Dario,

Thank you very much for your advise. I would refund 100%.

One thing i want to make sure the agent did not 'eat' the deposit (deposit is on agent's hand) without seller and buyer knowledge so i told agent if he still not give me the letters, i would forfeit 50% to pressure him to work since i've been chasing him a lot of times but no feedback even the buyer still in the country. This is the first time i sell house thru agent and heard a lot of not good comments to property agents.

This post has been edited by WEELIN1012: Jul 31 2012, 09:17 AM

Hi Dario,

One more quick question.

I am going to purchase a property.
The agreed price = RM225K
The S&P price = RM150K

So, I am going to pay the 10% based on the RM150K. So the balance of 10% of (RM225K-RM150K). How should this be dealt with?

Perhaps the agent is worried that when you view the agreement, you would get the name and address of the vendor (landlord) and approach him directly. What is your purpose of viewing it? Just to confirm the tenancy? If so, point it out to the agent, and ask him to sanitise any sensitive information. It's not a big deal, really.

How are you going to forfeit half when the cheque is in favour of the agent? The agent has a duty to hold the monies as stakeholder and not to disburse it until the conditions are fulfilled. So, if he refund the monies before the 2 letters are produced to you (or if the agent makan the monies himself), you can lodge a complaint against the agent.



As in all professions, there are good and bad apples. Best not to generalise.

Dariofoo,

Tq very much for the reply for those having problems here. Salute you very much.

Can give some advise for my friend here ?

The Case :-

She already have the loan and serving the loan for 2 years. Within this year time, she had defaulted the payment for 2 months and subsequently wend to 3 months. The bank revised her interest from 4.2 to 9.1%. She went to the bank settled all the outstanding of Rm 12,000.00. When she asked for reduction of interest, the bank told her that she must pay promt payment for 6 months and the interest will revise back to normal.

She asking for my help to get legal advise.

My opinion, it's right to punish or raise the interest rate for non-regular payment, but when the person already get the money and pay ALL THE OUTSTANDING, would it be fair to revise back the interest rate ?

According to her, her monthly payment of RM 3,400 are increase to RM 5,300.00.

The bank is a foreign bank.

My questions :

Is the Foreign Bank have the right for themself in the event the customer defaulted payment, they can charge any interest they want or they have follow the BAFIA act for Non-Prompt customer behaviour ?

The offer letter i looked at indeed have clause 13. EVENTS OF DEFAULT.

The bank clause 13 under offer letter stated :

Notwithstanding your overall obligation to repay all outstanding amounts on demand by the Bank, the Facilities or any part thereof for the time being outstanding and unpaid together with interest thereon and al other monies secured by any security shall immediately become due and payable, and the security in favour of the Bank shall become immediately enforceable and exercisable by the Bank, without prior demand, and the facilities shall be cancelled and no further drawdowns or availability in respect thereof shall be permitted, in any of the following events, irrespective of whether such event is continuing ...



Is the statement above means that in the event i defaulted 3 months and bank can charge me interests rate up to their like ? Or the interest of 9.1% follow some sort of Banking Law ?

My conclusion is, there is a need to punish the customer, but until what extend ? Why the interest is not 6% or 7% ? I see the Bank are more like killing the customer than giving them a chance to something about the non-prompt payment customer.

Can give a little bit 2 cents on this matter ?

Tq very very much.

Hi Dario,

I am a foreigner. I and my Malaysian wife bought a house with RM200k a few years ago and put it under my wife name since I am not eligible houses under RM 500k. I am currently paying loan for that house even though my name is not there. I don't have any issue for doing that; however, I am worried about what is going to happen to that house if my wife die suddenly. Is there ways to counter the loss of the house?

Thank you in advance...

Naing

Of course, but the calculation of the gains would be:

selling price less price at market value at the time of acquisition via the transfer (price at market value to be determined by LHDN).

em... good question that i don't have answer. I just told agent i want to forfeit 50% and will follow-up with his company to 'force' him to follow-up.

Before i signed the Offer To Purchase, i asked him to scan the cheque for me to confirm name under his company, he did not.

After only i said want to forfeit and will follow-up with his company, he came back with some feedback as what the question and answer i asked you.

I think i will sms buyer to get his refund if i still cannot get rejection letters on the due date i gave to agent. I do not want to follow-up a case which consider ended on my side. (Good thing is i have the buyer's phone number).

=====

Agreed every profession has good and bad apples. I try to be more careful on any case. It's too sad to say 'difficult to find a person whom you do not know to totally trust on...'

It is not a question of whether it is fair or whether it is right or just or whether it amounts to a punishment - what is important is that both parties entered into a contract encompassing such terms out of their own free will, so it is binding upon both parties. Borrower wanted the loan and executed the agreement. Bank released the monies and now, the borrower can't turn around and dispute the terms of the agreement.

Having said so, the bank can only impose such additional payments if the Loan Agreement authorises them to do so.

Is there another clause in respect of this apart from the one above? That is not all-encompassing. Look for the heading which has ADDITIONAL INTEREST/DEFAULT RATE.

Write a will now itself. Best solution.

Do you have his agent registration no and agency registration number? Then you should tell him that if he does not comply with your requests (which are actually quite simple and not complicated at all), then you would file in an official complaint with LPPEH:

http://www.lppeh.gov.my/

But I can't own the house even if it is given to me in the will, right? According to price limit to foreigner.

Hi, I would like to check on RPGT.

I understand that if an owner is to dispose his property within 2 years, tax is 10%. From 3rd to 5th year it is 5%. Is this right?

My lawyer advised that it is a flat rate of 10% for the first 5 years.

As far as I know, that is only for purchases. This would be a bequest by way of a will so it will be a transfer by wa of MOT from the executor to you pursuant to the Probate obtained from Court.

As I'm not 100% sure on this, let me do some research and get back to you.

You are right.

Thanks for the reply.

There is no clauses as in ADDITIONAL INTEREST/DEFAULT RATE.

In the interest clause :-

CALCULATION OF INTEREST

Interest on any sums advanced pursuant to the Facility for the time being hereby secured (including interest at the Default Rate as specified in clause 1(d) hereof, and any fees, charges, costs and commission relating thereto, shall be calculated on such rests as stipulated in the Letter of Offer as determined by the Bank, and at the end of the relevant interest or at such times or intervals as may be decided by the Bank, shall be capitalise and added for all purposes to the principal sum then owing and hsall thenceforth bear interest at the relevant Prescribed Rate and be secured and payable accordingly, whether before or after a court judgement or demand for payment have been made on you.

clause 1(d) :-

Additional interest at such rate(s) stipulated by the Bank from time to time in addition to the Prescribed Rate for the Facilit(ies)(the"Default Rate) and/or an administrative fee per transaction will be charged on all overdue installments or principal and interest on loans, fees, commissions and all other charges (including those which are due from your gurantor and/or security party in relation to the Facilities and/or under the gurantee and/or security party in relation to the facilities and/or under the guarantee and/or abny of the security documents not paid when due.


IS that means BANK CAN CHARGE ANY AMOUNT OF INTEREST THEY LIKE WHEN YOU DEFAULT 3 MONTHS PAYMENT ?

TQ.



This post has been edited by dumeort: Jul 31 2012, 09:17 PM

From the reading of the clause, even if one month overdue, the bank has the right to charge interest.

There's no point grumbling or complaining about it. Basically the borrower wants to obtain a loan from the bank, so the borrower has to oblige and comply with all the terms agreed upon. These terms are quite standard across the board for all banks.

This post has been edited by dariofoo: Jul 31 2012, 10:54 PM

dario


If owner pays service fee monthly without fail but his apartment has been broken into.

Can he win compensation if he decide to sue ?

Do you have any experience on this ?

There are lots of cases like these. Some win, some lose.

Few things to take into account:

1. Sue the right party. The right party would be the JMB or the MC, not the security company.

2. The suit is for negligence. JMB would have to be shown to be negligent by appointing a security company whihc is not up to par. The test is objective. One needs to look at the facts of the case first. What were the precautions taken by JMB ? How many guards, security system, CCTV, access cards etc. Did they fail to take precautions?

3. JMB is not respnsible for the safety and security of private units. They are only responsible for the common property only. However, if the access point and entry point into the condo is guarded by individuals appointed by the JMB, then they have a duty to check and inspect the guests that enter. It would be a stronger case if it was an inside job, i.e. the guards themselves did it.

4. Losses must be proven specifically with documents. Jewelry lost? Produce receipt. Cash? Show bank accounts. Other items - must show receipts or it may be deemed to be an afterthought.

5. Does the JMb have money? This is important. No point obtaining a paper judgment.

It will not be easy to successfully sue the JMB, so proper preparation and gathering of evidence is very important before deciding whether to proceed.

Hi Mr Dario...I need your kind assistance..

I am rentng a new room tomorrow and I wish to make an agreement letter between me and the main tenant to avoid complication...I want everything to be black and white...

this is my lousy English and me first time doing this...please review it and please amend it accordingly... thank you very much!!!

______________________________________________________


this is an agreement letter between sub-tenant ___________________(name as per I.C), I.C no_______________________
and the main tenant _____________________(name as per I.C), I.C no.____________________________
for the rental of the property's room addressed at __________________________________(address of the property)

this is to certify that both party has agreed that the amount of monthly rental is a sum of three hundred Ringgit Malaysia per month with inclusive of water and electrity base on fair usage policy, shall there be any request on extra increment in electricity charge by the main tenant it will be deal by per case basis.

This is also to certify that the sub tenant has agreed to pay a sum of Three hundred Ringgit Malaysia as 1 month rental deposit,which will be used to pay final month rental with the condition of one month notice in advance shall the sub tenant wish to move out from the property.
and another three hundred Ringgit Malaysia for one month rental starting the first day of the sub tenant
moving into the said property. monthly rental will be paid on the first day of the month.

Sub tenant will be moving in to the property on the 1st of August 2012.

This post has been edited by H3lpM3: Aug 1 2012, 04:35 AM