Hye dario,

I need advice from you. Here is the situation. I have 2 property which is under my parent name. Now my dad wants to transfer his title to me and my sis. What are the procedures that we need to go through? And is it possible if i settle it without the lawyer assistance? And if it is compulsory that we need lawyer's help,how much would it normally cost? Both of the property is still under installment. They are 99years of leasehold. I need your opinion on how to transfer the title that can minimise the cost. Thanks..

Thanks so much. My senario is #1 above which matches my understanding previously whereby I will still get dividend for year 2011 until Dec as my withdrawal is Jan 2012

Does it state that you need to hand over the original? What is the purpose of handing it over to the purchaser's lawyer? If they want the details to prepare the draft SPA, a photocopy would suffice.

Milo_o:


Thanks for the info

Still under installment would mean that there is an existing charge/assignment in favour of the bank. In other words, the bank is technically the beneficial owner of the property. You can either approach the bank and request to do a transfer subject to charge (if there's individual title). The bank can allow you do so subject to certain conditions, or request that a refinance plus transfer is done. Most likely, they would ask you to refinance. In both circumstances, you'd require a lawyer to do it.

If refinance, you and your sis is basically taking a new loan to settle your parents' loan and then a transfer of ownership is done. Legal fees are according to the loan sum taken and can be calculated at the first page of this thread using the calculator at the link provided.

thanks alot. ill discuss with my sis and parent. =)

I got my credit report from bank negara yesterday. Is it safe to furnish the report to the banks which I'm going to apply the housing loan? 1 of the agents requested me to furnish the report.

Hey Dario,

If i don wanna transfer the name at the moment but delete my dad's name under the 2property,will it be cheaper than the cost of transfering title? Because now those properties are under my dad's and mom's name. So now if i take out my dad's name and put solely under my mom's name,will it be more convenient and way cheaper?

I think you're confused. There's no difference in 'deleting' your dad's name or 'transfering title' or 'taking out your dad's name''. All those terms (although not in its proper context) is basically the same.

It all boils down to the same thing - transferring ownership from your dad to another party, whether it's your mum, you or your sis.

So the cost would be the same if you refinance it and do a transfer.

The only way it would be cheaper, in terms of legal fees at least, is if the bank consents to a transfer subject to charge (if there's individual title). If you have to refinance, then you're looking at legal fees for transfer as well as refinancing, which is essentially taking a new loan.

Is it their requirement? Perhaps this particular bank requires it. If you doubt the agent's word why don't you call the bank directly to enquire if it is necessary.

Why did you get the credit report out?

Hi, anybody can answer if we need to fully settle
the bank loan after 5 years, what prosedure
that we need to do? Thanks.

Go to the bank, ask for a redemption statement to know how much the sum you need to pay, then make payment.

You don't need a lawyer at this stage, unless you want to retrieve the original documents, grant and other docs from the bank for your own safekeeping. Normally folks would just leave all that with the bank until they sell the property, refinance it or transfer ownership to another party.

If you opt for that, your lawyer would prepare a discharge of charge/deed of receipt and reassignment. That document officially indicate that the bank does not hold the property as security anymore and you are free to deal with it as you like.

"You don't need a lawyer at this stage, unless you want to retrieve the original documents, grant and other docs from the bank for your own safekeeping. Normally folks would just leave all that with the bank until they sell the property, refinance it or transfer ownership to another party."

Hi, thanks for sharing the info on this. Is it safe to keep the docs with the bank? I'm actually settling my homeloan (in progress of getting the redemption letter). I plan to request the settlement/release letter (after settling the loan to apply for another housing loan) instead of the discharge letter since the latter will take a longer time frame.

Happy New Year to All.

Why not? Is it safe to keep your money with the bank? Do you?

Free storage for you,mate. For the time being, all you need is the release letter from the bank.

Gong Xi Fatt Chai to all forummers!

Have a blessed celebration to usher in the Year of the Dragon. May this year be a prosperous one to us all!

Hahaha good one! Thanks again for your advice. Happy CNY to you!

Hello,

Would require a 3rd party lawyer's advice on this.

Basically the unit which I purchase a year ago, the S&P states on Jan2012 everything will end but due to endless of holidays and land office not working "efficiently" and the seller could not produce sufficient documents, it delays for a week after the stated date in the S&P.

Now I believe we are in the final stage of the process as the banks have disperse the $ and whats left is the seller to produce the original document to my lawyer to seek land office for name transfer or something like that.

With the CNY and such I'm assuming it might drag until next month too. But the thing is my lawyers said I don't have to serve late penalty even though it past the foresaid date but I'm already starting to pay bank interests already as my loaned bank already disperse the $ to the seller.

Now my concern is, if it continues dragging like this and the seller is still renting out the place to their friends, should I still be continue paying the bank interests? Should they be paying me late penalty instead since they are dragging the process?

I'll repeat my answer to an almost similar question:-

Any delay by the vendor will result in the completion date to be extended in favour of you as the purchaser. The common understanding in SPAs is that:

Vendors want their money fast and conclude the deal AND Purchaser has the duty to make payment of the balance purchase price on/before the completion date. As such, any delay by purchaser and he has to pay late penalty interest to the vendor. Any delay by the vendor, and the purchaser gets more time. Vendor is at a loss as the market price of the property may go up. Factor in inflation as well and the depreciation of money - both factors whereof are detrimental to the vendor.

If upon completion of the SPA, the vendor fails to deliver vacant possession to you - then he has to pay late penalty interest to you. That is how it works.

The rule does not change even though you have started servicing the interest upon your loan. Delay by the vendor only grants you more time to complete the transaction.

Hello, sorry for being blunt but I do not see myself being the purchaser any beneficial since the way I see it, I don't have the keys to my place yet but I'm starting to pay bank interests and someone is still living there and the condition of the property will decrease over time.

You mentioned that upon completion of the SPA the vendor fails to deliver I should be getting the late penalty from the vendor, in my case the SPA mentioned it was to be completed before the 17th and after that there will be another month of extension with daily interest as penalty. (usually the case). So base on this does that mean vendor should be paying me the month after or effective 17th onwards?