greeting....
im planning to buy a complete 2nd hand house...
it a Terrence house in kl, around 250k........
i found it via agent......
already meet the agent and see the house.....quite ok la,
simple renovation only.....

now, what i must do???
put some deposit to the agent so that he not sell it to another person while i check my loan approval???
or just check loan approval 1st without paying the agent the deposite???
i afraid after give him deposite, he will take away my money.....

this is my 1st time on buying home......
please give me advise.....
and thankx.....

must give booking fee first lo..
rule is give 1% or 2% first...
but can nego, i give 1k only..for 200k house..

wat you should do is add term to the bookingreceipt wherein if you fail to obtain a bank loan within a stipuated time the booking receipt is deemed canceled and all monies aid shall be refunded,

Eventhough its not printed..You can add it by writing with a pen.

The agent might say that is is not allowed but i have seen it done many times beforeprovided the vendor consents to it..GD LUCK!!

ooOOoo.....can like that?
is that is like rasuah???? hehehe.....
but still afarid he will take away my money....
my friend suggest me to make agreement letter for booking,
and must ask lawyer to do it, so that will be legal....
how to check that he is the real agent or not?
has a agent id number in hie business card, but how to check???
afarid coz yesterday saw 2-3 people survey the house already....

anyway...thankx friends.....

if u are not trust the agent, u can ask the agent bring u to their company and see, after that, if u are really interest to buy, u try to ask agent to make appointment with the current owner to meet up.

really frust.......
last tuesday, i call the agent ask him how much he want for booking,
he said 3% and give me time by friday...
so after discuss with my wife, agree to give him 3% for booking.
yesterday, call the agent want to meet him on thursday to give booking paymnt.
sadly, he said the house sold already to one chinese,
the new buyer see the owner directly n nego direct with owner.
it not fair coz the agent promise me n give me time by friday...
soo sad, hope can find another house after this...

next time, if you decide you wanna buy already, pay the 2% and sign the offer letter immediately.

start doing your research from now on standard clauses in offer letters to familiarise yourself with it. then when the time comes, you can sign it on the spot and give the cheque.

i have even had 1 experience where i viewed a house, paid the 2% on the spot, and the agent returned my cheque to me the next day because the house was sold 3 days prior to that. i screwed the agent up for showing me a house that was already sold.

to be honest, it's not entirely the agent's fault, although he's not being very ethical by giving verbal confirmations that has no guarantee. in real estate, nothing's concrete until you signed in black and white. you don't know if the owner has a few agents helping to sell, besides you mentioned that the other buyer went to deal directly with the owner to bypass the agent's fee, so you can't claim the agent's not fair when he can't do anything after being thrown around by the seller himself.

It might not be your total loss for failing to get that unit. Who knows if you can get a better unit with better deal?

I, myself have identified an unit but I am hesitate to proceed due to the recent bad economy - job stability and high chance that the property price will drop (it's a speculation, you can choose not to believe).


This post has been edited by kimhoong: Mar 5 2009, 04:33 PM

are aware of any process after award??

i.e to hire lawyer..snp process, transfer name..is it free hold or lease hold?
do u spare money for all those...

bare in mind.. snp u have to pay on ur own.. usually if u buying new house, developer do offer their own free laywer..

charges that might occured..
stamp duty..
quit rent
legal fees.. (for both snp and loan agreement)
water and electricity deposit
if u enter a housing area with guard.. u might end up with paying extra..

u also must check on caveat..
check if she/he is real agent..

this all from my experience..

the whole process might took around 6-9 months..

What if when everything is completed in that 6-9 months and the next thing you find out is that a unit with the same spec of yours is on sale for 90% of the price you paid?

it is something that u can't control..

esp on today situation..

if we reverse the situation.. what if after 9-12 months.. the house value up for another 30%

would it be any change?

You have 3+1 months to complete everything (from the date of booking signing). There are legal fees for SnP, legal fees for Loan, Stamp duties, caveat search and misc fees. Usually the lawyer will take care of all these.

After the 3rd month, the one month will incur interest usually 8-10%. And after that it's up to the seller if they want to terminate, but usually they won't, but you have to keep paying the late penalty interest. That's why it's good to get yoursel pre-approved. There are so many banks with so many conditions nowadays. Some is easier, some so darn hard.

And remember you qualify for 50% stamp duty exemption (I think!) for prop under 250k (first property only i think). So check it out. And put aside 4-5% (all inclusive!!) of purchase price for all the fees. So far my average is 4%, which I believe can still be reduced!!!

i don't think so on 50% less .. what my lawyer said that. it must be first hand fresh from developer.. not from sub sale..

my lawyer tells me otherwise.

nope. Doesn't have to be fresh from anything. Any prop less than 250K automatically qualifies for 50% discount.

greeting......
luckly, i find another house.
now, i pay booking next day after see the house.....
i pay rm5.5k for booking......

now, what i need to do?
i already have lawyer.
but bank loan not yet.
what bank loan is the best??
what i need to know about bank loan???
plz give me suggestion...
really noob here.....1st time buying house

Hi , Just reading through.....

Just helping out .... I think there's a lot of Info about Bank Loan / Mortgage Rate @ the other thread
: Latest mortgage rate for housing loan packages, All Mortgagers are welcomed to post......

http://forum.lowyat.net/topic/701749

Link

This post has been edited by dannyl77: Mar 19 2009, 12:31 PM

hi i am buying a property soon any good lawyer to recommend prefer in kota kemuning area, pj area or subang area,,please i am new at all this duno where to find a lawyer...thanks

my mistake .. my house more than 250k..

anyway.. get fast to survey your housing loan.. the rate is different even with the same bank.... get few offer first then study which one is better..

i know how u feel being first time buying house.//

enjoy the moment..

u can share further ur experience after this..

now, i will pay the balance of 10% d/pymnt.....about rm17k...
it must be done in 14days after sign booking resit.
and must sign snp......
my due date is this friday....

but, my loan not approve yet.....
can i sign my snp 1st before loan approve????

i angry with my lawyer coz not remind me the due date........
now im rushing to prepare the d/pymnt.......
fell like to terminate the lawyer but not have much time to find another.....

that the problem of lawyer.. we expect them but by the end.. we are the one who always have to follow up with them... we ask them to follow up the transfer status, ask them to ask their lawyer bla bla bla.. and the worst thing is that.. the deal get stuck.. seller lawyer want some document from us.. but our lawyer do not inform us on that..

If you have a lawyer who gives you a good discount, then give him a bit of leeway loh....tolerate lah as they are a bit harder to find and they usually give discount to regular/repeat clients. If your lawyer is the type that does not give discount, then fire him stat.

you can always ask the lawyer to wait for the loan approval. I really don't see the point of rushing to sign SPA.

If you want to sign a piece of paper make sure that piece of paper is to protect your interest, not the other way around.

and i dont see any point of blaming the lawyer, its your property, your house, your concern. if you dont take care of the matter or at least take the effort to update yourself with the progress, you are the first to blame.

no offense. my 2 cents as a consumer point of view.

i know on no point of fire blank the lawyer.. but we pay them to represent us.. the same thing happen to me when i purchase my first house.. i really don't go detail on snp.. hell u know legal term and jargon..


but at the end.. when my house abandon.. people blaming us who do not read details of the snp that actually do not protect us at all..

do we need to get a law diploma/ LLB before purchasing our house? i don't think so.. that where actually a professional so call lawyer should act.. on behalf of us.. to protect us.. and not to blame us back...

or should we hire third party lawyer to go through the snp

Be very careful with the proceeding and applying for a bank loan.

updated....
just sign snp and pay balance 7% for my house.....
and today, bank call said that my loan approve already,
bank said i must sign something and get lo.

what i must do next?
after got my LO n snp, i will go to kwsp to take out my account 2 money there.
what the process after this???

sorry, really noob in this. 1st time buyer....hehehe

Well, just sign the document for the bank, usually is Loan agreement.

Then take the S&P copy to KWSP to take/withdraw money over there. S&P document is a must when applying withdraw in KWSP.

But personal advise,
If can,try not to take money in KWSP as the interest gain is better if you leave there.

it ok for you to ask.. that what the forum used for..

if u have cash than it ok for you not to withdraw epf.. but.. it think it ok . just withdraw it.. for fisrt time.. u need lots of money later on during moving in process.. (as i told before).. at least u need around rm30k-Rm40k to be on the safe side to do minor renovation..i.e kitchen cabinet, grill, lamp , electrical applience, water, electricity deposit, quit rent, etc..

i not have money after buy this house...hehehe
already spend about 30k for d/pymnt 10% & lawyer fee.........
withdraw epf maybe for buy aircond, extend owning, etc......
not plan for renovation yet, coz not have budget....hehehe
lot of experience can learn buying house....
now i became my friend adviser coz he also plan to buying house....

Well, in your case, just withdraw the money, make yourself a nice and comfortable house. Gratz

withdraw... and keep it same place SAFE.. kekekekke

just imagine u have 20-30k.. cash.. lots of thing can be done.. .. new pair of jeans.. iphone..dslr muahhaha

keep on updating is on your progress... i just move in to my house last week (officially)..

iphone???? good idea......
my staff use new phone, HTC, Nokia expressmusic, etc...all 'canggih' one.....
but be, their boss only use sek750i.........maybe time to change....huhuhuhu

but must settle my house first.........
usually, how long it take to take out kwsp account no 2 money?????

not more than 4 weeks.. mine is around 3 weeks.. credited to your account..

Guys.. a qot a question here..
1) what if I have no cash money to pay for the deposit ? Is it possible to withdraw the epf to pay for the 10% downpayment?

Can I sign the S&P, delay the downpayment, use the S&P document to withdraw the epf.. then after withdrawal, pay the downpayment? Can I do this?

If the owner of the house agree.. anything can be done..but will they agree?

it is not rm20 or rm50 item.. it cost u hundred thousand ringgit property..

now, just waiting pending notice of assessment from LHDN.
actually near 1month already waiting for this letter.......
is it quite long???
or my lowyer soo slow....
my bank ask me 2-3times already, ask me to push my lawyer to make this deal fast, coz nothing prob with my bank..... but not exceed 3month from snp.

my lawyer said, it will done before july, n i can move to my new house in july.
cant wait la to move.....hehehehe

1st thing to do, need to painting the house,.............

i've been following your topic... coz i'm in the middle to buy a house also...so do you mind to summarize your process of buying your house until to date? i.e....

1) selection of the house
2) pay booking fee (2%)
3) apply home loan
4) (in 2 weeks-loan approve) pay balance/down payment (8%)
5) sign s&p
6) withdraw kwsp acct.2
7) ......
8) ......
9) ......

is it the correct process for buying house... please advice..

7) kwsp will credited into account not more than 2week if not have any problem
8) waiting for notice tafsiran duti setem from stamping office
9) waiting for original title from vendors lawyers
10) pay balence for cukai pintu (in my case, from july to dec2009 - coz already change to my name in july)
11) waiting bank release cek to vendors......
12) get ur keys......

actually most of the process is just waiting....... depend on ur lawyers...
my lawyers really slow.......my case not settle yet untill now......but she keep saying my case is straight forward case, no problem....
but why soo slow if straight fwrd case?????

now, im just waiting for bank to release cek to vendors......and then get my keys......

sorry for the late reply........
coz very bz now......
now i just thinking to move into new house...
just got 2week only to move in........

I think s&p should be signed before (and not after) home loan application. The bank will want to see the S&P.

Am I correct ?

well, i just got myself a home as well recently... just hand in the remaining 8% and now just waiting all the process to be completed..... the most expensive stuff i had bought yet in my life......
i heard the kwsp acc 2 can be withdraw in the first 2 years after buying the house..... correct me if i am wrong....

plkvoon.......what the update of your house???
i will get my new house keys this week...
really excited to moved into new house...
plan to paint it 1st......

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Added on July 29, 2009, 3:27 pmalready got my key, and now moving in.
1 question, after got key. what the next step???
is it end of the process???
or i need to sign any document with my lawyer???
any doc i need to keep? or just snp to prove that i already buy the house???
anyone can help?

This post has been edited by one0202: Jul 29 2009, 03:27 PM

Congratulations

I'm buying 2nd hand house... It is leasehold landed property.... My loan application is approved and I signed the letter of offer from Bank for the loan... Also, I paid 2% earnest deposit to the vendor (direct deal with owner, no agent involved) nearly 1 mth ago.... Now, the problem is the vendor is yet to extract the house/ land title from land office... It has been taken 2-3 weeks for the vendor to do that before my lawyer can settle the S&P (this is wat my lawyer told me).... Worst is the vendor change lawyer 2 weeks ago and vendor told me that his lawyer already sent in doc to land office to extract the title... but, it will take at least 2 weeks to extract the title...
I dunno what can I do now as i also blur on the process and time normally taken as I'm first time buyer.... Anyone can advise? and pls advise me what I need to alert or concern about for the next step until i get the key and bcome the real owner of the house...

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Added on August 21, 2009, 10:27 pmpucman,

You must apply ur loan 1st before signing the S&P... You may just pay 2% earnest deposit and get offer of purchase to show to the Bank when applying loan (which u can ask lawyer to do for u), better make payment in front of lawyer which he/she will bcome ur witness for paying the deposit...

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Added on August 25, 2009, 5:39 pmIn wat stage can we fire our lawyer? If he has started to send letter to the seller lawyer on requesting the doc... n he has help for doing the booking receipt... n actually we've paid RM300 to the lawyer as deposit for the legal fee... But, he always wan us to follow up... n he din give good discount also... can we still fire him? any charges if we change lawyer now?

This post has been edited by mamamia: Aug 25 2009, 05:39 PM

hi all,

can some one enlight me what is the "extract house/land the title" means?

thanks in advance

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Added on September 1, 2009, 1:20 pmplease help..

This post has been edited by PUd: Sep 1 2009, 01:20 PM

As per what I know, normally there are master n individual title... So, after the developer sell the house to you, you may not get the title immediately,... After some time, you'll have to go to Land Office to extract the title, i.e. get the title copy from Land Office so that you can sell the house to others... Without the title, you can't sell the house... So, the time taking to extract the title may depends on the efficiency of the officer...

Correct me if I'm wrong...