) since the developer say free for SPA so i will not pay any legal fee on that right? For the loan side is it we can factor the legal fee into loan?

2) when signing SPA is there anything i should be more alert in? In order not to have some unfair condition on me...

3) after the CF issue when can i expect to get my individual title? any time frame?


ykl
post Mar 26 2011, 05:03 PM

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QUOTE(dariofoo @ Mar 25 2011, 08:37 PM)
1) If they say free legal fees for SPA then yes, you pay nothing for that. With regard to the legal fees on the loan doc, you better check with them. Some developers absorb the fees if you take a loan from their panel banks. Some would not. Best to check with them as the policy differs from one developer to another.

2) The agreement is a standard format agreement based on the Schedule G or Schedule H agreement as provided for by statute. I have uploaded a copy of the Schedule G agreement in the earlier posts of this thread. Perhaps you can print it out and use it as a comparison with your SPA. However, I doubt if there would be any material difference from the standard agreement template as the developer can get into trouble if someone reports it to the authorities.

3) CF has nothing to do with individual title. It only has a bearing on when you can expect to get VP for your property. Individual title depends on the initiative and efficiency of the developer. Some developers even offer individual titles upon signing of the SPA. They offer it as part of the package to attract purchasers. It is very hard to estimate. Some get it done even during the launch of sales, while some developers drag their feet for years before eventually splashing the cash to apply for subdivision. Hopefully your developer has a good reputation. Some homework on the Internet to gauge their previous projects, if any, would be useful.

Good luck  smile.gif
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hi, thank you very much for the info, the SA told me that the loan legal fee is not covered, so may i know roughly how much for the legal fee for loan? If the developer take few year time to give us the individual title would that be a problem? Because according to the SA they told me that take longer to take the individual title is good because can enjoy more year for the leasehold land - mean that after subdivision the lease will start from 99year again. Is this true or just some sales talk?
ykl
post Mar 28 2011, 03:42 PM

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QUOTE(dariofoo @ Mar 28 2011, 11:48 AM)
This link is quite helpful to calculate:
http://www.fiscal-wise.com.my/FinancialToo...Calculator.aspx

With regard to your query if the lease will "start from 99year again" after subdivision, let me check on that and get back to you. Interesting question.  hmm.gif
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Hi, thank you very much for the info, and hope can see your result regarding the subdivision part. smile.gif
ykl
post Mar 28 2011, 06:05 PM

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QUOTE(dariofoo @ Mar 28 2011, 04:42 PM)
cheers.gif
cheers.gif

Will revert with an answer but do give me time to climb the highest mountain and seek guidance from the ultimate sifu of sifus of sifus   sweat.gif
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hahaha... really thanks! This is my 1st house so hope can know more to minimise the possible problem that may happened... cheers.gif
ykl
post Apr 8 2011, 03:23 PM

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QUOTE(dariofoo @ Apr 8 2011, 10:16 AM)
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.  icon_rolleyes.gif
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.

icon_rolleyes.gif
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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?
ykl
post Apr 13 2011, 05:43 PM

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QUOTE(dariofoo @ Apr 8 2011, 05:37 PM)
Nothing. But when you sell, how to get letter of confirmation from developer if there's no developer? Problem la.  sweat.gif
I still hutang you an answer for this huh?  sweat.gif

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

Don't have to worry about leasehold. It will be extended again and again and again. Or maybe even converted to freehold!  icon_rolleyes.gif
*
Haha biggrin.gif ya, you still hutang me this answer...

This is the quote i get from lawyer for The loan amount of 539820 leasehold terrace house buy from developer(SPA free), the lawyer is same for both S&P and loan, is this reasonable?

professional fee:
facilities agreement 4251 with some disc become -2763.15
DOA -276.32
PA -276.32
gov tax -198.95

total: 3514.73

Disbursement:

stamp duty on facility agreement- 2700
stamp duty on facility agreeement(copy)- 20
stamp duty on DOA - 40
stamp duty on PA - 40
stamp duty on letter of offer & statutory declaration - 35
filing fee on PA - 55
affirmation fee - 40
land search - 60
bankruptcy search - 80
purchased of loan document - 200
printing,photocopy,fax,courier,telephone,postage charge- 100
transportation to stamp office,land office,developer, bank - 200
misc - 50

total 3620

Grand total 7134.73

Can let me know which one is overcharge and i can ask them to charge accordingly?
The loan is apply under 2 person's name, one is working and another one is business owner.

Thank you very much! notworthy.gif

This post has been edited by ykl: Apr 13 2011, 05:44 PM
ykl
post Apr 14 2011, 10:40 AM

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QUOTE(dariofoo @ Apr 14 2011, 10:19 AM)
ykl:

» Click to show Spoiler - click again to hide... «


stamp duty on letter of offer & statutory declaration - 35
RM10 per document

land search - 60
RM30-50

bankruptcy search - 80
RM12/pax

purchased of loan document - 200
check with Bank to see actual price as it differs from RM100-200+.

printing,photocopy,fax,courier,telephone,postage charge- 100
transportation to stamp office,land office,developer, bank - 200
misc - 50
Total is RM350 which is quite high as you're appointing the same law firm to handle the SPA and for the SPA quote they would've charged you about the same - thus making it RM700 total.

But there's a reason why they mark everything up - because at the end of the day, the house always wins.

Hope you catch my drift.  laugh.gif
* If not, read the earlier posts of this thread.  smile.gif

Good luck.  icon_rolleyes.gif
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Hi, thank you very much! May i know is it after i ask them to give a new quote to me only i sign all the agreement? and normally is it when signing agreement time i need to pay the lawyer fee already? and the signing of spa & loan agreement is at the sale office but not in law firm, no different right? hehe... 1st house, a bit nervous for all this, hope wont make me headache after signing all thing... notworthy.gif thx again!

Think i understand what you mean for the mark up, but is ok i negotiate again right? brows.gif


ykl
post Apr 14 2011, 10:58 AM

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QUOTE(dariofoo @ Apr 14 2011, 10:44 AM)
Agree on fees first, then sign. Once you sign, how can you turn around and disagree with how much to pay them? It'll be too late by then.  smile.gif

You better read my other post in relation to your legal fees. Sorry to say, but you're being conned right there as well.

If you do want to pose any further quotations next time please don't mention about discounts. That is between you and your lawyer and it ought to remain that way.

Cheers.
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I see i see... got a better understanding on this already, May i know what is SRO? so that mean is a must to charge only 65% right? wont mention regarding discount again, and in fact what they give me is actually a must give of 35%, hmm.... Thx a lot!
ykl
post Apr 14 2011, 12:08 PM

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QUOTE(dariofoo @ Apr 14 2011, 11:21 AM)
Solicitors Remuneration Order 2005. Check out the first page of the thread.
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Hi, just recall am ask to sign a letter like this when place booking fee

i/we confirm that we have been informed by you and that we are aware that the individual documents of title to the property has not been issued by the relevant land office. Pending issuance of individual documents of title to the property, i/we furhter confirm that i/we shall not lodge a private caveat of master land.

Is there anything wrong signing this?
ykl
post Apr 14 2011, 07:48 PM

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Hi, may i know is the bankruptcy search for loan agreement is searching who? i kena charge 80 and call up the lawyer say suppose to be 12/pax and she saying that not only search on the borrower only but also the developer la, this and that la... is this true?
the other thing like land search she say need do 2 time one time is RM30
and when i ask for the receipt from her she say cannot la, stamping no receipt la, the troublesome to pass all receipt la, this and that...

Just wish to know what is our right? Lawyer also hard to be trusted... aih...
ykl
post Apr 15 2011, 04:32 PM

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QUOTE(dariofoo @ Apr 15 2011, 10:19 AM)
Bankruptcy search - RM12/pax - you can search online at Jabatan Insolvensi Malaysia website.
Search will be done on you and the proprietor (assuming that the developer does not own the land, and that the land belongs to an individual)

Company search - RM15/search - you can search online at SSM website
Search will be done on developer and proprietor (assuming that developer does not own the land, and that the land belongs to a company)
How can she say like that? Stamping is nominal RM10 and will be reflected on the agreement itself. For others there would be receipts.
Disbursements are for exact costs incurred by the lawyer on your behalf. Any excess (which means that the lawyer overcharged you) ought to be refunded.
1. Trust your lawyer
2. Choose another lawyer whom you can trust; OR
3. Do it yourself and trust yourself, of course.  smile.gif

icon_rolleyes.gif
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Thx to all who give valuable info to me, appreciate you all's help especially dariofoo,

tomorrow will proceed to sign s&p already, hope all going smoothly... then the lawyer agree to reduce some fee already so just accept it, hope that nothing go wrong after this... smile.gif

and lastly, the DOA and PA and loan agreement normally is standard right? so many pages see until pening kepala...



This post has been edited by ykl: Apr 15 2011, 04:45 PM

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