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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 ....

Walbur
post Aug 14 2009, 05:15 PM

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where got so long 45 to days.
I go EPF after 3days signed S&P.

you just need
S&P Certified
Offer Letter Certified
IC Certified

but i signed offer letter before signing S&P
SUSjohnny66
post Aug 17 2009, 09:33 AM

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QUOTE(Walbur @ Aug 14 2009, 05:15 PM)
where got so long 45 to days.
I go EPF after 3days signed S&P.

you just need
S&P Certified
Offer Letter Certified
IC Certified

but i signed offer letter before signing S&P
*
You buy new house or 2nd hand house ??


Walbur
post Aug 17 2009, 10:18 AM

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2nd hand house - Free hold


Added on August 17, 2009, 10:20 amyour case take longer maybe it's due to lease hold.

This post has been edited by Walbur: Aug 17 2009, 10:20 AM
dannyw
post Sep 14 2009, 03:19 PM

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QUOTE(Walbur @ Aug 17 2009, 10:18 AM)
2nd hand house - Free hold


Added on August 17, 2009, 10:20 amyour case take longer maybe it's due to leasehold.
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What make the delay different from Leasehold & Freehold? Why everyone say leasehold have to wait longer?

My case, Loan Approved, signed S&P, Deed of Agreement, Loan Agreement, paid Lawyer fee, and paid Deposit for Maintenance fee and Water to Management office. My lawyer told me, now wait for Vendor bank to respone.

How long else should I wait?

My is 2nd hand Condo, Leasehold, Title not out yet.
zeese
post Sep 15 2009, 02:45 PM

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QUOTE(dannyw @ Sep 14 2009, 03:19 PM)
What make the delay different from Leasehold & Freehold? Why everyone say leasehold have to wait longer?

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The difference is for leasehold, you need to get a consent letter. Freehold, no need for consent letter.
That's the only different. The rest of the process are the same.

Normally, consent letter application took 1 month or more.

dannyw
post Sep 15 2009, 03:26 PM

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QUOTE(zeese @ Sep 15 2009, 02:45 PM)
The difference is for leasehold, you need to get a consent letter. Freehold, no need for consent letter.
That's the only different. The rest of the process are the same.

Normally, consent letter application took 1 month or more.
*
Thanks. The consent here is through Developer or State consent? Kind of confusing rclxub.gif
1 month or more, so difficult to prepare the consent letter-ah doh.gif
leongal
post Oct 26 2009, 09:00 PM

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If I have a broker that handle my case (loan and lawyer), should I be the one following up with the lawyer? Or, should I be following up with the broker?

I found useful information here:

QUOTE
http://bicaralegal.blogspot.com/2008/10/buying-property-how-long-does-it-takes.html

I guess no lawyers can guarantee how long will it takes for the transfer of name on the property to be completed, from the date of signing of the S&P. A lot of contributing factors to be considered:-

    * how long does it takes for your lawyer to prepare the s&p?
    * how long does it takes for the bank to issue instruction to their solicitor to prepare loan documents?
    * how long does it takes for the developer to issue notice of confirmation? - if applicable
    * how long does it takes for the land office to issue their consent? - if applicable
    * how long does it takes for the current bank to issue redemption statement?
    * how long does it takes for the assessment notice to be issued by LHDN?
    * how long does it takes for the new bank to release redemption sum?
    * how long does it takes for the current bank to release original title/ discharge of charge/ duplicate charge/ receipt & reassignment?
    * how long does it takes for the land office to register the MOT?
    * how long does it takes for the new bank to release the balance payment?


This post has been edited by leongal: Oct 26 2009, 09:22 PM
mchlkeys
post Oct 29 2009, 02:11 PM

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thanks smile.gif
zeese
post Oct 30 2009, 11:26 AM

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QUOTE(dannyw @ Sep 15 2009, 03:26 PM)
Thanks. The consent here is through Developer or State consent? Kind of confusing rclxub.gif
1 month or more, so difficult to prepare the consent letter-ah  doh.gif
*
Either one. If individual title has been release.. consent from the state is required.
If individual title has not been release (still under master title), need to get consent from developer.

Either way, both processes are slow. 1 month is optimistic.. just prepare your mind that it takes 3 months.. this way, you'll suffer less heart broken..

Writing the consent letter is fast and easy, but waiting for your application to get on top of the stack, .... it take ages...

This post has been edited by zeese: Oct 30 2009, 11:27 AM
CJ Teo
post Nov 1 2009, 01:07 AM

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huh.. you guys are really scared me ler..

Am totally new in this.
I have just paid the booking fee.
And who to tell me what the next?
It's leasehold...

leongal
post Nov 1 2009, 08:07 AM

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QUOTE(CJ Teo @ Nov 1 2009, 01:07 AM)
huh.. you guys are really scared me ler..

Am totally new in this.
I have just paid the booking fee.
And who to tell me what the next?
It's leasehold...
*
look for a lawyer and look for a loan...do and settle tis within 14 days
Tohsan
post Nov 1 2009, 01:50 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...
*
after u sign the snp wait for the lawyer to sent the snp for stamping, at the same time chase the bank to release the proceed usualy the time frame is 3 months + 1 month as extension. One the bank release the payment, the developer or seller have to release the house to you within 4 days. If seller fail to release the house to you due to unforseen circumstances, you can charge them interest 10% per annum and sue them for specific performance.
The lawyer will also ask for money to do the transfer of name and ask for payment from u. Usually freehold house is quite fast, i heard some staff in the lawyer office mention that nowadays leasehold transfer of name is less than 2 weeks it depend on the lawyer whether they want to help u speed up the process while freehold should be faster. When they say 3-6 months for the transfer of name, your file actually is sleeping on the lawyer table.

Once you get your snp copy, you can apply for renovation of the house permit. Once you get your permint n you receive your house key, you can start your house renovation,after that moved in anytime u find fit. Remember to connect water n electric supply before the renovation, those contractor need electric to do their work. The water is use to check if there is any leaking of the toilet.

This post has been edited by Tohsan: Nov 1 2009, 01:53 PM
PrinceMickey
post Feb 1 2010, 01:19 PM

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Thanks for the info. smile.gif
The 3 months after signed s&p are included weekend or holidays if any?
Thanks.

QUOTE(Tohsan @ Nov 1 2009, 01:50 PM)
after u sign the snp wait for the lawyer to sent the snp for stamping, at the same time chase the bank to release the proceed usualy the time frame is 3 months + 1 month as extension. One the bank release the payment, the developer or seller have to release the house to you within 4 days. If seller fail to release the house to you due to unforseen circumstances, you can charge them interest 10% per annum and sue them for specific performance.
The lawyer will also ask for money to do the transfer of name and ask for payment from u. Usually freehold house is quite fast, i heard some staff in the lawyer office mention that nowadays leasehold transfer of name is less than 2 weeks it depend on the lawyer whether they want to help u speed up the process while freehold should be faster. When they say 3-6 months for the transfer of name, your file actually is sleeping on the lawyer table.

Once you get your snp copy, you can apply for renovation of the house permit. Once you get your permint n  you receive your house key, you can start your house renovation,after that moved in anytime u find fit. Remember to connect water n electric supply before the renovation, those contractor need electric to do their work. The water is use to check if there is any leaking of the toilet.
*
leongal
post Feb 1 2010, 01:24 PM

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QUOTE(PrinceMickey @ Feb 1 2010, 01:19 PM)
Thanks for the info. smile.gif
The 3 months after signed s&p are included weekend or holidays if any?
Thanks.
*
weekends added, but public holiday not added....

check ur s&p, it is stated there

This post has been edited by leongal: Feb 1 2010, 01:24 PM
PrinceMickey
post Feb 1 2010, 01:29 PM

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hi leongal, thanks a lot. smile.gif

QUOTE(leongal @ Feb 1 2010, 01:24 PM)
weekends added, but public holiday not added....

check ur s&p, it is stated there
*
leongal
post Feb 2 2010, 10:57 AM

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QUOTE(PrinceMickey @ Feb 1 2010, 01:29 PM)
hi leongal, thanks a lot. smile.gif
*
hei....ask your lawyer to do the chronology of events, sometimes it may be the seller's part that delay the whole thing....

also.....the charges will be the outstanding loan amount....

 

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