my dad ask me buy a shotlot at ipoh, but i working at kl... i find lawyer at kl or ipoh better

If race pf the owner was an important criteria for you then you should not have signed the letter of offer before the identity was ascertained. Now if you raise an issue with the agent, he might deny that he ever represented to you that the owner was not a Malay.

Following the strict terms and conditions in the letter of offer, I do not see how you can find a way out of it. You can't cancel just because of the race issue.

What's the hurry? Time has not started to run yet right? Check your SPA. It ought to run from the date of receipt of the letter of confirmation from the developer by your lawyer.

Provided that the vendor is willing to accept the arrangement, then it should be ok. The risk lies with the vendor and less with your brother. The lawyer ought to know what to do.

Please compare with the many samples in v1 of this thread.

1. How important was the non-disclosure? If it was important to you, you would have asked for the plans/proof of approval when viewing the house and before paying the deposit. You had accepted the house on an as-is-where-is basis from day 1. You only raise this issue now after the bankers brought your attention to the possibility that it is not approved. It would be difficult for you to argue that the non-disclosure was so important that it would have resulted in you not intending to proceed to place your earnest deposit and purchase it, since this was never raised before.

2. Not that I know of. The valuers might ask when they visit the premises. More often than not, they take photographs of the place.

3. Yes you can, but whether you are penalised or otherwise would depend on the local council.

4. The bank would've approved your loan based on the initial market value based on a preliminary check, subject to full valuation. Even if the valuation falls short, it is highly unlikely that the bank would retract its letter of offer. The loan sum, however, may be revised to a lower sum befitting the valuation.

Thanks a lot for helping me on this. In fact, is the agent who told me the approval plan after I paid the deposit and start applying for bank loan.

1. Judging by what you have stated above, they can. But more often than not, they would just charge late penalty interest of 10% (or whatever sum is stated in the SPA).

2 and 3. Check with the developer as to what arrangements can be made between the parties.

4. Sue the developer for recoveries of the money via a civil suit.

Ipoh would be easier, to be honest. There's more running around for the lawyer to do rather than for you. You would only need to attend in Ipoh once to sign the SPA (if you appoint an SPA lawyer who is also on your bank panel and who can prepare both sets of docs at one go). Otherwise, you're looking at attending twice.

Dear Dario,

Need your advice/input. I am in the midst of doing my SPA, the lawyer sent me the quotation, and it is stated there the stamp duty is on DOA, since the property is just newly completed, does not have title yet. The stamp duty on SPA & DOA itslef is around 9.8k. Now my concern is, when the individual title to the property has been issued later on, do i have to pay for another round of stamp duty on MOT?

Thanks for your time and answer

This post has been edited by CoDe_WrItEr: Sep 6 2012, 06:06 PM

It will only be RM10 for the MOT.

Tks dariofoo for your reply.

I just need more clarification on your answer.

For answer to 1) above, does the developer can terminate and forfeited the deposit if the loan is not released

1) within 28 days after the due date or
2) after the expiration of 14 days notice (which mean within 42 days after due date)

For answer to 4), should I ask the developer to give me the letter mention the 10% will be refunded within 30 days once the bank release the fund?


Thanks again for your time.

thanks

Hi Dario, i've paid 3% and sign the letter of offer but i decided to back out because all the while i was thinking the way it works is like 3% of earnest deposit first and 7% balance to pay on the snp signing day.

After that, its 90 days to preparing the 90% balance am I right? But the agent keep including another 10% from the loan amount and this made me feel so uncomfortable to proceed. Its like 10% plus 10% upfront already.

Is this normal? So i cancelled the deal and they forfeited the 3% and theres nothing much i can do about it right?
But i havent sign anything to cancel it.

That would depend on what is stated in your SPA. I would not know as I do not have a copy of it.

I should've clarified that the amount calculated is 10% per annum on that outstanding installment, not 10% lump sum of the balance sum owing.

Anyway, that sum is late payment interest. Are you referring to that?

What do you mean "the agent keep including another 10% from the loan amount " ? Keep including in where?

Once you sign the letter of offer and it says 3% plus 7% during signing of SPA and another 90% after 3 months, the agent or the seller CANNOT change the terms unilaterally without your permission.

Why did you cancel? Why didn't you refer to a lawyer who can advise you accordingly, instead of letting the 3% burn just like that.

Yeah the agent insisted us to pay the remaining 7% PLUS 10% from the loan amount upon signing the sap. Thats y i felt something is not right and i decided to cancel it. So now, im not going to proceed anyhow despite the agent agreed to take off the additional 10% from loan amount. Funny right? So Dario, is it impossible to get back the deposit anymore?

Hi Dario, i've come along to purchase a house 1 and a half yr back which is under a master title.

I've using the same lawyer with the owner coz i thought that it will speed up the circulations. I've applied loan with Citibank, everythings is fine, loan agreements signed and even the S&P i've already signed too. Eearnest money, S&P lawyer fees, stamp duty all paid.

Until the time when i wait for the bank for disbursement, something stuck there. The bank hold it because the developer has gone bankrupt and the quit rent is not clear yet.
I've even tried to bring my case to apply for other banks loan, none can go through. So, at last i gave up.

My question,
1) At first, I did not ask for lawyer fees refund because i've seen my lawyer helping me to call the liquidator deal with them and so on.
But after done some research from the internet, i found out that the quit rent receipt suppose to check by the lawyer in the very very 1st stage.

In fact I did not ask them to refund because i'm afraid i'll displease him.
But actually should they refund me the lawyer fees? Perhaps partially?

2) After some times, i remember that i've also paid for the stamp duty so i called up my lawyer to ask them on helping me to get the refund because i have no idea how to do that. So today, i've get the answer through phone that the lawyer told me that the LHDN said the stamp duty is not refundable because it already passed more than 1 yr and will mail me the letter reply by LHDN.

I've got very frustrated in this case, isn't that my lawyer should help me to get the refund when the S&P is aborted and not until i called them up to remind them? In this case, should the lawyer bare the responsible?

Please kindly advise.
Thank you.

I just bought a subsale property of RM350K. I assume legal fees, SPA, stamp duty and MRTA would costs around RM20K. If I put all these into loan, how much extra will I get charge?

Hi all, curious question. Say that SPA is signed, is there a restriction where the related property cannot be used for viewing purpose by agent anymore ?