Seems to be alright. If not happy you always have the option to get another quotation.

ave_20:


Basically the liquidator is stepping into the shoes of the developer and is taking over all affairs of the developer. The 2% would be to cover their expenses in running the show. The liquidator's job is to clear off the assets and liabilites of the developer at the lowest cost possible. As such, they are indirectly asking the poor purchasers/owners to bear the burden of costs with them.

This is where you need to check with the Joint Management Body (JMB) of your flat and find out what their stand is. All residents have to be united in their stand. No point if you pay and your neighbour doesn't pay.

In fact, what tehe JMB ought to do is to write formally to the liquidator and ask the basis of such fees and for them to justify the law which allows them to charge the purchasers for it. Why should the purchasers bear the costs on behalf of the developer when all dues have been paid to the developer already?

With regard to the documents - how come the trail of documents is not complete? If property without title, the trail of Deed of Assignments (DOA) and Deed of Receipt n Reassignment (DRR) must be complete from day 1 until yourself. Only then is the beneficial interest in the property properly passed on from one party to another. If one document is missing, the trail is broken. Did you lawyer give you the complete set? Did you misplace it? Or perhaps it was not handed over to you via oversight? This is urgent and you need to check it. The reason why the Liq is asking from you all this is because the developer must've packed up and left town without leaving any proper records!

Your house will not be auctioned because you bought by cash. That person is talking rubbish.

A letter of disclaimer must've been issued by the end-financier way back to the first purchaser/purchaser's financier. So there's nothing to worry about.

It is not true that you cannot sell your house without strata title. How did you obtain ownership in the first place (plus the previous purchasers before you) if all the while, strata title is not out? Don't worry about that.

This post has been edited by dariofoo: Feb 1 2012, 09:53 AM

Thanks, should be ok for me too

Dear Dario,

Engaged a lawyer to deal with the seller/their lawyer. Requested the seller to provide documents of proof of the progress of the term in LoI . However, the seller/their lawyer just did not bother but returned the deposit by registered mail to buyer lawyer. Can the seller/their lawyer do like that (returning the deposit)? Just wonder is LoI really a legal binding document. What is the stand or step to take if the buyer want the deal go through?

Thank you

Thank you very much for clarifications. I have asked around about the 2% liquidator fee, looks like none of my neighbours are going to pay this. As for the documents, I think I have all of them liao

I've already explained in detail much earlier to your questions above as you've asked them. Please go through it again.

Hi Dario,

Ok. Thanks

Just wondering if anyone can help me. I am selling my property and engaged a lawyer to handle the sales on behalf of me since I am away overseas. The buyer already appointed their own lawyer to handle the S&P.

Here is the breakdown of the bill they ask me to settle before my lawyer proceed:-


BREAKDOWN OF DISBURSEMENT & LEGAL FEES

RM
RM

LEGAL FEES

1. Consent to Transfer

DISBURSEMENT

1. Location Plan
2. Official Land Search
3. Filing Consent
4. Registration for Consent
5. Transportation
6. Miscellaneous
7. Fax & Postage
8. Services tax 6%

TOTAL :- Ringgit Malaysia Six Hundred Ninety Eight Only.



BREAKDOWN OF DISBURSEMENT & LEGAL FEES

LEGAL FEES

1. Discharge of Charge RM300-00
-------------------------------------------



DISBURSEMENT

1. Stamp Duty – Discharge of Charge RM 10-00
2. Registration – Discharge of Charge RM 60-00
3. Transportation RM 50-00
4. Miscellaneous & Postage RM 50-00
5. Services Tax (6%) RM 18-00 RM188-00
-------------------------------------------
TOTAL: Ringgit Malaysia Four Hundred And Eighty Eight Only. RM488-00




LEGAL FEES

Professional fees conducting the sale (including drafting, perusing, vetting and completing the instrument of transfer)
of the sale.


DISBURSEMENT

1. Stamping SPA
2. Stamp Duty for Transfer* (subject to assessment notice)
3. Adjudication
4. Registration Transfer
5. Land Search
6. Bankruptcy Search
7. Courier Charges (according to the bill) advance
8. Affirmation – Statutory Declaration
9. Transportation
10. Miscellaneous & Postage
11. Service Tax 6%



TOTAL :- Ringgit Malaysia: Two Thousand Four Hundred
Seventy Three Only.




In total I need to pay RM 3659 just to sell the house. I was thinking it will be only costing me about RM1200 just to do the transfer and discharge! Any one can figure out if the rate quoted is reassonable?

Hi thanks for answering my question..it is very helpful.. the vendor finally hand over the documents..
I have another question though..
My deadline (delivery date) should be on 15 January but bcos of some problem at the bank last time, my snp lawyer only receive the undertaking letter on 16 Jan
so now the delivery date is extended for 1 month until 15 February.
becos everything can only be proceed after we got all the documents from the vendor, what happen if the extended delivery date is missed? do i have the right to ask for compensation or otherwise?

thanks again..

dsugums:

Where's the itemised breakdown for each expense or fee? How much is the selling price?

This post has been edited by dariofoo: Feb 2 2012, 11:20 PM

The extended completion date is for your benefit already. The vendor suffers for that as he needs to wait longer to get his money.

If you miss the extended completion date, you would have to pay late penalty interest to the vendor, as you need more time to pay him the balance purchase price.

That's how it works.

thanks for the prompt reply..

wow.. i still need to pay the penalty..even they are the one who delaying the process.. i guess i need to speed up the payment process...
how many days normally it will take for the bank to come out with cheque after all the documents have been submitted to them?

thanks again..

Hi dariofoo,
May i know what is private caveat (PC) ?
How does it works and how does it helps the buyer ?
What does it do and what it is function for ?

Thanks.

Hi Dario

House selling price is RM220K

Here is the breakdown.

1. Consent to Transfer RM 300

DISBURSEMENT

1. Location Plan RM 30
2. Official Land Search RM 50
3. Filing Consent RM 100
4. Registration for Consent RM 40
5. Transportation RM 50
6. Miscellaneous RM 50
7. Fax & Postage RM 50
8. Services tax 6% RM 18


Total: RM698

-------------------------------------------------------------

Discharge of Charge RM300



DISBURSEMENT

1. Stamp Duty – Discharge of Charge RM 10-00
2. Registration – Discharge of Charge RM 60-00
3. Transportation RM 50-00
4. Miscellaneous & Postage RM 50-00
5. Services Tax (6%) RM 18-00

Total RM488-00

--------------------------------------------------------------------------------------------------------------------


LEGAL FEES

Professional fees conducting the sale (including drafting, perusing, vetting and completing the instrument of transfer)
of the sale. RM 1990


DISBURSEMENT

1. Stamping SPA
2. Stamp Duty for Transfer* (subject to assessment notice)
3. Adjudication
4. Registration Transfer
5. Land Search RM20
6. Bankruptcy Search RM24
7. Courier Charges (according to the bill) advance RM200
8. Affirmation – Statutory Declaration RM20
9. Transportation RM50
10. Miscellaneous & Postage RM50
11. Service Tax 6% RM119.40

Total RM2473



GRAND TOTAL = 3659



Hope this helps. I am not sure if this is reasonable charges for selling house at RM220K


Thanks

Cheers

Dear all,

I just bought a subsale property, a double storey houses.

When i was informed that everything is cleared by my snp lawyer, I was only given house key. Nothing black and white mentioned everything is settled.

I start to change bill name for electricity, syabas, indah water and assesment (cukai pintu). But I have difficulty on quit rent. I was informed by the officer of pejabat tanah, they will need a lot of documents when submitting the ownership transfer form.

Just wondering whether this process should taken by owner or lawyer? If lawyer, which lawyer? Snp lawyer or loan lawyer..? Since i have been using different lawyer for snp and loan.

I raised this issue to both lawyers and it seems they are pointing each other for this portion.

Really need your help and advise for this issue.

Many thanks!!!!

Dear all:
Regarding landlord tenant dispute, i have some questions about distress order. If the value of seized goods from tenant is not enough to cover overdue rent (for example the tenant may have moved all his goods beforehand), can the same disress warrant be used to seize tenants other assets like bank deposits or goods at other premise? or I have to do the whole process of serving summons and obtaining judment and writ or seizure?
My problem is that my errant tenant has kind of disappeared from my property leaving behind damages to my house, unpaid bills and rental arrears(the deposits hardly can cover the outstandings) while the tenancy still has 6 months to go. Me is still trying to figure out how best to take back vacant possession and cover my losses. your kind reply is much appreciated. my understanding is that distress act is the best remedies ?

I think you misunderstood me,bro. Any delay by the vendor will extend the completion date for you.

Example:

SPA Date: 01/11/2011
Comp Date: 01/02/2012
Ext Comp DatE: 01/03/2012

- If you pay the balance purchase price on/before the Comp Date, there's no penalty.
- If you pay after the Comp Date but before the Ext Comp Date, you pay penalty.
- After Ext Comp Date, the vendor can either extend it further, or choose to terminate the SPA. But it is unlikely to be terminated in your case as parties have progressed quite far in the deal. It would be tedious and unreasonable to the vendor to terminate it.

Assuming tha there is a 20 days delay on the part of the vendor, the Comp Date above will be adjusted (+20 days).

New
Comp Date: 21/02/2012
Ext Comp DatE: 21/03/2012

So instead of 01/02/12, you get another 20 days to complete the transaction.

As such, no late penalty interest has to be paid, unless you fail to pay the balance purchase price by 21/02/12. On 22/02 onwards, late penalty interest would be payable calculated on daily rest until full and final payment.

Ok?

There was a previous question on caveat posed by kobebyrant. It's in the early pages of this thread. Do check it out. I answered in detail there but I guess it wasn't good enough coz the guy never came back.

Check it out first,bro.

Unless something else is stated in the SPA, the duty to change name is always upon the purchaser personally. Some law firms will do it for you but they will charge you for it in the bill itself.

The distress order can only be served once and it is for the items at the premises at the time the bailiff attends at the premises to do an inventory. Then a public auction will be held. All proceeds from the auction, less court costs and fees, would be paid to you.

If the amount recovered is not sufficient, you have to sue for the outstanding amount in a fresh civil suit. Once you obtain judgment, then you can choose how you want to enforce it:

a) Writ of seizure and sale - same concept as distress, but this would be at the tenant's new address.
b) Garnishee proceedings - freeze his bank account, and attach monies from the bank account to be paid to you. For this, you need to know the bank where his active account is and that he has monies in it.
c) Judgment debtor summons - you need to serve this personally on the tenant and he would be compelled to attend Court to be questioned as to his income, assets, liabilities and how much he can pay back to you, most probably on an installment basis.

d) If sum due is more than RM30K - you can go for bankruptcy.

That's basically it.

It's not easy to sue an individual and recover damages from that person. Service of documents will be a hassle, and be prepared to just end up with a paper judgment as the tenant can just ignore you by not attending court or refuse service. If he refuses or if you can't locate his address, you would need to serve it by substituted service (newspapers/court notice board) where you will end up paying more legal fees and costs for it.