Hi Dario,

I intend to purchase a property (a subsale unit).
My doubts are:-

1) The developer has gone bankrupt and now under a Badan Pengurusan (or Liquidator). May you advise in this case, what things should I be careful off?

2) I went to a few banks, some keen to lend me money but some dont. Why? Is it because the developer has gone bankrupt?

3) If the developer has gone bankrupt, will it be very difficult for me to transfer name from the current owner to my name (be it whatever documents). At present, there is only a Master title but no Strata title.

4) Do you know roughly what is the bank checklist (docs required) before the bank will really release the funds to the owner?

Thanks dario.

Hi dario..

Another question..can i change the S&P lawyer if there is another lawyer that quotes a better fee eventhough i've already paid 3% deposit on the property?

Tq

Dario,

First of all, thanks for your advice couple of months ago on my house selling transaction.

Right now i have move in to my new house and is one of the committee member of the residence association.

The new house is located in MP Sepang vicinity and one of my neighbor house is undergo massive renovation and most of the residents here commented that such renovation is definitely against the regulation set by the local authority. Few complaints has been forwarded to MP Sepang and notis saman and notis pemberhentian kerja has been issue to the said house owner.

However, house owner seems to ignore the notices but proceed with the renovation works.

Just want to check with you what can we do as the resident association and as his neighbor to make sure he is adhere to the regulation? FYI, all the house owners did sign the deed of mutual covenant during the house purchase's process.

Thanks!

What about if the spouse with no children??

guys.. give me quick answer.. how to calculate for lawyer fee for the property cost RM420K? buyer and seller one fee or what will be charge or use one party lawyer?  (sub sale)

Thanks god I found this thread.

Dear Lawyer,

Seek for your kind assist to help me on this: (RPGT)

Grandpa passed away, the sons got the name transfer successful from the letter authority assigned from high court on May 2012
Grandpa owns the land from year 1919 (I saw from the title: tarikh mula-mula pemberimilikan : 29/12/1919)
The title also showing "didaftarkan pada 8/12/1997"

Now, we have done the MOT from grandpa to sons on 2012, which means less than 5 years, there is 5% on profit charges for RPGT

Does this applied on my case? no RPGT charge on this?

If developer says SPA is free, what costs do they bear? Everything associated with SPA? When to pay MOT?

hi dario,

just a quick question.

Let's say i am the buyer appoint Lawyer A, then seller appoint Lawyer B, then the SPA is drafted by Lawyer A or Lawyer B?

Thanks Dario!

Now that the bank of the vendor had released the document. My lawyer told me i need to wait for the document to be stamped by the vendor's solicitor and send to us. After 1 week, however, the lawyer said they haven't received the document. Has they took too long to do it?

Normally how long it takes for the bank to release the money after they receive to documents? 

Thanks again.

Normally how long it takes for the bank to release the money after they receive to documents? 

Hi Dario,

Would like to ask a question,

I sell a house, buyer paid earnest deposit and accordingly to the agent, his loan application is rejected. 

There is an extra condition in the Offer To Purchase Letter, "Subject to loan approval of 90% margin to be obtained within 14 working days.  Earnest deposit will be fully refund provided with 2 banks rejection letter"

It is a lot of times i have been chasing the agent to get the loan rejection letters but i did not receive.  After > 20 working days, i was chasing the agent again, then agent told me buyer collected the letters, but he is oversea.  He can't give me now.  So, i told him i would forfeit 50% of the earnest deposit.

According to the agent, he has advised lawyer that i can't forfeit 50% of the earnest deposit since buyer has the loan rejection letters within the 14 workings day clause and i have to bring this to court if i want to forfeit and bank can act as witness. 

The agent also said if i forfeit, my property will be caveat and cannot be sold until the case is settled.  Is this true? (I mean i cannot forfeit any deposit as long as buyer has the rejection letters within 14 working days even though i did not receive in time)

I am in the midst of buying a shophouse. Agent tells me I need to fork out ernest deposit first before I can view the tenancy agreement. Firstly, is this market practice? Second, what should br my recourse if I find that after the tenancy agreement viewing, I don't want to buy.

Dario,

Thank you very much for your advise.  I would refund 100%. 

One thing i want to make sure the agent did not 'eat' the deposit (deposit is on agent's hand) without seller and buyer knowledge so i told agent if he still not give me the letters, i would forfeit 50% to pressure him to work since i've been chasing him a lot of times but no feedback even the buyer still in the country.

This is the first time i sell house thru agent and heard a lot of not good comments to property agents.

Yes, is RPGT charged to the sons if they are selling the land to others?

Dariofoo,

Tq very much for the reply for those having problems here. Salute you very much.

Can give some advise for my friend here ?

The Case :-

She already have the loan and serving the loan for 2 years. Within this year time, she had defaulted the payment for 2 months and subsequently wend to 3 months. The bank revised her interest from 4.2 to 9.1%. She went to the bank settled all the outstanding of Rm 12,000.00. When she asked for reduction of interest, the bank told her that she must pay promt payment for 6 months and the interest will revise back to normal.

She asking for my help to get legal advise.

My opinion, it's right to punish or raise the interest rate for non-regular payment, but when the person already get the money and pay ALL THE OUTSTANDING, would it be fair to revise back the interest rate ?

According to her, her monthly payment of RM 3,400 are increase to RM 5,300.00.

The bank is a foreign bank.

My questions :

Is the Foreign Bank have the right for themself in the event the customer defaulted payment, they can charge any interest they want or they have follow the BAFIA act for Non-Prompt customer behaviour ?

The offer letter i looked at indeed have clause 13. EVENTS OF DEFAULT.

The bank clause 13 under offer letter stated :

Notwithstanding your overall obligation to repay all outstanding amounts on demand by the Bank, the Facilities or any part thereof for the time being outstanding and unpaid together with interest thereon and al other monies secured by any security shall immediately become due and payable, and the security in favour of the Bank shall become immediately enforceable and exercisable by the Bank, without prior demand, and the facilities shall be cancelled and no further drawdowns or availability in respect thereof shall be permitted, in any of the following events, irrespective of whether such event is continuing ...
Is the statement above means that in the event i defaulted 3 months and bank can charge me interests rate up to their like ? Or the interest of 9.1% follow some sort of Banking Law ?

My conclusion is, there is a need to punish the customer, but until what extend ? Why the interest is not 6% or 7% ? I see the Bank are more like killing the customer than giving them a chance to something about the non-prompt payment customer.

Can give a little bit 2 cents on this matter ?

Tq very very much.

Hi Dario,

I am a foreigner. I and my Malaysian wife bought a house with RM200k a few years ago and put it under my wife name since I am not eligible houses under RM 500k. I am currently paying loan for that house even though my name is not there. I don't have any issue for doing that; however, I am worried about what is going to happen to that house if my wife die suddenly. Is there ways to counter the loss of the house?

Thank you in advance...

Naing

em... good question that i don't have answer.  I just told agent i want to forfeit 50% and will follow-up with his company to 'force' him to follow-up. 

Before i signed the Offer To Purchase, i asked him to scan the cheque for me to confirm name under his company, he did not. 

After only i said want to forfeit and will follow-up with his company, he came back with some feedback as what the question and answer i asked you.

I think i will sms buyer to get his refund if i still cannot get rejection letters on the due date i gave to agent.  I do not want to follow-up a case which consider ended on my side.  (Good thing is i have the buyer's phone number).

=====
 
Agreed every profession has good and bad apples.  I try to be more careful on any case.  It's too sad to say 'difficult to find a person whom you do not know to totally trust on...'

But I can't own the house even if it is given to me in the will, right? According to price limit to foreigner.

Hi, I would like to check on RPGT.

I understand that if an owner is to dispose his property within 2 years, tax is 10%. From 3rd to 5th year it is 5%. Is this right?

My lawyer advised that it is a flat rate of 10% for the first 5 years.