That completion date refers to time given to you as purchaser to complete the SPA, i.e. to make payment of balance purchase price (BPP) to the vendor.

Once that is done, look at your SPA for a term which states the number of days for the vendor to hand over VP to you - it's normally 3 - 5 days. If after 3-5 days lapses and he still fail to hand over VP to you, he has to pay you late penalty interest. As such, it doesn't go by the date, i.e. 17th or any other date. It starts to run from the date you pay the BPP and after the time given to him to hand over VP.

Wow great! Thanks for the comment Dario.

With this in mind, I'll check with my lawyers to see whether compensation is required from vendor's side.

Oh and forgot to wish you happy holidays and CNY if you are celebrating.

This post has been edited by Kerry1136: Jan 25 2012, 12:31 PM

Yeah, pay legal fee, agent fee as well. Need receipts for all claims is it? Renovations & fittings also need receipts? Is there a site where I can go and see what is claimable and what is not?


Thank you & Gong Xi Fa Cai to you!

Yes, you need receipts for all claims. For agent fees, the letter of offer ought to be sufficient as it states that the sum will be held by the agent. If you have a receipt by the agent, all the better. For renovations, purchase of fixtures and fitting, all can be claimed. If there is damage to the property and a sum of money is spent to repair/restore it, that can be claimed as well.
All must be evidenced with receipts.

According to the agent, their system would not show in details of the loan, for example, the name of the bank that provides the loan and the loan details such as the account#.

---

Added on January 25, 2012, 6:23 pmI've another query. When I was still studying overseas some 15-16 years ago in the States, I recalled that I've some outstanding credit cards that I overlooked paying. The amount is not big at all, probably 3 to 4 hundred dollars and the bank concerned are local banks to the country. My concern (not sure this is the right place to ask this) is that whether any agency will blacklist me and bar me from entering the country, for example during visa application or when entering the immigration?



This post has been edited by awdarr: Jan 25 2012, 06:23 PM

15-16 years is a long time ago and the banks might've written it off as bad debt. Are the banks still in operation?

You might want to call up the US Embassy and check with them if you're blacklisted. If you are then you'd fail at the visa application stage itself.

Hi Dario,

I bought a property 8 years ago together with my sister.

We got the loan approved with both our name and therefore the title and the loan is under both our name.

Few year ago, i actually refinance the loan. The loan is now only under my name but the title is still me and my sister name.

Say right now, i would like to remove my sister name from the title. Do you see any complication involves? What would be the fees like?

Thanks.

Thank you for the advice. I guess I will know then when I apply the visa.

Your sis has to be agreeable to it. If she's ok, it's just her signature on the Form 14A to transfer which is needed. Issue is only with the bank - you need to check with them if they can agree to the transfer without the need to refinance. The bank as the chargee has to agree to the transfer subject to charge.

Hi Dario, Gong Xi Fatt Cai to you. I got a question here. My Snp dated 22 November 2011 which will be due on next month, I called my lawyer to ask the status of loan release, I ask her if the loan havent release after the snp date, will I get penalty? She said no, the 3+1 months will be only start calculating after she get the consent from developer, not calculate from the snp date...I'm confuse, I thought once over 3 months from the snp date, I will get penalty from vendor? Hope you can clarify for me? Thanks you!

I wish to fully settle the bank loan by this year.
May I know any hidden cost that I need to pay
either lawyer / bank before / after the loan
settlement. thanks

This post has been edited by Seremban_Guy123: Jan 30 2012, 12:59 PM

Hi Dario and all sifus,

I need legal guidance on insolvency and restructuring (not sure this is the right term to use) and I have approached a few lawfirms, they said they are not practicing this area, and asked me to approached Bar Council, but Bar Council said they have no such information based on category of services.

Basically, I am going take over portion of shares of a small company, I need advise on S&P, Caveat the company assets e.g. bank accounts, Change of BOD, sell of subsidiary company, etc.... The company is in heavy debts, and need to salvage.

Any advise which area of lawfirm should I approach ? I have tried commercial litigation, corporate advisory, etc but so far not one firm told me they can work with me in this process.

Hi everyone, Dario especially ,

My vendor refuse to provide the document to our newly purchased house until we tell them the exact date he can receive the payment (Black and white from the bank).

Everything is done from my side, the only thing needed are the documents from the vendor that is Loan document of the first vendor, Principal SPA, Proclamation of Sale, quit rent etc. and then only bank can proceed with the payment.

FYI the house i bought is free from encumberence and a second hand house.

Legally, do i need to provide the date of payment.
and can the vendor hold the document even though everything is ready from my side?

Thanks in advance

This post has been edited by sharpeye: Jan 30 2012, 07:47 PM

The bank's panel lawyer quoted me around RM630 for the whole thing (mine is without strata title yet so its slightly more expensive).

Gong Xi Fatt Chai to you too,mate.

For property under master title where the letter of confirmation/consent from the developer is required, then time starts to run from the date the lawyer receives the letter of confirmation. Some lawyers write in advance and receive a reply before the execution of the SPA. In such cases, time can start to run from the date of the SPA.

Some lawyers prefer to play safe and wait until the SPA is executed before writing to the developer and await a reply. In such cases, like yours, time starts to run from the date the lawyer receives the letter of confirmation.

What do you mean by hidden costs? Are you aware of the non-hidden costs?

I do not know what is provided for in your SPA, so what advice I can give is based on common practice.

Under normal circumstances, you don't have to provide the date of payment. The completion date and extended completion date, which can be easily deduced from the SPA is sufficient. Why don't you use that? Your lawyer can issue such a letter, but to get one from the bank is close to impossible as it is not their concern and they won't issue such letter.

In any event, unless your SPA allows the vendor to demand for such letter before he releases the documents, he basically can't do so. His attitude will only extend the completion date of the SPA, and this prejudices him as he would not get his balance purchase price until this is resolved.

Under normal circumstances, the bank has to give an undertaking to the vendor that it will release the loan. Once that undertaking is given, there is no reason for the vendor to hold the documents. He has a certain number of days to hand it over to your lawyer. Once that deadline is missed, the completion date is extended.

I'm assuming that the vendor is not represented? You did not mention. If so, best to advice your lawyer to speak/write to the vendor. Or perhaps try to speak to the real estate agent and see if he can drill some sense into the vendor's head. Perhaps the vendor does not understand that what he is doing is only delaying things to his detriment.

where should look for the auction properties online?

Hi, please help me..

I bought a flat 2 years a ago with cash. Recently I received a liquidator's letter saying the developer already bankcrupt. He ask me to

1. pay 2% liquidator fee based on the prevailing selling price.

2.Solicitor's vetting fee RM315

3. letter of confirmation of payment of maintanance charges up to date.

4. The principle sale and purchase agreement btw developer and 1st buyer

5. The loan agreement btw 1st buyer and end-financier

6 the deed of assignment between 1st purchaser and end financier

7. the deed of receipt and reassignment bewteen 1st buyer and end financier

8 All the agreement (4-7) btw various parties from 1st purchaser and to the purchaser prior to the claimant.

9. letter of undertaking cum Indemnity issue by claimant

10. Official receipt issue by the management corporation supporting full paymant of building and maintenance arrears accrued till to date.

Do I really have to pay 2% liquidator fee? 2% is a lot!
I am the 4th purchaser. some of the above documents are not with me(i.e. no 7), how?

the master title is charged to MBSB and strata title has not yet issued. I am worried because the person from management told me yesterday that if i bought this house by cash, then my house will be auctioned. Can you confirm this? If yes, what can i do?

besides, is it true that i can't sell my house anymore if the strata title not issued?

Thanks a lot

Dear Lawyers,

Should I pay the interest to the seller due to bank didn't release full payment on time? According to the bank, they lack few documents. But up until today, none of the lawyer call me & requesting for the documents. As according to the seller, those documents should come from my end.

This post has been edited by gs20: Jan 31 2012, 11:30 PM