After S&P and get 10%, when the seller can get rest of the money (90%) ?
When ? after the completion of property owner name change ? what if there is some huge delay up to 1 year due to strata title dead of owner etc ? i get the money 1 year later ?
Let's say i need the money very urgent like within 60 days after S&P, can i get the full money before the name change ?
eg. they give me the full money first then i hand the key to purchaser to live or rent, then wait for the time consuming last step name change.
Normally the name change and 90% money handover take how long.
What you suggest if i want the 90% as fast as possible.

money is issue by bank, bank wont disburse until the title is in their hand ... so you say leh.
how fast can you get the title to the bank hand then ... ball is in your court.

even CASH purchase will not move until title change name ... wait long long lah.

Normally there is no need to wait for the title to be registered.

The normal process will be to redeem the existing loan (if any), get back the title and forward the same (together with the discharge, if applicable) to the purchaser's loan lawyers.

Purchaser's loan lawyers will then present the transfer and charge at the land office for registration and will obtain a presentation receipt. They will then advise the bank to release the loan/balance loan to the seller's lawyer as stakeholder with the presentation receipt.

Keys to be handed over and sellers will then release the monies held by them as stakeholder to the seller (normally upon expiry of 14 days from date of presentation) and not after title registered in the name of the purchaser.

However, do refer to your SPA as it can differ from case to case. If it is stated that the balance monies can only be released to the seller after title is registered in the name of the purchaser, then seller will have to wait lahh.

so presentation receipt and key will do.
normally how long it take between the step from presentation receipt TO final change name ?

Depends on land office and type of title.

If selangor for landed properties about 2 weeks to 1 month. If strata about 6 months or more.

If kl for landed about 1 to 2 months, if strata 1 to 2 months also.

Could be slower or faster. Depends on officer also. Last time selangor strata very fast, but one of the heads got transferred to kl, so now terbalik. Kl faster, selangor slower.

This post has been edited by jason1986: Dec 16 2015, 06:04 PM

Wow, how come you so familiar with this, you are a lawyer ?
Can the buyer just apply loan without signing the S&P(what doc they need)
Since the loan is very strict now, i don't want to waste my time with S&P, then later buyer can't secure loan and ask for all 10% refund,
very troublesome and maybe i need to pay legal fees too if i use my own lawyer right.
Normally allow how many day for the buyer to get loan, how many day for remaining 8%, how many day for the 90% money ?
Should i use my own lawyer even i can save money by using buyer lawyer ?



This post has been edited by sai2: Dec 16 2015, 06:38 PM

Yes, purchaser can apply for a loan without spa signed. Normal docs required from seller will be the offer to purchase, copy of title and copy of previous spa. The rest will be their pay slips etc.

Normally, purchaser will be the one to request that the purchase be subject to loan approval because if loan not approved, they will be able to get their earnest deposit back. Seller should ensure that time frame stated if agreeable to purchaser's request. 14 days should be fair and reasonable.

Once loan approved, then proceed to sign spa and pay the balance deposit.

For properties where title is issued, remaining 90% will normally be paid within 3 months from date of spa (no restriction in interest endorsed on the title) or date of consent being obtained (if there is a restriction in interest endorsed on the title). Automatic extension of 1 month subject to payment of interest.

It is advisable to appoint your own lawyers unless you are familiar with the terms and conditions and able to nego on your own.

This post has been edited by jason1986: Dec 16 2015, 08:36 PM

Since loan is very strict now.
So you recommend me to sign S&P first then buyer apply loan, or buyer apply loan b4 we sign S&P ?

Basically if letter of offer does not state that the offer to purchase made by the purchaser is subject to loan, you have the right to forfeit the earnest deposit paid if he fails to execute the SPA (be it for reason of loan not being approved or otherwise) within time frame given.

If SPA has been executed and you have fulfilled the conditions precedent and yet he fails to pay the balance purchase price within the time frame provided, then you have the right to forfeit the deposit paid.

I will leave it to you to draw your own conclusions and decide whether to have the SPA signed first or not.