hi all,

im getting a new serviced condo soon and i need your assistance to see it through. I am not very familiar with the law of real estate and there's so many incidence that is very different from case to case after all .

these are the informations of the new purchase soon.

building: condominium
completion: Yes, CF obtained.
title: leasehold
Strata title: not yet
Land title: commercial
purchase : sub sales, direct owner
middleman: agent(friend)
housing loan: yes
Package: zero moving cost
S&P legal fees: Own payment

How do i carefully transact this deal without any hiccups?
I like to know also the meaning of caveat, deed of aggreement or covenant?

What should i do to secure it safely?
is caveat needed for non-landed property like condo ?
must i approach the developer to give consent of transfer?
For a commercial property land , does it takes longer time to do transfer? any other charges incurs beside those legal fees for loan and S&P?
how can i safeguard the property from another purchaser while i am applying for loan.

thanks

"must i approach the developer to give consent of transfer? "
if u are buying, your seller will pay the developer to give consent"

"how can i safeguard the property from another purchaser while i am applying for loan. "
if your seller oredi signed the agreement, and u oredi paid your initial 2% i think u are quite secure. but if your seller decided to sell to another fella also u cannot say anything, but if not mistaken the seller will have to pay either you or your agent some compensation.
Nothing is secured until your get the title under your name ler....that also not 100% secured.

rest of your questions, i dunno also

This post has been edited by mIssfROGY: Jul 2 2007, 01:13 AM

things to watch out for:


Check if U need consent from the land office for transfer of ownership



Are U aware that altho the use is condo, the land use is commercial...it means that you have to pay a hefty sum in quit rent and assessment. Utilitily rates are also substantially higher than residental property.




is an encumbrance put in by a party (registered with the land office) that has got interest in the property.This is to put others on notice re yr interest .eg if yr lawyer makes a pre-lim search before U pay the bal 10% and U see someone else has place a caveat , U may want to find out who and why


all owners of parcels within a strata project will enter into a deed of mutual covenant to abide by rules and regulatations of the common areas.


Get a lawyer to attend to the transaction..



with the recent amendments to the Housing Act , it is no longer required to seek the developer's consent. however, it is to your interest to request confirmation before you pay any $ regarding the ownership of the property and what charges are outstanding from the developer ..so that you list in the SPA for the vendor to pay for all these outstanding (if Any)



not that i am aware of


u have to pay the legal fees and disbursements for acquisation of the property.




Normally, your lawyer will put in a caveat for purpose stated above. For whatever it is worth, just put it the developer on notice on your intented purpose, altho it does not to do anything about it

This post has been edited by ??!!: Jul 2 2007, 09:49 PM

??!! : need to ask u a ques...issit no longer need to pay for developer's consent no matter in what situation? How come my developer asked consent of Rm500 from me when i wanna sell my house? For your info, title just came out but havent transfer to my name yet. And the developer said that due to title is out and requires direct transfer, i must pay the RM500 consent fees. Is this true?

ohh icic. Thanks....
so meaning i do not need to pay for consent at all?

in yr case, strictly the transfer has to be done from developer to u as original buyer and then transfer again from U to the your new buyer.

Have U paid stamp duty for your purchase in the first place. Your lawyers could be helping U to save some money by going round the system ( assuming U can get around with land office and stamp office) and getting developer to agree to the so-called direct transfer altho titles has been issued.

hmmm..when the title came out, i put a hold on the transfer to save on the stamp duty. Apparently my buyer turned out to be a PR and due to the recent changed in law to attract the foreign investors, they cannot do the round about that they used to do when it comes to foreign buyers (me not too sure about those law jargons...very messy and dun think i can explain it here myself incase i get it wrong).

So to make long story short, i need to pay for the transfer title to my name be4 transfering the title to the buyer's name. (nope, till date i havent pay for the stamp duty, am still checking on whether can do a direct transfer to save on the stamp duty....but it seemed that there is no way to escape it....source info from few lawyers and estate agents)

Btw, on the consent part.....that was be4 i knew i couldnt do a direct transfer. Since now i am not doing a direct transfer, i dun need to pay consent at all, am i correct? Since it wont be involving the developer at all now.

The stamp duty cost alot.....wow, thats y i was trying all ways to escape that, not to mention lawyer's fees involved.

Note to house sellers, if u wanna sell to PRs, do ask alot of questions be4 u sign any agreements! Else, it involve alot of complications and time especially if your title just came out but not yet transferred to your name yet. Mine, i gotto wait for more than 9 months for the deal to pull thru....just a reminder.

yes...Now U dont need developer consent. However, if You had requested for consent earlier when it was applicable and already paid...dont see how U can get back the money.


NVM lah..actually, memang have to pay stamp duty when U purchase property mah....of course if can get away without paying, itu bonus...or rather call it 'extra-ordinary profit'!

Consolation, now no need to pay RPGT

hehhe..yalor i paid for consent liao thanks to my lawyer who is UNINFORMED...haha. But the developer told me might pay back abit la....hopefully looo...

Yalor...stamp duty...pengsan i didnt know buying a house can involve soooo much monies (RM8k just for stamp duty...oh pengsan dunno how wanna vomit that amount)...i better put in FD...really after all payments deductions i didnt earn at all...more like breakeven(but thank gawd no capital depreciation), but lost on interest which i could have gain if i put in FD. Hmm...but i memang also no need to pay the profit gain tax since this is my 1st sold house....so max lost for me...hehe. But then again, in the 1st place, this place wasnt meant to be for investment la....memang for own stay but becoz of some unforeseen reasons, i am forced to sell it

Thanks alot for your advices

Don't waste your exemption for RPGT for 1st house since you didnt make any gain. Keep it ..just in case, RPGT is in force again.

Yeappers..thanks for the advice again