Thank you, You are Rock STAR !!!

Nothing much you can do but to wait. The completion period will be extended in your favour so there's no late penalty interest to be paid to the vendor. Vendor represented? If so, then get your SPA lawyer to write to vendor's lawyer to chase the bank to issue the redemption statement

.

Read the draft SPA and see what is stated there. It will state the procedure to deal with the 2%.

If the property is owned for 5 years or more, then there is no need to hold the 2%.

If less than 5 years, then you might need to hold it. Then it depends on whether the vendor wants to apply for exemption, or proceed to allow you to pay the 2% to LHDN being advance payment of CKHT on his behalf. Most of the time, the vendor would've decided before execution of the SPA.

If threaten at knife point, then go lodge a police report. Lucky the lawyer did not stab you to death.

CKHT 1A fees for lawyers are fixed at RM300/pax, so RM600 for 2 persons is correct.

So the seller has recommended a lawyer to you and you're paying full scaled fees?

You can read the various posts in this thread and also in v1 to see how many forummers who face problems and delay are those who appoint lawyers "recommended" by the vendor.

You have been warned in advance. I'm not saying that 100% it will turn out bad, but there has been many similar bad experiences encountered by forummers in such same scenario.

If it is not too late, you can always opt to appoint your own lawyer. You're paying full scaled fees anyway, so why go for a lawyer recommended by the vendor. Your lawyer must act in your best interest. How do you expect him to do so, if he is a friend of the vendor (or former lawyer for the vendor). Food for thought.

vendor is not represented.. its under my same SPA lawyer...
anything i can ask from my SPA lawyer to do ?
And is it really such thing as single loan can finance two properties ?

thanks and cheers

@dariofoo,

Thanks for the advice. Yes I know this might turn unfavourable to me, so i'm collecting all the information I can before proceeding with this lawyers.

Will be aware before signing SNP with these guys.

The seller are actually an OK person, also she is OK for not accepting any deposit/booking fee from me.

We only proceed all these after the loan from bank is approved.

I shall reply the outcome this Saturday if condition permits. Provided i'm not agitated to the point of killing the lawyers. LOL

Then it is your SPA lawyer who has to chase chase chase

Of course now that everything is ok, she will be ok. But when problems arise, how do you think she would be? Am not saying that she'll turn into Dr Evil or something but it is always best to be prudent and aware from the outset.

Thanks Dario! Really appreciate your kind help!

Hi dariofoo,

Recently me and 2 of my friends decide to joint venture to buy a office lot. We decide to put 3 name into the SPA document, and only use my name to apply for loan while my other 2 friends act as guarantor. We agree to pay loan and installment together.

Question is what is my risk in case my other two friends didnt manage to pay their portion?

Thanks!

If they fail to pay, of course it is you who has to fork out the money to pay it as you are the borrower on record. If you continue to fail to pay, the bank will recall the facility and commence foreclosure proceedings, i.e. to auction off the property. Now, if the final bid is sufficient to cover the outstanding amount plus costs, etc, then all is good and the bank will close the file. Otherwise, the bank has the option to institute enforcement proceedings against you personally to claim what is due to them. If the amount is RM30K or more, they would most likely go for bankruptcy proceedings. Guarantors are normally left aside first as they would have to exhaust their remedy against the borrower first before going after the guarantors.

Even if you now come up with some side agreement between you and your friends, it still does not matter as you can't use it as an excuse when the bank comes knocking on the door in the event of a default. That side agreement is privy between you and your friends, and is of no concern of the bank. It is you as the borrower who would feel the full brunt of enforcement against you personally in the event recovery from the sale is not sufficient.

Honestly and with all due respect, I think you got yourself into a really unfavourable and seemingly unfair position. All 3 parties ought to have been named as co-borrowers.

Hi dariofoo,

Thanks for the quick response. Initially i thought the bank will chase the guarantor for the installment if the borrower fail to pay the money, but from your reply, it looks like the bank will go for auction off the property before they even chase the guarantor to pay? If that's the case what's the guarantor in the agreement for?

Hi dariofoo,

Legally speaking, can the company secretary refuses to disclose the company's secretarial documents, upon request by auditor?

Auditor has received formal appointment as auditor.


Kindly advice, & thanks in advance.

Hi Dario,

not sure whether this is the right place to ask, but more or so its regarding legal fees for my house purchase. Sorry for the super noob question but i am a 1st time property buyer and have no such experience and proper knowledge otherwise. Do bear with me

The event flow as follows:

1. The agent / developer stated that property comes with 17% discount and Free S&P Legal Fees
2. I have signed the S&P agreement already
3. Paid RM300 stamping fees for LHDN stamp of S&P docs to the S&P Lawyer.
4. Bank called up asking details of me for the loan. I asked for 85% financing and also asked them to include what ever Loan agreement fees in the loan.
5. agent called me up and said Loan already approved but suddenly he said that I need to pay Legal fees of RM5K.

I was quite supprised as ive asked other buyers of the same property and they informed me that they did not have to pay the RM 5K Legal Fees as what my agent informed me.

for me as a noob buyer it sounds fishy as I need to pay the amount, whereas other buyers dont need to pay anything.

can you help explain, if you know, what is this 5K legal fee here? is it for the Loan agreement with bank?

thanks in advance for your help!

Hi!everyone.
how to differentiate a lawyer that is able to go for court or cant go for court?

What is the meaning of B. Com, L.L.B (Aust.)?
if a lawyer name card with 'advocate & solicitor, and notary public, means he can go for court?how to check a lawyer whether is qualified to represent at court?

thanks a lot

Perhaps you should ask your bank that,bro.

What do you mean by the company's secretarial documents? Example?

It has to be the legal fees for loan documentation. That is another set of fees not related to the SPA legal fees. Some developers absorb it, while some doesn't. Perhaps you can ask for a detailed breakdown of it from the agent (I'm assuming that when you say agent, it is the mortgage agent from the bank right?). This will give you a clearer idea as to what it is. I have no idea why the other buyers are saying that they don't have to pay for it though.

A lawyer who can go to Court or act on your behalf in an SPA or issue a letter under a letterhead of a law firm must possess a Practising Cert/Sijil Annual which is issued and renewed every year by Bar Council. To check whether a lawyer has one for year 2012, use the Find A Lawyer link on the first page of this thread. If the name doesn't appear, just to double check, call Bar Council and give the name of the lawyer and they'll check for you. A lawyer may be practising last year but if he doesn't have a Sijil Annual this year, he can no longer actively act for you.


B. Com is Bachelor of Commerce. LLB is Lex Legum Bacchelaureus, which simply means Bachelor of Laws in Latin. It is just a degree in law. It does not necessarily mean that the person is a qualified lawyer who is entitled to PRACTISE law. You need to check with Bar Council first.

Advocate & Solicitor means that the person has been called to the Bar and is entitled to practise. However, you would still need to check with Bar Council if he is qualified to practise law for year 2012.

Notary public is like a Commissioner for Oaths, but they notarise documents which are to be used for international matters, like international trade agreements. Some lawyers are qualified notary public. It is an added service which they provide to their clients.