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 Lawyer's Corner v2, One-stop centre for any legal queries

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TheNew
post Apr 12 2012, 06:26 AM

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Buyer has signed an agreement to purchase and pay earnest deposit. And request :
1. Lower buying price
2. tenancy/rental must be revert to new buyer upon signing SPA

Seller agree to these 2 conditions and signed the agreement.

Now buyer want to withdraw and try to stop the cheque issue. As I know is buyer's earnest deposit shall be forfeited. Now what cation can be taken agaisnt the buyer? Please advice.
lovepark4444
post Apr 12 2012, 09:17 AM

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QUOTE(Ninjitsu @ Apr 11 2012, 09:38 PM)
SPA lawyer was not bank appointed. For this case, there is potential for late penalty charges. Presently, specified 3-month period is not up yet.
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What about the saturday & sunday during the 3 month grace period? 1 week got 2 non working days which is not fair to u either? Right>?
Ninjitsu
post Apr 12 2012, 12:40 PM

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Weekends are bundled up into the 3 month grace period.
TSdariofoo
post Apr 12 2012, 01:19 PM

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eric84cool:
» Click to show Spoiler - click again to hide... «


Basically, since there's no individual title, all outgoings have to be pro-rated against the master title. It is quite common for the above clauses to be inserted. 5.01 would cover quit rent and assessment. 5.02 talks about monthly maintenance, while 5.04 talks about other possible new charges in the future, which is highly unlikely but which is simply inserted just in case there would be such charges in the future. So, nothing to worry about. nod.gif
TSdariofoo
post Apr 12 2012, 01:21 PM

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QUOTE(TheNew @ Apr 12 2012, 06:26 AM)
Buyer has signed an agreement to purchase and pay earnest deposit. And request :
1. Lower buying price
2. tenancy/rental must be revert to new buyer upon signing SPA

Seller agree to these 2 conditions and signed the agreement.

Now buyer want to withdraw and try to stop the cheque issue. As I know is buyer's earnest deposit shall be forfeited. Now what cation can be taken agaisnt the buyer? Please advice.
*
What is stated in the SPA? Does it allow the seller to sue for specific performance? Or does it just state that the vendor is entitled to forfeit the deposit? You need to base it on the terms of the SPA and nothing else, since it is a binding document which both parties have signed. icon_rolleyes.gif
eric84cool
post Apr 12 2012, 02:41 PM

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QUOTE(dariofoo @ Apr 12 2012, 01:19 PM)
eric84cool:
» Click to show Spoiler - click again to hide... «


Basically, since there's no individual title, all outgoings have to be pro-rated against the master title. It is quite common for the above clauses to be inserted. 5.01 would cover quit rent and assessment. 5.02 talks about monthly maintenance, while 5.04 talks about other possible new charges in the future, which is highly unlikely but which is simply inserted just in case there would be such charges in the future. So, nothing to worry about.  nod.gif
*
thx Dario...I read from an article stating that S&P for commercial property is tend to be advantage on seller side rather than protect buyer side. Do you have similar S&P which could share to compare or to differentiate? Thank for ur help very much!
dreamadream
post Apr 12 2012, 03:42 PM

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Hi Dario,

Thanks! notworthy.gif

This post has been edited by dreamadream: Apr 14 2012, 11:04 PM
*NaRaYa*
post Apr 12 2012, 04:28 PM

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Hi, newbie here

my mom want to sell her office lot and already found a buyer. She received a call form buyer lawyer asking to pay RM500 for tax ( something like this , not sure ) .

Question : What fee my mom suppose to pay ?? ( mom already fully paid to the finance bank )

Thanks smile.gif




TheNew
post Apr 12 2012, 10:40 PM

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QUOTE(dariofoo @ Apr 12 2012, 01:21 PM)
What is stated in the SPA? Does it allow the seller to sue for specific performance? Or does it just state that the vendor is entitled to forfeit the deposit? You need to base it on the terms of the SPA and nothing else, since it is a binding document which both parties have signed.  icon_rolleyes.gif
*
It is a letter offer by buyer to seller.Not yet enter Sales&Purchase Agreement.
The problem is the buyer stop the cheque issued which estate agent banked in.
In the agreement stated if buyer does not want to proceed to sign SPA then the earnest deposit shall be forfeited.
But now the buyer has ordered the bank to stop the cheque.So nothing to forfeit.... cry.gif
In this case what can the seller and estate agent do to claim back the earnest or proceed with the signing SPA???
k3v1n
post Apr 13 2012, 09:44 AM

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QUOTE(dariofoo @ Apr 10 2012, 11:45 PM)
No, what I meant was it is the vendor who decides if you can get the keys early. Of course you would still need to go through your lawyer to ask the vendor or the vendor's lawyer as one should always go through the proper channels.  icon_rolleyes.gif
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Thanks Dario, since I have started to pay the interested before I got the key, the snp lawyer told me that I should pay this progressive interest wo...is that true?? But now is their problem to slow down the process, why I should pay this progressive interest? rclxub.gif
TSdariofoo
post Apr 13 2012, 01:03 PM

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QUOTE(eric84cool @ Apr 12 2012, 02:41 PM)
thx Dario...I read from an article stating that S&P for commercial property is tend to be advantage on seller side rather than protect buyer side. Do you have similar S&P which could share to compare or to differentiate? Thank for ur help very much!
*
Sorry,can't help you there. It's outside the scope of what I do here. smile.gif
TSdariofoo
post Apr 13 2012, 01:05 PM

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QUOTE(dreamadream @ Apr 12 2012, 03:42 PM)
Hi Dario,

Would you pls help me check whether the legal fees charged are reasonable? Many thanks!


Meanwhile, the vendor has fully paid off his bank loan, is it advisable to lodge a private caveat or not?
*
Please compare with the many samples in v1 of this thread. Domo arigato notworthy.gif

QUOTE(dreamadream @ Apr 12 2012, 03:42 PM)
Meanwhile, the vendor has fully paid off his bank loan, is it advisable to lodge a private caveat or not?
*
Yes, that would be prudent to do so. nod.gif
TSdariofoo
post Apr 13 2012, 01:06 PM

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QUOTE(*NaRaYa* @ Apr 12 2012, 04:28 PM)
Hi, newbie here

my mom want to sell her office lot and already found a buyer. She received a call form buyer lawyer asking to pay RM500 for tax ( something like this , not sure ) .

Question : What fee my mom suppose to pay ?? ( mom already fully paid to the finance bank )

Thanks  smile.gif
*
No idea. Might want to ask them to put it in writing. Then your mum would have a better idea. icon_rolleyes.gif
TSdariofoo
post Apr 13 2012, 01:09 PM

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QUOTE(TheNew @ Apr 12 2012, 10:40 PM)
It is a letter offer by buyer to seller.Not yet enter Sales&Purchase Agreement.
The problem is the buyer stop the cheque issued which estate agent banked in.
In the agreement stated if buyer does not want to proceed to sign SPA then the earnest deposit shall be forfeited.
But now the buyer has ordered the bank to stop the cheque.So nothing to forfeit.... cry.gif
In this case what can the seller and estate agent do to claim back the earnest or proceed with the signing SPA???
*
Obviously you can't proceed to sign the SPA as the purchaser has stopped payment of the earnest deposit thus putting a halt to proceedings.

To enforce the seller's rights, you need to appoint a lawyer to sue the purchaser. Two options:

1. Sue to recover earnest deposit as agreed liquidated damages and upon receipt of same, close the matter; or
2. Sue to for specific performance, i.e. to compel the purchaser to complete the transaction and purchase the property.

Since it's a problematic purchaser I suppose option 1 would be the more viable idea. icon_rolleyes.gif
TSdariofoo
post Apr 13 2012, 01:11 PM

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QUOTE(k3v1n @ Apr 13 2012, 09:44 AM)
Thanks Dario, since I have started to pay the interested before I got the key, the snp lawyer told me that I should pay this progressive interest wo...is that true?? But now is their problem to slow down the process, why I should pay this progressive interest?  rclxub.gif
*
If they slow down, their loss is that they get their balance purchase price late.

You pay the interest now by virtue of your contract between yourself and your bank, and nothing to do with the vendor.

Unless the terms of your SPA is such that the vendor agrees to bear your interest pending the completion date, I can't see any other way but for you to bear it on your own.

icon_rolleyes.gif
billooi
post Apr 14 2012, 12:46 AM

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Hi Dario,

With regards to purchasing of a low cost apartment, I have been told numerous conditions of sale by different agents. Among them are:-
1. Cant sell to individual..only to married couple earning less than a certain salary range.
2. Require land office approval.
3. Sale can be done if subsale unit of more than 5 years old.

I am very confused as no one agent has told me a same answer.

Would you happen to knw the requirements of transfering of title for low cost apartment?

Thanks!!
TSdariofoo
post Apr 14 2012, 02:57 PM

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QUOTE(billooi @ Apr 14 2012, 12:46 AM)
Hi Dario,

With regards to purchasing of a low cost apartment, I have been told numerous conditions of sale by different agents. Among them are:-
1. Cant sell to individual..only to married couple earning less than a certain salary range.
2. Require land office approval.
3. Sale can be done if subsale unit of more than 5 years old.

I am very confused as no one agent has told me a same answer.

Would you happen to knw the requirements of transfering of title for low cost apartment?

Thanks!!
*
It depends on the requirement set by the State Authority in question. Situations nos.2 and 3 are common. Best to check with the management office of the place or with the developer directly. icon_rolleyes.gif
dore182
post Apr 15 2012, 01:24 PM

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Hi Dario,

Can application for Substitute Services being used to issue notice of demand beside summon?
TSdariofoo
post Apr 15 2012, 07:36 PM

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QUOTE(dore182 @ Apr 15 2012, 01:24 PM)
Hi Dario,

Can application for Substitute Services being used to issue notice of demand beside summon?
*
No, it is only for the summons itself. Notice of demand can be sent by normal registered post. Unless there is a contract and the contract stipulates the form of service of notice. More often than not it is by registered post and deemed accepted 3 days after postage. icon_rolleyes.gif
dreamadream
post Apr 16 2012, 09:12 AM

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Hi Dario,

I hv clicked on the links that you provided on the first page, I would like to know whether it's common that i found the lawfirm that is handling my case but the lawyer that i am liaising with is not listed under the law firm on the Bar Council's website.

meaning: the law firm is found in the webside, but the name of the lawyer is not, thanks!

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