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

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feizaiII
post Feb 15 2012, 11:52 AM

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Good day dariofoo..

Just curious, normally it's take how long for MOT process? Puchong property.
feizaiII
post Feb 16 2012, 02:05 PM

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QUOTE(dariofoo @ Feb 15 2012, 03:04 PM)
Not sure la boss. Hard to say. If staff cuti or kursus camne?  doh.gif

1-2 weeks on average. If Shah Alam they promise within 3 working days.

Just to add - if it is for your loan, it is not an issue as the presentation receipt is enough for the bank to issue the cheque for the balance purchase price. Later the bank's lawyer can collect the MOT and forward it to the bank.
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Thanks dude..
i LIKE "kursus".. Haha

Noted your tips, presentation receipt. Let's me ask my lawyer about it.
feizaiII
post Mar 27 2012, 10:38 AM

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Hi dariofoo.. a quick question here.

What if lawyer say they have advise vendor bank to discharge the property. Is this process nearly the end?
feizaiII
post Mar 27 2012, 12:31 PM

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QUOTE(dariofoo @ Mar 27 2012, 11:07 AM)
More than halfway through. What it means is that the redemption sum has been paid and the vendor's loan has been redeemed (settled). So now the vendor's bank has to execute the discharge of charge and return it together with the original title and other documents to the purchaser's financier's lawyer.
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Thank you bro, explanation is clear enough! After all, is the time vendor pass the key to buyer?

This post has been edited by feizaiII: Mar 27 2012, 12:32 PM
feizaiII
post Mar 27 2012, 06:45 PM

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QUOTE(dariofoo @ Mar 27 2012, 01:28 PM)
Yes the last part would be the handover of keys once the balance purchase price has been paid by the purchaser's financier to the vendor. Normally it would be 3-5 working days after receipt of the cheque as it would take time to clear.  icon_rolleyes.gif
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Thx dude.. thumbup.gif
feizaiII
post Apr 18 2012, 08:28 AM

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Dear Dario kor..

What if as a seller, lawyer had not inform and settle all things after the deadline mentioned in letter? Lawyer will count the late interest?

Current status, seller loan been settled, lawyer just receive security document from seller bank.
feizaiII
post Apr 18 2012, 02:08 PM

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QUOTE(dariofoo @ Apr 18 2012, 11:18 AM)
If seller delays, the completion date will be extended for the benefit of the buyer. There's no late interest. Seller only will have to pay late interest if the purchase price has been paid in full and there is a delay on the part of the seller to hand over the keys.  icon_rolleyes.gif
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Thx dario.

Completion date is 15 April. Buyer had been paid in full and lawyer is settling remaining documents. Have not call to hand over keys yet. Is there any late interest charge on buyer or seller side?
feizaiII
post Apr 19 2012, 01:16 AM

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QUOTE(dariofoo @ Apr 18 2012, 04:20 PM)
What do you mean Buyer had been paid in full? Did you mean Seller?  hmm.gif
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My fault to confusing you!

- Seller loan account had been settled now.
- Completion date is over now.
- Lawyer had not settle all documents hence no call to handover key yet.
- As a buyer, do I get late penalty interest charge because it over the completion date.
feizaiII
post Apr 20 2012, 09:40 AM

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QUOTE(dariofoo @ Apr 19 2012, 06:13 PM)
Thanks for the clarification.

No,bro. As buyer, the completion date will be extended in your favour if there is a delay by the seller.

The completion date will be determined again at the end when keys are handed over.  icon_rolleyes.gif
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Oh.. kamxia kamxia..

But what if no delay from seller side? Delay from seller bank consider as seller fault?

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