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> Let's Talk Properties. The Q&As, What would you like to know?

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TSYeohKW
post Mar 25 2022, 10:53 PM

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QUOTE(OldSchoolJoke @ Mar 25 2022, 10:31 PM)
seeing many leasehold properties now

is there anyway for government to take back before the contract end?
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Normally govt won’t simply take it back unless there’s a need to upgrade the infrastructure in the area and there’s no other option available. Else the tenure of the title can be extended.

And FYI, even if it’s freehold, govt can still take it back if they need to build infrastructure on the land.
OldSchoolJoke
post Mar 25 2022, 11:25 PM

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QUOTE(YeohKW @ Mar 25 2022, 10:53 PM)
Normally govt won’t simply take it back unless there’s a need to upgrade the infrastructure in the area and there’s no other option available. Else the tenure of the title can be extended.

And FYI, even if it’s freehold, govt can still take it back if they need to build infrastructure on the land.
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do government pay back when taking back?
if yes, is it by percentage or?
TSYeohKW
post Mar 27 2022, 09:27 AM

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QUOTE(OldSchoolJoke @ Mar 25 2022, 11:25 PM)
do government pay back when taking back?
if yes, is it by percentage or?
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Yes. There will be compensation based on the valuation done by JPPH. But exact amount then not sure.
OldSchoolJoke
post Mar 29 2022, 09:50 PM

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for subsale, meaning downpayment and fees are bare by buyer?
no free MOT, legal fees, stamp duty, etc provided?
mini orchard
post Mar 30 2022, 09:07 AM

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QUOTE(OldSchoolJoke @ Mar 29 2022, 09:50 PM)
for subsale, meaning downpayment and fees are bare by buyer?
no free MOT, legal fees, stamp duty, etc provided?
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For subsale units, each party shall bear their own cost.

Seller ...

1. Legal Fees, if applicable
2. RPGT if applicable
3. Agent fee, if applicable
4. MOT, if title not yet executed or exempted.

Buyer ...

1. Legal Fees for SnP
2. MOT
3. Legal Fees for Loan Agreement, if applicable
4. Stamp Duty for Loan Agreement, if applicable
5. Valuation Fee


6. Downpayment
7. MRTA

Currently MOT is exempted for 1st ownership subsale purchase until 2025 for property below 500k based on govt valuation and NOT SnP price.

https://www.iproperty.com.my/news/stamp-dut...wn-budget-2021/

This post has been edited by mini orchard: Mar 30 2022, 09:18 AM
Onetwothreeeee
post Apr 2 2022, 05:43 PM

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This post has been edited by Onetwothreeeee: Apr 2 2022, 05:52 PM
Spectreoutreach
post Apr 11 2022, 04:06 PM

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QUOTE(YeohKW @ Mar 27 2022, 09:27 AM)
Yes. There will be compensation based on the valuation done by JPPH. But exact amount then not sure.
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Hello TS , just wondering my parents own a flat for many years & have S & P only . Can they sell off the flat if the developer is already Bankrupt ? if yes , what is the procudure like ? thanks

mini orchard
post Apr 11 2022, 04:32 PM

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QUOTE(Spectreoutreach @ Apr 11 2022, 04:06 PM)
Hello TS ,  just wondering my parents own a flat for many years  & have S & P only . Can they sell off the flat if the developer is already Bankrupt ? if yes , what is the procudure like ? thanks
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Yes, if no bank loan involved.

Cash purchase. Normal SnP excluding Loan Agreement.

This post has been edited by mini orchard: Apr 11 2022, 04:33 PM
Spectreoutreach
post Apr 11 2022, 04:49 PM

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QUOTE(mini orchard @ Apr 11 2022, 04:32 PM)
Yes, if no bank loan involved.

Cash purchase. Normal SnP excluding Loan Agreement.
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So don't need involved the management office ? If yes thanks in advance my parents would be delighted 😊

This post has been edited by Spectreoutreach: Apr 11 2022, 04:49 PM
mini orchard
post Apr 11 2022, 04:51 PM

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QUOTE(Spectreoutreach @ Apr 11 2022, 04:49 PM)
So don't need involved the management office ? If yes thanks in advance my parents would be delighted 😊
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If developer oredi bankrupt and no strata title, who is managing the place ?
Spectreoutreach
post Apr 11 2022, 04:58 PM

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QUOTE(mini orchard @ Apr 11 2022, 04:51 PM)
If developer oredi bankrupt and no strata title, who is managing the place ?
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A barely functioning JMB .that why I'm worry about the future of the flat . Better find a way to sell it off

This post has been edited by Spectreoutreach: Apr 11 2022, 04:59 PM
Spectreoutreach
post Apr 11 2022, 05:07 PM

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QUOTE(mini orchard @ Apr 11 2022, 04:51 PM)
If developer oredi bankrupt and no strata title, who is managing the place ?
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Forgot to ask , if both parents are owner of the flat . Both signature or one is enough needed to sign the S n P ?
mini orchard
post Apr 11 2022, 05:15 PM

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QUOTE(Spectreoutreach @ Apr 11 2022, 04:58 PM)
A barely functioning JMB .that why I'm worry about the future of the flat . Better find a way to sell it off
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I think there should be a liquidator when the developer is bankrupt and he is managing the flat. Check with him regarding the sale.


QUOTE(Spectreoutreach @ Apr 11 2022, 05:07 PM)
Forgot to ask , if both parents are owner of the flat . Both signature or one is enough needed to sign the S n P ?
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All registered owner must sign.

Spectreoutreach
post Apr 11 2022, 05:31 PM

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QUOTE(mini orchard @ Apr 11 2022, 05:15 PM)
I think there should be a liquidator when the developer is bankrupt and he is managing the flat. Check with him regarding the sale.
All registered owner must sign.
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The Malaysia insolvent department did get involved for a while before JMB resume many years ago . Now it just JMB left (elected then elect new team that following year) that just collect fees ... What happened only one of signature owner left ? Can that flat be sold ? . Thanks for answering many of my questions
mini orchard
post Apr 11 2022, 05:36 PM

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QUOTE(Spectreoutreach @ Apr 11 2022, 05:31 PM)
The Malaysia insolvent department did get involved for a while before  JMB resume many years ago . Now it just JMB left (elected then elect new team that following year) that just collect fees ... What happened only one of signature owner left ? Can that flat be sold ? Thanks for answering many of my questions
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No.

That would be another additional step ...getting the grant of probate

Attached Image

Google for more reading and understanding.

This post has been edited by mini orchard: Apr 11 2022, 05:38 PM
Spectreoutreach
post Apr 12 2022, 12:25 PM

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QUOTE(mini orchard @ Apr 11 2022, 05:36 PM)
No.

That would be another additional step ...getting the grant of probate

Attached Image

Google for more reading and understanding.
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I just check with JMB , seem the local council just took the over management from existing team & replace with own hired staff. All S& P must be go thru their office nod.gif . Many thanks again . Less worries now smile.gif last month

This post has been edited by Spectreoutreach: Apr 12 2022, 12:25 PM
mini orchard
post Apr 12 2022, 12:37 PM

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QUOTE(Spectreoutreach @ Apr 12 2022, 12:25 PM)
I just check with JMB , seem the local council just took the over management from existing team & replace with own hired staff. All S& P must be go thru their office  nod.gif . Many thanks again . Less worries now smile.gif last month
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That is good for all owners.

As for the signatory, I suggest you do it asap as it will take time to complete. Once you have a buyer later, there will be no delay. Approach a lawyer if you decide to proceed.
TSYeohKW
post Apr 25 2022, 10:40 PM

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QUOTE(mini orchard @ Apr 11 2022, 04:51 PM)
If developer oredi bankrupt and no strata title, who is managing the place ?
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Normally when developer declared bankrupt, there will be a liquidator assigned to handle all the sales transfer for the project. It will take longer time to get consent from them. However, if it’s an old project that has been completed more than 10 years ago, some bank will no longer finance it. Try ask your banker if they still finance properties older than 10 years old without strata title issued
TSYeohKW
post Apr 25 2022, 10:42 PM

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QUOTE(mini orchard @ Apr 12 2022, 12:37 PM)
That is good for all owners.

As for the signatory, I suggest you do it asap as it will take time to complete. Once you have a buyer later, there will be no delay. Approach a lawyer if you decide to proceed.
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True. It will take time to transfer from the deceased to the next kin, especially if there’s no will

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