hi,

I have buy a 3 storey shop house cost is RM420k.

on June 2008 i paid 5k for booking fee.

but now the lawyer just called, and wan me to pay 10% that mean is 42k - 5k = 37k by this saturday.

Does this is a buying shop procedure? do anyone know what is the exact procedures?

Thanks alots.

I think that is the 10% downpayment for you to buy the shop. Which is a normal procedure i guess if you take a 90% loan from the bank. As in price of the shop=RM420k. You get a 90% loan from the bank=RM378k. So you have to pay cash the remaining RM42k

but i haven get loan from any bank.

1 shop can put how many names?

When you paid the 5k as earnest money, did u sign the option letter that usually states the particulars of seller and buyer plus time and amount to be paid for 10% deposit and other critical terms?

Time frame from paying earnest $ to 10% varies,,usually 2 - 4 wks.

U paid earnest $ in June 08...now only ask for bal of 10k?

This post has been edited by ??!!: Dec 16 2008, 11:36 PM

I think you should rephrase your answers to him - obviously he is English Disabled

i agree with you

once u paid ur 5k, ur get ur receipt right, then seek for bank loan approval.
fyi, when u signing ur s&p, u need to pay a min of 10% of ur total property value. (but tis u can delay n negoatiate with the lawyer & owner)
correct me if im wrong...

since you have paid the booking fee in june, i would have assumed u start looking for bank loans? it is not approved yet?

as for names, i think it would be best not to put in more than 2 (although i am not sure more than 2 is allowed... )

you can put up to 4 names on the title. there can be more owners, but their names won't appear.

10% is downpayment dear.

check ur contract.

Please check with the bank loans first before proceed any further. For your information, after placed 10% downpayment, if you failed to get loan at certain period of times according to the legal paper's terms and agreement, your downpayment money will be forfeited and you will not be able to get it back unless the shop owner dislike more money.

Any lawsuit towards shop owner/developer will results you losing more money. Be cautious when purchasing a property. Good luck.

where the location?? builth-up area coiz me also kinda interested

Down payment : 10% of the property's value(Earnest deposit+ The rest pay upon signing SnP)

i)Earnest deposit : suppost is 3% of the property's value but it's acceptable if the vendor agree to collect.

ii)The rest : 10% of the property's value - earnest deposit

example : 420k x 10% = 42k, u paid 5k as earnest deposit, so upon sign SnP u need to paid another 37k lor

this is bcoz the bank will juz loan 90% for ur property $$, so 378k(bank)+42k(urself)=420k for vendor
bank need some time to proceed for the bank loan (withdraw) so as security vendor will collect dawn payment b4 any selling property procedure.

This post has been edited by Shinja: Dec 31 2008, 01:43 PM