hi,

wanted a clarification on the sell of my property, i heard that if i would like to get exemption for RPGT, the property should be less than RM350,000. Is it true?

Thank you.

Hi dario

I have a question and i think it is quite common but i just want to know how to go with it.

A friend of mine bought a property and still under construction. Just recently she received a letter claimed that she need to pay for late payment penalty. She took a loan which will pays to developer by stages completed.

So when she called developer, they said she need to pay since it is stated in the S&P. Any agreement with bank is between her and bank. When she called bank, they give excuse of incomplete documentation and they start fooling around pushing her here and there.

What i understand is that it is either bank or developer that should bear the cost not my friend. But how to deal with this problem? please advice. Thanks

Hi again,

My housing loan included a sum of legal fee financed amounted to 6000+, the bank released the money of 6000+ to the developer's legal firm who handling my loan agreement. But, the actual invoice only amounted to 5000+, so the legal firm should have refunded me an amount of 900+. Unfortunately, the firm charged me an extra amount of 150 (not stated in the invoice) claimed that it's for their firm's income tax based on 25% and only offered me a refund of 800+. Is this a common practice in Malaysia legal firm?

Since when their clients r liable to pay for their own income tax? After some debate, the firm agreed to Refund the full 900+ overpayment to the bank, and then only i can get my refund from the bank.

Any idea how long for it to take to get the refund from the bank?

thanks alot.

This post has been edited by mimi1986: Nov 6 2012, 01:23 PM

wrong post

This post has been edited by sazzzhi: Nov 6 2012, 02:15 PM

Mr Dario,

I have the same question as the above, but the problem is, what if the vendor goes bankrupt? What is the consequences I should bare?

Thank you.

Dear dariofoo,

I had received vacant possession from developer but i also notice that they didn't install the water meter yet (Perhaps no CF obtain). So, can the developer giving vacant possession without obtaining CF?

free from encumbrances

No, that is for 50% remission on stamp duty upon MOT/DOA when purchasing a property.

Exemption for RPGT are for the following:

1. Transfer out of love and affection with no money changing hands;
2. Property owned for more than 5 years and above.
3. Application for one time exemption, giving to each individual.

It should be the bank, not the developer. The money is due and owing to the developer. How can the developer bear the late penalty interest payable to themselves?

Your friend should complain higher up and make more noise. Perhaps put in a letter of complaint. Do it fast.

Firstly, the only tax which you need to pay is 6% service tax. Of course you do not need to pay for the lawyer's personal income tax (bear in mind that a law firm is not a Sdn Bhd and is only a partnerhip/sole proprietor, so their tax is personal).

I don't understand what you mean by refund from the bank. I thought the money is with the lawyer? Ask them to deduct their fees and refund the rest to you. Why is the bank involved? The sum is financed into your loan anyway, so why would the bank want the money back? I think there is something seriously wrong here. You better put things in writing and serve a letter to the lawyer to place things on record.

What question are you referring to? You quoted an answer which I gave. What is your question exactly?

For now it is called a CCC and even a partial CCC. No more CF. Do check your SPA as to the extent of the supply of water which the dev must provide. Is it just a main leading up to your house,whereby you need to apply your own meter under your own account, or whether it is them who applies for it.

Hi Dariofoo

1st time buyer. Current in purchase of 2nd house units RM525k. I have few question to ask;

1) I have request the booking fee from the agent , in order that we can ensure/secure this purchase by paying the earnest deposits and the agent said vendor is asking their lawyer to draft. is this the way? do we need to wait? can the agent provide us the booking fee?

2) I requested the agent to put a clause that if my loan is rejected by the bank and I will have full return of my deposits from the vendor and my agent insist this is not the way and unfair to the vendor.

3) is it save to pay the 3 % earnest deposits to the vendor lawyer?

please advise and thanks is advance.

Yes by right the lawyer should deduct the fees and refund me the rest of the balance. But the lawyer insisted on charging me extra 150 for his personal income tax liablity (which is absurd of course) on top of the legal fee. So the lawyer said for them Not to charge me the 150 extra, the only way he can do is to return the full balance to the bank ( i.e. amount received from the bank minus the actual invoice amount ).

I have checked with loan officer in charge, according to her, the lawyer issued them an invoice up to the full amount of legal fee I financed, that's why the bank issued them a cheque of 6000+. The loan officer said if the lawyer is going to repay the balance sum to bank he would have to give the bank a revised invoice with actual amount of 5000+.

In short, the lawyer refused to pay the balance sum to me directly without charging me the so called 150 income tax. If I want the full balance sum, the lawyer will repay the balance to the bank. And then the bank would use the money received from the lawyer to reduce my loan principle amount.

HI all, may I ask how much roughly is the legal fees for Loan Agreement on a property of RM160K? Thank you.

Hi, my property is still under construction, the legal fee on SnP is absorbed by the developer. Question now is, do I still have to pay for any legal fee to the developer's panel lawyer when the MOT is ready for signage? what other legal fees i need to bear up to the point I received my key? So far I only paid the legal fees on loan agreement.

If the SnP n MOT is two separate deal, can I appoint another lawyer to follow up my case on MOT?

THanks in advance!

Thanks Dario for the clarification!

Hi Dario,

Is it compulsory that in the S&P the purchaser's address must follow what is stated in the IC? What if we have changed our residential address but have not changed it in the IC? Can we use the current residential address in the S&P?

Thks

Supposing I buy subsale condo with cash, should the outstanding sum be made payable to the Vendor or the Vendor's lawyer?

Is it safer for me to make cheque payable to Vendor and passed through each lawyer's hand?

My lawyer says its better to pay to the Vendor's lawyer who hold in trust until everything is settled

Hi,

First time selling house here.
The buyer did not pay any earnest deposit yet because want to try apply loan first.
To apply loan she wants to have a copy of S&P (relevant pages only) and Title number.

Question: Is it safe to provide such documents to her? Hope to get some advice. Appreciate it.