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PLEASE I need Help on my property purchase!
TSalwjmonster
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Jul 2 2015, 07:04 PM, updated 9y ago
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Getting Started
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Hi, all sifu, please help, i have paid deposit of 2% of the property value RM420k, however this morning i just went to lawyer firm to do my SPA along with the seller, we share same lawyer, to save cost, the lawyer said there's a problem which may delay this deal, because the property owner still not yet completely transfer her ownership tittle from the developer, which has already been 10 year, but the lawyer insist that we can still do SPA while waiting (double-transfer quicker way) for the tittle to completely transfer into this owner which may took about 5 months at least... so i just listen to what the lawyer said, and asked to prepare the S&P agreement... please help if my decision was right? or should i wait for the complete transfer of ownership before i do my S&P, but i like this particular property so much and was not hope to lose this deal.
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cedyy
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Jul 2 2015, 07:17 PM
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is the title or strata title already out from the developer? if yes, it should be ok. i've sold my property before whereby i've yet to claim the strata title from the developer. i did not claim earlier because of dispute on the additional amount to pay for the title due to difference in actual built-up vs stated built-up. the title was transferred to the buyer.
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TSalwjmonster
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Jul 2 2015, 07:20 PM
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Getting Started
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QUOTE(cedyy @ Jul 2 2015, 07:17 PM) is the title or strata title already out from the developer? if yes, it should be ok. i've sold my property before whereby i've yet to claim the strata title from the developer. i did not claim earlier because of dispute on the additional amount to pay for the title due to difference in actual built-up vs stated built-up. the title was transferred to the buyer. how long did it took you to transfer the title, yes, its already out, just the house owner lazy to sign or what, delay so long, now the lawyer have to prepare the document waiting the director to sign... and the lawyer told me it took at least 5 months
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cedyy
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Jul 2 2015, 07:22 PM
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QUOTE(alwjmonster @ Jul 2 2015, 07:20 PM) how long did it took you to transfer the title, yes, its already out, just the house owner lazy to sign or what, delay so long, now the lawyer have to prepare the document waiting the director to sign... and the lawyer told me it took at least 5 months less than 4 months
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felixmask
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Jul 2 2015, 08:24 PM
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QUOTE(alwjmonster @ Jul 2 2015, 07:20 PM) how long did it took you to transfer the title, yes, its already out, just the house owner lazy to sign or what, delay so long, now the lawyer have to prepare the document waiting the director to sign... and the lawyer told me it took at least 5 months Freehold or leasehold ...previous I sign 2011 get the key 2013
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sheahann
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Jul 2 2015, 08:26 PM
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Rule number one. Never use the same lawyer from owner
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TSalwjmonster
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Jul 2 2015, 08:39 PM
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Getting Started
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QUOTE(felixmask @ Jul 2 2015, 08:24 PM) Freehold or leasehold ...previous I sign 2011 get the key 2013 freehold.
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TSalwjmonster
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Jul 2 2015, 08:48 PM
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Getting Started
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QUOTE(sheahann @ Jul 2 2015, 08:26 PM) Rule number one. Never use the same lawyer from owner haha, thanks for the advise, but it's more like we both go appoint this lawyer, so i suppose it is quite neutral? but of course i will protect my rights, if anything happen from the seller which cause default this deal, of course the seller have to bare all the compensation. i will include this term upon signing the agreement.
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ctlim78
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Jul 2 2015, 09:04 PM
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Getting Started
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my 2cents advise: pls cancel the deal and get back all refund if possible. If owner dont want to refund, pls make sure put a clause in agreement that if the transfer unable settle in 6 months timeframe, owner need to allow you to stay FOC till done (like you are the tenant but rental FOC). Cause the transfer might take few months to years (from my experience). Or else you end up paying rental while waiting for the title transfer. Why she dont want to do the transfer in the first hand cos dragging more than 10 yrs? ( for safe, pls check wt condo management on who has done the title transfer. Dont rely on lawyer, pls do your own survey directly)
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Thiamwah
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Jul 2 2015, 10:30 PM
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Getting Started
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Good suggestion..check with maintenance office or agents familiar if any issue to transfer for other transactions..
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Tavia88
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Jul 2 2015, 11:43 PM
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QUOTE(alwjmonster @ Jul 2 2015, 07:04 PM) Hi, all sifu, please help, i have paid deposit of 2% of the property value RM420k, however this morning i just went to lawyer firm to do my SPA along with the seller, we share same lawyer, to save cost, the lawyer said there's a problem which may delay this deal, because the property owner still not yet completely transfer her ownership tittle from the developer, which has already been 10 year, but the lawyer insist that we can still do SPA while waiting (double-transfer quicker way) for the tittle to completely transfer into this owner which may took about 5 months at least... so i just listen to what the lawyer said, and asked to prepare the S&P agreement... please help if my decision was right? or should i wait for the complete transfer of ownership before i do my S&P, but i like this particular property so much and was not hope to lose this deal. Please ask developer whether they allow for direct transfer or not. But for your case its about 10years i guess the only way left is double transfer then. For double transfer, please check its individual title or strata title. Then check which land office is your property subjected. For individual title can be done easily within 2months for double transfer around klang valley. So for your case i guess it shall be strata title. If its starta title then yes it might take about 6months to a year to complete the whole deal untill you take VP. As the time frame for the issuance of a new strata title, its about 3 to 6 months period. Just imagine in yr case its double transfer. So averagely its around 6 months to a year. This post has been edited by Tavia88: Jul 2 2015, 11:44 PM
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TSalwjmonster
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Jul 3 2015, 02:50 PM
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Getting Started
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QUOTE(Tavia88 @ Jul 2 2015, 11:43 PM) Please ask developer whether they allow for direct transfer or not. But for your case its about 10years i guess the only way left is double transfer then. For double transfer, please check its individual title or strata title. Then check which land office is your property subjected. For individual title can be done easily within 2months for double transfer around klang valley. So for your case i guess it shall be strata title. If its starta title then yes it might take about 6months to a year to complete the whole deal untill you take VP. As the time frame for the issuance of a new strata title, its about 3 to 6 months period. Just imagine in yr case its double transfer. So averagely its around 6 months to a year. its individual title... the lawyer ask me not to worry, it can be done within 6 month, they have handle many similar case like this before...
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Tavia88
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Jul 3 2015, 09:07 PM
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QUOTE(alwjmonster @ Jul 3 2015, 02:50 PM) its individual title... the lawyer ask me not to worry, it can be done within 6 month, they have handle many similar case like this before... Aiyo... individual title no worries la... but please confirm there is no restriction on the title and its freehold. If yes, then shall be able to be solved within 6months! *Next time need lawyer find me la...i will explain to you step by steps.. haha! This post has been edited by Tavia88: Jul 3 2015, 09:22 PM
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