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 Buying 2nd hand property, Is it really take that long??

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bbjslee
post Aug 22 2008, 08:12 AM

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QUOTE(lone_rider @ Aug 21 2008, 05:22 PM)
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..
*
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.
bbjslee
post Aug 22 2008, 10:53 AM

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QUOTE(johnsonm @ Aug 22 2008, 09:14 AM)
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 smile.gif.

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.
*
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.
bbjslee
post Aug 22 2008, 11:35 AM

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QUOTE(lone_rider @ Aug 22 2008, 11:03 AM)
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..
*
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.
bbjslee
post Aug 25 2008, 04:56 PM

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QUOTE(yewkhuay @ Aug 25 2008, 04:55 PM)
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.
bbjslee
post Aug 26 2008, 05:11 PM

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From: Kuala Lumpur
QUOTE(lone_rider @ Aug 26 2008, 05:05 PM)
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.
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