1. Yes you have to pay, and it will be 1/2 of the market value as it is a transfer of 1/2 share only. Exemption for love and affection applies to husb-wife/parent-child only.
2. No. It will be like a usual transfer between 2 individuals.
3. Of course required to declare. But if she is transferring out of love and affection (with no consideration changing hands), then her gain is nil. But she would still have to declare the disposal.
4. Yes.
5. You would need to check with your current bank as to what the penalty is. If you refinance with the same back you can ask for a reduction/waiver but it depends on the bank whether to grant it.

This post has been edited by dariofoo: Oct 22 2012, 05:50 PM

Thanks dariofoo, perhaps i shall start to talk to the bank officer.

i found this on hba.org.my
Q: Cancellation of booking and seeking refund of fees paid.

A: The Housing Regulations for buying off-plan from housing developers do not allow for 'booking' fees, so potential buyers should be aware of this and only get your 10% down payment ready when you are sure of purchasing. There is no cooling-off period unless it is in writing. A booking fee is an offer to purchase. Many buyers do not realise that a signed offer to purchase is legally binding once the seller has accepted the offer.


does it mean i had to pay the rest of the fees/purchase price/progressive payment even though i had not signed on SPA & LO yet??????????????

No, it does not state that. The HDA does not allow for collection of booking fees. That's what the QnA states.

You did not even answer my earlier questions for me to understand the context better. If you merely want to rant I would suggest that you do so in your own thread.

Yes, you should do so ASAP. Good luck.

hi
i have a problem and like to ask some advice
i signed a spa for a shop/office
spa start from 5th sept , its 3 + 1 months
took longer than expected to get a loan
if i get a loan by end of october, it will take another
3 months for disbursement ?
so i am thinking
can i pay from my own funds first
then loan disbursed money pass back to me later ?
anyone done this before ? legal aspects ?
or should i pay and then do a refinancing
all advice appreciated
regards

Can be done and has been done before. Especially for redemption of vendor's loan. Sometimes the loan sum is only 70-80% and the outstanding balance on the vendor's loan can be covered via the differential sum of 20%. So the purc will advance the diff sum to be used to redeem the vendor's loan and to obtain the original documents. Once the purc's loan docs are ready, executed and thereafter stamped, the bank can be advised at one go to release the whole loan sum to the lawyer who would be the stakeholder. The monies would then be disbursed accordingly.

It depends on a lot of factors - efficiency of lawyers, the bank officers, land office, LHDN, vendor's existing bank, and also depends on whether the original docs are kept in order. Depends also on whether the SPA lawyer is also the loan lawyer, and if the vendor too has a lawyer.

Hi Dario,

My initial quote


Your reply



I went and looked for another quote. They are providing the exact same amount for legal fees. I am wondering if this is an "unofficial" benchmarked fee.

- The transport charges are slightly cheaper
- There is another note below, to redeem from the previous bank, ill need to pay RM600. Any idea what is this ?
- First quote has CKHT 1A and 2A, second quote does not have this CKHT 2A. I believe you have mentioned that CKHT is needed for both parties.

I also tried to look for a third lawyer from my friend's recommendation and he recommended the same firm as the second quote. I am starting to feel I am too choosy and fussy. If it is not too much to ask, what would be a reasonable value for legal fees for this kind of transaction. If it is slightly higher then the norm, i would not mind, as long I do not get really chopped.

thanks dario foo for advice .

may i inquire in this requirement which was stated on my LETTER OFFER

If the interest charged is at Bank Negara Malaysia prescribed rate, the premises must
be occupied by you and your immediate family failing which the interest rate
will be increased at any time at the Banks sole and absolute discretion

then how am i to rent it out ??
its meant for investment

i don understand this requirement
hope someone can verify

regards

The full scaled fees would be RM4300.00. 50% of it would be RM2150.00. Reasonable is , as I've told you, different from one person to another, but if you want my opinion, perhaps RM2k would be a fair sum.

Having said so, have you checked with your financier if they allow a transfer subject to charge? The existing charge would block any transfers upon the title. As such, consent of the chargee would be needed. Have you checked with them if that can be done, or if they insist on a complete refinance?

A transfer subject to charge is easy but a refinance is a whole different deal altogether.

I do now know why the lawyer charged RM600 for redemption. Perhaps they are of the opinion that a refinance would take place. In any event, a proper breakdown of such fees ought to be stated.

Mr Dariofoo...

Recently I faced a problem. I received a Cukai Taksiran Letter with my address but not my name. Owe about RM187.80. Should I pay it?

I heard form my friend before that I need to change it to my name personally? How can I do that? I got no information from http://www.mpkj.gov.my/home. No guide, no steps by steps...

I already changed my TNB name. Water no need right since I stay in Condo and I pay to the management instead of Indah Water. Do I miss out anything?

Hi all, need your help on whether the lawyer had overcharge me, what I feel the fee is rather expensive compare with some examples that I had view here before.

Although I had view quite a number of example, but being a first property buyer, looking at all the fees it truly make me blur, so truly need your professional advice on the below breakdown of the fee.

Here are the breakdown of the fee

S&P Legal Fee

Transfer of property held under
Purchase Price : RM 180,000.00
Valuation : RM
TO OUR PROFESSIONAL FEES:-

RM
Legal fee : 1,710.00

Our costs for lodging and withdrawal of private caveat : 350.00

Our costs for submission of Tax form (*CKHT 1 / CKHT 2) : 200.00

Our Costs for Submission of Form I : 100.00

Total Professional Fees : 2,360.00


DISBURSEMENTS:- RM

6% Government Service Tax on Total Professional Fees : 141.60
Search fees : 160.00
Stamp duty on Sale and Purchase Agreement : 50.00
Valuation fee : 10.00
Swearing fee on statutory declaration : 10.00
Stamp duty on Memorandum of Transfer (subject to valuation) * : 2,600.00
Registration fees on entry and withdrawal of private caveat : 210.00
Registration fee on Memorandum of Transfer : 300.00
Registration fee on change of ownership with town council (Form I) : 50.00
Transport, Telephone and Courier Charges : 80.00
Miscellaneous & Postage : 50.00

Total Disbursements : 3,661.60
Total Professional Fees and Disbursements : 6,021.60


For Loan Legal Fee
Loan Amount : RM 169,000.00
Legal Fee: 1,633.00
Our costs for preparing Memorandum of Charge 200.00
Our costs for preparing Power of Attorney 200.00
Our costs for lodging and withdrawal of private caveat: 350.00
Our costs for drafting Discharge of Charge (Form 16N) 300.00
Total Professional Fees 2,683.00

DISBURSEMENTS:- RM

6% Government Service Tax on Total Professional Fees 160.98
Search fees 160.00
Bank Annexures 200.00
Bankruptcy search 40.00
Stamp duty on Letter of Offer 10.00
Swearing fee on statutory declaration 20.00
Stamp duty on Statutory declaration 20.00
Stamp duty on Facility Agreement (Original & 3 copies) 875.00
Stamp duty on Memorandum of Charge 40.00
Stamp duty on Discharge of Charge 10.00
Stamp duty on Power of Attorney 40.00
Registration fee on Entry & Withdrawal of Private Caveat 210.00
Registration fee on Memorandum of Charge 90.00
Registration fee on Discharge of Charge 120.00
Filing fees of Power of Attorney 100.00
Transport, Telephone and Courier Charges 80.00
Miscellaneous & Postage 50.00

Total Disbursements 2,225.98
Total Professional Fees and Disbursements 4,908.98


So total I have to pay for around RM10930 for a 185K apartment, is it normal?

I dunno why the quotation of purchase price is 180K (my purchase price is 185K) and the loan amount is 169K (while bank offer letter i sign for 162K only). Can somebody help me on this? Thanks!

Thanks Dario, this is a refinance from Bank A to Bank B as well. I am taking the oppurtunity to dispose my name in this process. I have already asked Bank B if it is possible to dispose my name from the title but the loan still be serviced under my name solely, they are ok with it.

In the refinance portion, the Legal fees & Stamp Duty is already included in the loan but I will need to fork out for the disposal part.

If a refinance is taking place, then is it normal for a lawyer to charge for redemption ? I think he should add this redemption into the refinancing quote then.

I am seriously sorry and sincerely apologize that i forgot to reply your question. i did informed the sales verbally on not to proceed on the purchase and request for refund and i just send out a letter for the cancellation and refund yesterday.

thank u for your help and your prompt reply seriously help lotsa poor ppl like me as we can save on legal fees..
thanks and salute to your Dario

If you have compared and if it is expensive, then it probably is. Get another quote. I cannot see how scrutinising and commenting on the charges would change anything. It's not like the lawyer would reduce it for you, right? If you're not happy, go get another quote. The many samples in v1 have guided you accordingly and you can use it as a guide again for the next quote.


Perhaps it's an error. Just check again with the lawyer and bring it to his attention.

I was waiting for an answer if you had issued a letter or otherwise.

If you had stated you haven't, then I'll advise that in your letter you should ask them to furnish evidence of a executed SPA to justify them asking for you to make progressive payment. Something along those lines. But it's ok. Just wait and see what they say. For all you know it could be an admin mistake on their side. Failed to follow up with you with the SPA and assumed that you had executed it and hence the demand for progressive payment.

Hi. In a tenancy agreement, one of the clauses states that:

"There shall be no break prior to the expiry of the tenancy."

What does this mean? Does it mean that for example, if the tenancy agreement is for 2 years, the tenant cannot then decide to rent only for 1 year and leave the house?

Or have I completely misunderstood the clause?

Haven't seen such clause before. The word 'break' can be interpreted the following ways:

1. Break in the sense of taking a break - eg you want to balik kampung for 2 months and you give notice to the landlord that you want to 'take a break' from the tenancy for 2 months.

Sounds illogical and silly, but it is a matter of interpretation.

2. Break in the sense of termination, so break would mean 'break the agreement' (in very layman-ish terms) - you can't terminate it before the end of 2 years.

I'm guessing that it would most likely be interpretation no.2.

Have you signed it? If not yet, then get clarification.

Hmm. I think the agreement is more on your definition stated in no.2.

So is such a clause allowed? The landlord can force the tenant to rent exactly 2 years even though later the tenant only wants to rent for 1 year? I want to stop the tenancy but 2 years haven't expired yet. The landlord now wants me to pay the rent for the whole of two years as per in the agreement. Can he do that?

Yes he can. It is all about commitment. Landlord committed to renting it exclusively to you for 2 years. You had committed to renting it for 2 years, so you can't now turn around and say that you only want to rent it for one year. If it is in the agreement, then you have to pay damages. It would work the other way around as well.