Experts,
Please advise me...
Recently i fancy ideas to own land maybe for durians/fruits/fishing pond/resorts/niteclub
and i manage to find a land at reasonable price thru my fren
but my fren wants to be apart share

ok ... i did abit of homework ,
land loans are 50% max out of the selling price
before finalize, gotta hire land surveyor to check the border and size

questions are ...

1. Can a land title have 2 names that shows how many percent shares that I own like in a company?
there might be a situation i am paying 60% while he fork the balance out

2. If No, that means i gotta make a Sdn Bhd to own that land ?

3. Both of us are sharing to serve the installement for loan monthly, if one unable to service it due to financial difficulty within a time frame ... can we set terms where the potion left must be sell at certain fix price minus the owed installement?

4. How much percent will lawyer fees cost usually out of the total selling price?

thanks and sorry if my questions sounds noob

Get Consultation from a lawyer by walk in to their office.

Ask the lawyer to add a clause into the contract, whoever unable to service it loan due to financial difficulty within time frame. The person who at fault or The wrong doer has to compensate liquidated Ascertained Damages. (LAD)

http://www.faircontracts.org/contract-prov...-damages-clause

SNP is a contract where it will stipulate the payment terms and bound both of you honour the contract.

SNP is sort like insurance to safe guard.

A land title can have more than one registered owner but it won't be able to reflect the percentage of ownership. The ownership matter should be governed under separate contract between the owners. Unless the titles (assuming more than one here) are amalgamated and divided again to the intended portion by each parties which in this case each party will just own their respective piece.

Fom the bank's perspective, when the loan defaults, it will have rights to go againt each and every of the borrowers, which in your case I pressume both you and your friend are the joint borrowers, regardless who (you or your friend) is unable to pay (note: put aside whether the bank in the first place is comfortable in granting the loan to 2 person who have no blood or biz relationship). You may have contract with your friend to stipulate the share of the sales proceeds (including the circumstances whereby the land is being auctioned but still with surplus left after paying off the loan, legal fee and other necessary expenses). But the problem to your situation is it could be hard to prove who have defaulted / not paying the loan and thus the party who have defaulted shall get a lesser share of the sales prceeds (if I interpret your intention correctly).

My advise is, go to seek proper legal advice if your are serious with your venture.

SNP is a contract between the buyers and the vendor. The arrangements between the buyers and how they resolve their dispute is not part of the SNP. Hmm... couldn't agree that SNP is like an insurance - both are vey different.

Yes, for vacant land title, it does show the undivided share of the owners. For you, its 6/10 or 3/5. For your friend it would be 4/10 or 2/5 etc.

If you use S/B to hold the land, u only need to change coy shares in case you need to add or deduct shareholders. Which does not need to involve land office transfer. If you hold it invidually like option 1, any changing of shareholders need to involve land office transfer.

It is very hard to enforce this kind of payment terms. You need to sign another seperate contract between all shareholder. The problem is here, if your partner cannot afford to pay this month or the next, do you have the financial means to pay off his portion of installment to the bank?

As long as you are financially prepared to backup and serve your partner loan or vice versa, then you can hire a lawyer to structure an agreement. But bear in mind that this agreement does not protect you both from bank action against default payment (even you pay on time, your partner does not pay).

Boss, vacant land title do show individual shareholder undivided share. From what my west msia tauke tell me.

Yes boss, you are right. Thanks for correction.