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 how long shuold i wait after sign S&P, 2nd hand house...

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TSbslashz
post Oct 26 2007, 04:14 PM, updated 18y ago

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any body know how long should i wait after sign loan and S&P aggreement...
when can i move to that house?
how long to transfer name?
freehold house...
vreis
post Oct 26 2007, 04:17 PM

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QUOTE(bslashz @ Oct 26 2007, 04:14 PM)
any body know how long should i wait after sign loan and S&P aggreement...
when can i move to that house?
how long to transfer name?
freehold house...
*
Freehold should be quite fast but depend on states also. If KL should be max 3 mths
TSbslashz
post Oct 26 2007, 04:36 PM

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that house at Pinggiran USJ
wideawake
post Oct 26 2007, 04:43 PM

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Make sure you follow up with the lawyers that process the documents every week. Normally there is an interest free period between signing the first document and getting your house fully paid of by your loan.

If your loan disburses late (due to slow lawyer processing), you might be incurred interest charges. Mine was late by 2 weeks, and still I was charged interest around RM1800. duh....
b00n
post Oct 26 2007, 04:59 PM

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QUOTE(bslashz @ Oct 26 2007, 04:14 PM)
any body know how long should i wait after sign loan and S&P aggreement...
when can i move to that house?
how long to transfer name?
freehold house...
*

Once after you got your key?
Not joking.....once you got your key meaning to say the seller already received the money thus would pass you the key.

scorgio
post Oct 26 2007, 09:17 PM

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Ur S&P should state either 90 or 120 days after signing, u must settle the balance.

After the loan is released by the bank (assuming u took up loan) or after u've settled it with cash. In theory, the property belongs to you, eventhough the transfer of name's not completed yet.

And since it's yours, you could do whatever you like.
Morning Glory
post Nov 4 2007, 12:33 PM

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Who do we pay the Differential Sum to? The vendor or the vendor's lawyer?
If lets say there are outgoing assessment bills, utility bills etc., can I subtract all these from the Differential sum?

cherroy
post Nov 4 2007, 04:21 PM

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QUOTE(b00n @ Oct 26 2007, 04:59 PM)
Once after you got your key?
Not joking.....once you got your key meaning to say the seller already received the money thus would pass you the key.
*
The key is meaningless as only the S&P agreement go through completely then only property is yours.

There have been cases, even though the seller passed the key to buyer (for earlier renovation purposes) before the S&P is finally going through, there is some glitch in the process that make the deal collapse. Then the buyer can't claim back the renovation money spent. The seller just refund the initial deposit paid or amount paid to the seller abck to the buyer.
Runner85
post Nov 5 2007, 08:28 AM

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QUOTE(Morning Glory @ Nov 4 2007, 12:33 PM)
Who do we pay the Differential Sum to? The vendor or the vendor's lawyer?
If lets say there are outgoing assessment bills, utility bills etc., can I subtract all these from the Differential sum?
*
seller's solicitor aka seller;s lawyer. he or she wil be responsible to receive the money, settle vendor's loan, pay outstanding bills and give the rest to the vendor.
aaronpang
post Nov 5 2007, 10:22 AM

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QUOTE(bslashz @ Oct 26 2007, 04:14 PM)
any body know how long should i wait after sign loan and S&P aggreement...
when can i move to that house?
how long to transfer name?
freehold house...
*
Depends have the property title or deed been transferred to your name...?

Check this case out in the STAR sauce despite settling the monies for the house the buyer still cannot move in.

Loan paid up, but house isn't hers

» Click to show Spoiler - click again to hide... «


QUOTE(wideawake @ Oct 26 2007, 04:43 PM)
Make sure you follow up with the lawyers that process the documents every week. Normally there is an interest free period between signing the first document and getting your house fully paid of by your loan.

If your loan disburses late (due to slow lawyer processing), you might be incurred interest charges. Mine was late by 2 weeks, and still I was charged interest around RM1800. duh....
*
Very true IMHO if disbursement slow because of failure either by the bank or lawyer you make them pay for the late charges... remember you're paying them moneyflies.gif as a customer!

It happened to me too and I refused to pay a single cent... asked the bank to investigate who caused the delay mad.gif and make them foot the bill!

This post has been edited by aaronpang: Nov 5 2007, 10:44 AM
Morning Glory
post Nov 14 2007, 06:08 PM

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QUOTE(aaronpang @ Nov 5 2007, 10:22 AM)
It happened to me too and I refused to pay a single cent... asked the bank to investigate who caused the delay mad.gif and make them foot the bill!
*
Is it possible for us to challenge them? I'm worried about the late penalty charges too. Just recently signed my SNP.
How long does the adjudication process by LHDN take?My lawyer says around 1-1 and a half months.
How can we as the purchaser help speed up the title transfer process?
TSbslashz
post Dec 24 2007, 09:02 AM

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finally... the loan was released by the bank before 90 days...
lyksell
post Jan 7 2008, 12:17 PM

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QUOTE(bslashz @ Dec 24 2007, 09:02 AM)
finally...  the loan was released by the bank before 90 days...
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May I know which bank you are getting your mortgage and exactly how long was the process toke from signing the Letter offer till the loan release and what kind of rate you are getting ? I am looking for a fast release bank in order to get my house faster....
TSbslashz
post Jan 7 2008, 02:52 PM

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im using bank muamalat...
actually we must always call that bank n our lawyer...

my friend said the fastest bank... CITIBANK..
superm@n
post Jan 8 2008, 11:36 AM

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QUOTE(bslashz @ Jan 7 2008, 02:52 PM)
im using bank muamalat...
actually we must always call that bank n our lawyer...

my friend said the fastest bank... CITIBANK..
*
I think is depends on cases....
yes, call lawyer once a day... make sure they are working on it for you.... [although you will waste of time and a bit of money...]
But it is better than you end up of paying interest to the seller.

So the whole process took you how long? Please share more information. thanks
areankim
post Jan 8 2008, 12:49 PM

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QUOTE(scorgio @ Oct 26 2007, 09:17 PM)
Ur S&P should state either 90 or 120 days after signing, u must settle the balance.

After the loan is released by the bank (assuming u took up loan) or after u've settled it with cash. In theory, the property belongs to you, eventhough the transfer of name's not completed yet.

And since it's yours, you could do whatever you like.
*
i'm gonna buy a 2nd hand property as well.
1st with the agent is the booking fees.
then we need to get to the lawyer to prepare the SPA. then within 3 or 3+1 month we need to settle the rest. rite?

the thing i'm not sure is... settle the balance means the downpayment? or geting the loans all go tru?
superm@n
post Jan 8 2008, 06:29 PM

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QUOTE(areankim @ Jan 8 2008, 12:49 PM)
i'm gonna buy a 2nd hand property as well.
1st with the agent is the booking fees.
then we need to get to the lawyer to prepare the SPA. then within 3 or 3+1 month we need to settle the rest. rite?

the thing i'm not sure is... settle the balance means the downpayment? or geting the loans all go tru?
*
Of course getting a loan to pay to the seller..

You will have like 21 working days to find a loan from Bank..

Normally 3+1 months is referring to S&P and Bank Loan...

Once you signed the S&P... you will have to settle the downpayment... usually is 10%.
TSbslashz
post Jan 9 2008, 11:15 AM

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1- i check with bank if i can make loan for that house.. and ask the market value.... survey 3-4 bank ..
2- pay the booking fees... n apply loan on the same day or next day..(IMPORTANT! MUST apply 3-4 bank.. ) ... usually must sign S&P within 30days..
3- once ur loan approved, see the offer latter 1st... n compare with other bank...
4- sign S&P... n make sure ur lawyer stamping that document on same day or next day... (10% must pay within 30days... and 90% within 90 days)
5- sign offer letter from bank... n go KWSP on the same day...
6- follow up with KWSP
7- follow up with lawyer n bank... to make sure full payment must done between that period(90days from S&P)
or u can nego with that seller...


Added on January 9, 2008, 11:36 amhttp://www.simedarbyproperty.com/simeuep/homeowner.html

This post has been edited by bslashz: Jan 9 2008, 11:36 AM
starsailor1070
post Dec 18 2008, 11:41 PM

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guys.. tell me.. how long does it take for kwsp to release the money after u sign the snp?
SUSjohnny66
post Aug 14 2009, 05:09 PM

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QUOTE(bslashz @ Jan 9 2008, 11:15 AM)
1- i check with bank if i can make loan for that house.. and ask the market value.... survey 3-4 bank ..
2-  pay the booking fees... n apply loan on the same day or next day..(IMPORTANT! MUST apply 3-4 bank.. ) ... usually must sign S&P within 30days..
3- once ur loan approved, see the offer latter 1st... n compare with other bank...
4- sign S&P... n make sure ur lawyer stamping that document on same day or next day... (10% must pay within 30days... and 90% within 90 days)
5-  sign offer letter from bank... n go KWSP on the same day...
6- follow up with KWSP
7- follow up with lawyer n bank...  to make sure full payment must done between that period(90days from S&P)
or u can nego with that seller...


Added on January 9, 2008, 11:36 amhttp://www.simedarbyproperty.com/simeuep/homeowner.html
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Are you kidding ??


Sign Letter of Offer can go KWSP oredi ?? wtf ??

You still need alot of documents ...

S&P signed ..
Consent Letter from Developer
Deed of Agreement

This will take at least 45 to 60 days ... before you can go to EPF ....


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