Hello all..i going to buy my first house soon which is a 2nd hand apartment..
but hear some story from 2nd hand property buyer which some of them experienced
up to 1 year for the whole process to complete..

Is it really that long from S&P to final process takes time? its scare me since i expect i
can stay in my own house after married from 3 month time..

This post has been edited by lone_rider: Aug 21 2008, 05:45 PM

It depends... if it is a leasehold property where state govt approval is needed before the transfer, it will take longer.

If the owner is in the midst of refinancing when he sold the property it will also take a long time, as the house has to be discharged from the old financier, charged to the new financier before it can be transferred to you..

best to ask the owner if he has charged the property and whether he's in the process of refinancing.

It took me 2 months, for the whole process to get 2nd hand house.

Use the lawyer recommended by the loan bank. It'll make the whole process faster.

i never use the lawyer recommended by my bank officer. better get my own lawyer and get better discount. why should i let the bank officer get a part of my discount .

it all depends really on the whole situation - does the seller have a loan, is your property leasehold/freehold, is the title out yet, which state is it in (kl leasehold for consent takes 1 month, selangor might take up to 5).

maybe if you give more details i can help you with an estimate.

yup agree with you.
for snp lawyer, can get cheaper outside compared to the bank's panel lawyer. but for loan agreement , you got no choice, have to take the bank's panel lawyer.

from my experience, i got my keys to my leasehold property in about 4 months.

True yes, but if you don't know any lawyer? Some law firm is very efficient with SnP procedure, some are very slow.
Also try get a lawyer which is located near to the lawyer of your seller, that way exchange of documents is faster. Sometimes a few working days make a different.

wow..only 2 month??
so its possible to get it done fast ehh..
mine is freehold, strata title out already..already got offer letter from bank
for loan..looks possible for me to get the key faster?
but my lawyer is not the bank lawyer but the same lawyer from previous owner..

mine takes 4 months cos the owner delays.. i dint get any penalty or so on lor.. so it' still ok la... i think more or less 3 months is needed

Actually there would be 3 lawyers involved.
1 - Bank
2 - You (SnP)
3 - Seller (SnP)

But since for your case 2&3 are the same so it should be faster. Now it depend on your lawyer and banks lawyer. How fast they process the documents. If not mistaken, there could be a penalty charge for release the payment late from the date signing of SnP.

Call your lawyer frequently to check on the status, call your mortage sales agent frequently as well, so that he'll chase the bank lawyer on your behalf.

I got the the property transferred to me 8 mths later. Cos of consent from DBKL & oso ori owner have to discharge loan.

Anyway, i made arrangements to rent the unit beforehand, and pay him some rental, so i managed to move in earlier.

Thanks guys for the advices..
at least now i can estimate the process period..
2-4 month is still reasonable though..
its all about determination to push all the related personal
to do their job fast right?

i can do that

Is it leasehold property without tittle in KL takes more time compare to in selangor state ?

wat can the buyer do if the seller keep delaying the process by not signing some papers ?

leasehold without title in kl requires consent, but consent takes about 1 month only.

if seller delays too long, although the agreement doesnt provide for termination, i am sure the purchaser can give the seller notice to do it within a certain period if not he is going to terminate.

means as purchaser can do nothing except to push the seller to sign ?

Why would the seller want to delay in signing the paper?
They don't want the money?

Logically, seller will not delay in signing the paper, but purchaser maybe.

thats what i thought..
but maybe in some cases the owner still looking for replacement house..
or the house still too convenience for him/her..u know children school, workplace etc.
and they just cant let it go..but why sell anyway ehh..

mine was leasehold and it took me one year for bank and legal stuff etc

yes in most cases the assumption is the owner wants his money fast. but there are exceptions where he will want to hold on to the house for a while longer.

if you dont want to sit and wait, put the seller on notice to deliver the documents, failing which you are taking him to court.

this is one kind of story that scare me..
i just hate waiting for nothing..
anyway, juz for note i just finish signing my s&p
using the same lawyer as previous owner is really convenient..

I heard leasehold would take longer time. It also depends on the property whether it is vacant/tenanted, whether all documents are ready, outstanding amount cleared, etc.

Very subjective. Usually fastest is 2-3months. Worst case is 6-12months or maybe more.

so, so far the ideal condition to get the house faster is:

1)you have good reputation and financial record
2)Your seller have good record and nice to deal with
3)Your lawyer is the same lawyer as your seller
4)Same bank as seller for home finance.
5)Bank's lawyer do the job right and fast.
6)Your house is free hold and have a good location/high market value.
7)No problem with current tenant.

anything left?

Actually point no. 3 is very dangerous
- Document could be processed faster.
- Who's interest should the lawyer defend or take care off?
- Is the lawyer professional enough to be "just" without bias?

It will be a risk buyer & seller have to take.

yes no.3 is dangerous. make sure that if you want this, the seller agrees to go to a lawyer of your choice, and you don't go to the seller's lawyer.

no. 4 - this will always depend on the rate. and a point to note, your seller might get a waiver on his penalty if you take from his bank, so you might want to negotiate with him to share the waiver.

no. 6 - high market value and good location wouldn't make the transaction go faster dude.

another point - you have to make all the payments on time. if the lawyer asks you to pay anything, make sure you pay within a few days. better to ask your lawyer for an estimate of when the relevant payments need to be made.

Technically, if the buyer and seller have the "same" lawyer, the lawyer is actually the buyer's lawyer and should be looking out for buyer's interest. He/she should advise the seller that he is entitled to get a separate lawyer and some lawyers even get the seller to sign an acknowledgment that he understands that right and chooses to waive it. Most sellers waive it because it's much cheaper to just "tumpang" the buyer's lawyer whose role is only as witness to the seller's signature. It's not possible to have the "same" lawyer when there are two parties involved as common sense will tell you there will be a conflict of interest if anything were to happen.

point taken..
as this method can only "safe" to be used if you know the seller well i think..
but well, technically it still dangerous eh..hmmm
dangerous game i play here..

i am in the process of waiting for my keys and it is driving me crazy....I have to be the third party between my lawyer and the seller's lawyer (to find out what's happening and to ensure my lawyer is doing the job). I will be entering into my 3rd month of signing the loan agreement, but it was only stamped two weeks ago because bank required further documentation from developer....mine is subsale, still under financing by the seller, master title....

I'm also the one using the same lawyer. I'm 2nd hand buyer, due to the lawyer fee discount, lawyer insist to handle the loan document as well. So end up, buyer lawyer, seller lawyer and even my bank loan lawyer also handle by one lawyer.

The problem come, then. I got my key within 3 months, with start paying installement & etc. but lastly my lawyer said, Developer need a consent, which we haven't applied. Everyone keep saying, consent should be approved before bank release money, ya, but my case all handle by same lawyer, so....

Not sure is lucky or unlucky, lucky because i can get the key earlier (without waiting for consent to approve)

i think you are abit lucky in the sense that you can get access to the property.....

i am so stressed out...and i am going to be roofless soon; except if i pay the seller rental that i can stay there.....that will be the worst case