Sorry mate I can't understand the time period you're speaking of. Your lawyer does not seem to be well-versed in these things? Are you sure? How can you come to such conclusion? Your lawyer is the one who prepare the SPA for you so surely he must be well-appraised of the implications of the terms and conditions of the SPA..

If you want me to advise you further on the issue of length of time for vendor to complete the transfer, please scan a copy of the relevant pages of the SPA - those clauses which refer to transfer of ownership/completion date and other such terms - and put it here. If any sensitive information, do blank it out.

Cheers.

edited

This post has been edited by it.fusion: Jan 10 2012, 09:52 AM

This post has been edited by dariofoo: Jan 11 2012, 06:58 PM

Hi dariofoo
I am wondering if you buy a property at 240K, renovated 50K and dispose it off at 380K within 5 years, how to calculate tax? Thanks

Dario,

I had received the revoke PA from the Shah Alam high Court and my S&P lawyer is asking for some documents from me to prepare for the final disbursement to me from the buyer's bank. But, i have few question to check with you:

1) Buyer banker requested to have master quit rent for Y2012 and i had check with the condo managment, sad to say that they have not make the payment yet. So, can i skip this document?

2) I need the stamped DOA for the EPF withdrawal purpose. Can i have it after i obtained the revoke PA or i shall wait for the final disbursement from the buyer bank before my S&P lawyer can get the stamped copy for me?

Thanks!

Nice day Mr Dario,


I had facing some problem over here whereby the lawyer tell me i might have to wait the property for 1.5 ~ 2 yrs js can get it...

The situation is like this, me & owner had sign the S&P on Oct 2011. At that time, lawyer told us that we might need to wait the longest 6 months to get the name finish transfer because right now the developer is applying strata title from government.

But js now the lawyer phone me again and saying that, the developer doesn't want to directly transfer the name from developer to my name. Instead they wan to transfer to the owner name, then the owner transfer back to me. She say gonna take maybe 2 yrs for all these to be done. But after that she told me again, if you wan to be fast. You may pay money to government ask them directly transfer name to the owner, so can speed up the process and the fee is around Rm500 - Rm1000.

So is there any possibility for this to be happened? But after that she told me again, although pay d money already still need to wait around 1 year. Is it take so long to transfer name? She keep on mention because no yet get 'concern' from government...


Please i really need your advice here, i don't know where to turn up to..

The above I quote I want to know and tell more, I also want to know more and keep posting here. I also need help.

Please ask the lawyer what is the RM500 - RM1000 for? Undertable?

As far as I know the developer don't allow direct transfer and leasehold property and in middle of process getting strata title out from land office.

Meaning that the purchaser which is now seller have to get consent to transfer & charge to complete it's perfection of transfer and charge. This alone will take time to complete due to 3rd party (land office) slow in getting it process.

After the seller complete it's transfer & charge from developer to the purchaser (seller), then only will be new purcharse which mean you and another round of lengthy time to complete transfer from seller to you.

---

Added on January 11, 2012, 9:46 amI think she mean that the government is not concern with your purchase of property and take their own sweat time with Tak apa attitude.

This post has been edited by Seremban_2: Jan 11 2012, 09:46 AM

No other expenses? Legal fees, agent fees also can be included as expenses.

RM380K - 240K - 50K - any further deductions = nett gain

Nett gain x 5% = CKHT/RPGT

1) This is sticky as it is January and surely the request for payment by land office has not been issued yet but it does appear to be outstanding as we are already in 2012. Your lawyer has to check with the bank if they can waive the requirement for it to be produced, subject perhaps to a letter of undertaking by the developer to settle the quit rent for 2012 as and when same is due for payment. Perhaps a verbal explanation by the lawyer would suffice. Depends on the bank's discretion. If verbal don't cut it, a letter ought to be ok.

2) You can have it once it is stamped by your lawyer. No need to wait until final disbursement of loan. With proof of submission of DOA for adjudication of stamp duty, it would be sufficient to advise for drawdown.

Government/land office cannot transfer name directly to owner. Master title is in the name of the developer and strata title would be in the name of the owner/vendor. Looks like the developer insists on a back-to-back transfer and not direct. That seems to be the trend these days.

For the money which the lawyer is asking - tell her to put it in black and white and write to you, explaining the actual cost of the "procedure". If it is legal and can be done, the letter ought to explain it. If she refuses, then you can assume that it is for an illegal cause. Do be cautious.

I think our friend meant "consent" and not "concern".

Thanks for your concern

Dario,

Thanks a lot for the quick reply. As for item 2), the stamped DOA, my S&P lawyer said that they need 1 month to stamp it as they are waiting for the notice from Stamp office. Do i need to wait that long just for the stamping of the DOA? I really need the stamped DOA for EPF widthdrawal for my 2nd house. Thanks!

dariofoo

If I have asked my lawyer to prepare the S&P but haven't signed it or pay any deposit yet.

Do I need to pay my lawyer anything if I decided to cancel to buy the house ?

Because my lawyer spend some time preparing it, what do I need to pay ?

It depends on the LHDN branch in question who is processing the submission. If all is ok you can get it within a week at the best. Most of the time it takes 2-3 weeks. 1 month is a safe figure. Sometimes if there is an error and document gets rejected OR if the staff in charge is not "aggressive" enough then it can drag longer than 1 month also.

Normally if it is aborted half-way after it has been executed, half of fees would be paid (or refunded back, if paid in full). That is customary practice.

In this case, you need to discuss with the lawyer. If it is your usual lawyer and you're going to use him again in the near future for another property, I'm sure he would not make a big deal out of it.

Dear dario, congrats on your new elite status, you deserve it.

As u might aware, i am in the middle of purchasing an apartment and it comes to almost the end, when the bank release first payment and will be follow by second/final release later on. I am relief that the whole process are actually quite fast and within timeframe given

Just one quick question, when i asked my lawyer about house key, she told me that i need to refund sinking fund back to vendor (previous owner). Is this normal and the right practice? Please advice. Thanks

What do you mean 'half of fees' ? Do you mean the lawyer S&P fees ?

But the S&P isn't signed by any party yet.

He has prepared draft S&P and vendor is looking at the draft.

hi dario..need your advice here..
I am now in the middle of buying a condo from an agent. This is a subsale property.
The owner has appointed him to sell the condo. I have paid the 3% booking to the agent and signed an agreement in front of the agent's lawyer. The agreement stating that the owner has agreed to sell the property at $310k etc etc.
The agent also stated that his lawyer will settle all S&P agreement matters. He also said it is his lawyer's duty also to ensure that the S&P shall be impartial (not favoring the owner or me).

My question would be:
1) do i need to appoint a lawyer on my behalf? what are the pros and cons if do appoint one and what if i dont?
2) in this case, who would pay the legal fees for this lawyer? owner or me or share?
3) is this lawyer acting for more than 1 party? this is illegal right?
4) for loan agreement, there will be another lawyer appointed by the bank right? who will pay for their legal fee?

Help me...this legal things are very confusinggg

I don't she meant full refund. The normal scenario would be that all outgoings - maintenance, quit rent (if any), assessment, sinking fund, fire insurance, indah water etc would be pro-rated between you and the vendor.

Example: Maintenance for April 2012 is RM150. SPA completed on 15th. So, you would need to pay maintenance from 16th-30th April (15 days). As such, you would need to refund half of maintenance for April to the vendor (15 out of 30 days). So you would need to pay RM75.

Same goes for all utilities. If for full year - like quit rent, then you pro-rate on daily basis for the whole year. Your lawyer ought to do the necessary calculation for you.

Half of scaled fees. If normal scaled fees is RM2000, you pay RM1000.