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 Selling Your Property, Things to Consider & Costing Involved

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mini orchard
post Dec 27 2019, 09:17 PM

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QUOTE(yourinfohere @ Dec 27 2019, 02:31 PM)
Hello,

jason1986
suadrif
alchmiya
and
others

All of you still here?

Can sample how to prepare the booking documentation?
What important terms and condition want included in 1 piece of A4 paper and put both signatures there as a proof of booking fee to make sure is serious true buyer?
Thank you.
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SnP can be signed within a week including title search if is a serious true buyer.

mini orchard
post Dec 27 2019, 11:36 PM

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QUOTE(yourinfohere @ Dec 27 2019, 10:25 PM)
Thank you for your reply, but above wrote normally seller ask buyer booking fees and sign booking form first, If not want find agent, need DIY, then seller can bring booking form to lawyer settle all. I think the lawyer will start charge seller fees, but if the buyer want cancel or unable of loan, seller still need pay to lawyer and others, so the booking fees is cover the seller lost and if everything alright this booking fees finally minus total amount, just buyer pay early to seller. Serious true buyer sure able and willing pay it.

I think want consent approval, this want wait long time process, so in this situation still after buyer sign SNP, seller can immediately get money(Bank Draft?) through seller lawyer(I think seller and buyer better separate find different lawyer?), then the house belong buyer, so the seller want move out everything of the house? This is mean after success find buyer, then just 1 week time, after done of SNP and seller received full amount money, seller want make sure ready move out everything of the house?

Normally, lawyer not do change utility bill name such as electric, water.... After sold the house, if the buyer not go to change utility bill name, finally buyer not pay it, this can how? Before or process sell the house, not possible change name to buyer, but after sold the house, seller how can cancel above name, this is mean want buyer responsibility of above bill payment and want make sure the buyer or new owner go to change utility bill name?

Except above, which part want special careful?
Above I not sure and I still consider many situations, hope unknown can tell me. Thank you so much.
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1. Is your purchaser agreeable paying you the earnest money pending signing of SnP? In every cases that I know, most purchasers would prefer paying the earnest money to a lawyer or a real estate agency as stakeholder pending title search.

2. No legal firm will instruct purchaser or bank to release the balance of the purchase price to vendor before consent approval. So shifting out within a week is not possible.

3. Your buyer have to do new applications for electricity and water account. You can terminate it anytime after moving out. Not necessary to go together with purchaser.

This post has been edited by mini orchard: Dec 27 2019, 11:47 PM
mini orchard
post Dec 28 2019, 06:54 AM

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QUOTE(yourinfohere @ Dec 28 2019, 12:46 AM)
Really Thanks for your reply.

If buyer not willing pay booking fees, seller how to ask lawyer start process consent approval -> seller loan -> SNP -> seller received full amount.

Normally, consent will approval but need wait long time at least 9 months.
This is mean seller still can stay everything approx. 6 months till "SNP -> seller received full amount"?
If not approval I think this is seller problems and mean this house not possible sell?
If same area others success sold, how can others do above?

May I question?
The seller before sale one consent house, must have another house? But the seller only one consent house and consider after sold this consent house, rent one room and future don't know.

If above mentioned not problems, then the problems normally come from buyer, no want wait consent approval, unable get load, change the mind....

Require booking fees important to serious true seller.
Seller just consider take 5% booking fees and down payment also need 10%, the true serious buyer sure able and willing payment.

I also don't know wrong or not, but thank you so much.
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Once SnP signed, 10% (inclusive of the booking fees) is paid to the seller. After that, your lawyer will only proceed to apply for state consent. If the buyer decide not to proceed with the purchase for whatever reasons before or after consent approval, then you can forfeit the 10% and the sale is consider aborted.

On the other hand, if the state consent for transfer is rejected or exceeded the time duration stated in the SnP, then you have to refund the 10% to the buyer and the sale is considered aborted.

Partial legal fees have to be paid by you for work done if aborted by buyer or seller due to above reasons.

Once the sale is completed, i.e. full payment received, the seller must deliver the house to the buyer.

In normal state consent, approval is not an issue unless you are a bumi and selling to other races or the state govt has intention to acquire your area for future development.

This post has been edited by mini orchard: Dec 28 2019, 06:55 AM
mini orchard
post Dec 28 2019, 07:19 AM

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QUOTE(yourinfohere @ Dec 28 2019, 01:08 AM)
I forgot below.

But the utility bill name such as electric, water.... not under the seller name, the seller before also not change name but keeping pay, so this can how? Now, if the seller is sell the house, hope can settle above situation, want make sure buyer will change the owner name. This is mean if sold out, want make sure full transfer without any future problems.
If buyer owe utility bill company, this possible ask and old owner and their relative, but the old owner and their relative not should responsibility of above and don't know above happen, but the buyer owe the debt of utility bill company is possible rolling like snow ball, then the owner and their relative maybe till check CTOS... record, then know above.
So can you give some advise? or opinion of above situation.

Seller really install basic needed, paint, renovation..., before this house not require bill proof, so this RPGT minus renovation fees will hopeless. This is mean only can minus starter house price, agent fees(maybe) and lawyer fees?

Thank you for your help.
Mini Orchard, hope you have a nice day.

QUOTE(mini orchard @ Dec 27 2019, 11:36 PM)

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For utilities, buyer can change name immediately upon new application. Dont have to wait for seller to terminate the account.

As for your case, since is still under previous seller account, you settled ALL outstanding bills before moving out so as not to cause problems to your buyer. You cannot terminate the accounts UNLESS you do 'new' applications and terminate. If the new buyer dont pay the bill, the utility co will disconnect supply. Utility co have records of usage and payments and can check with SnP date in any 'disputes' of the buyer.

As for rpgt, you can only claim for deductions with bills. On the other hand, if for residential properties, a seller can elect for rpgt exemption ONCE in a lifetime.


mini orchard
post Oct 24 2023, 04:16 PM

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QUOTE(Jingle91 @ Oct 24 2023, 08:16 AM)
Hi All sifu, going to sell my old house soon, may I know the agent fee still range btw 2-3%?
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Maximum 3%.

Include the fees in the selling price so that seller feel good that buyer is paying for it 😂

 

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