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General
procedures on buying a residential property from property agent
After you decide to buy a residential property,
agent
will ask you to pay the earnest deposit 2-3% of the agreed purchase
price. You have to sign an Offer
Purchase Agreement
and the agent must explain the content of the agreement before you put
down your signature onto the paper. ( Remeber, you can put down your
requirement (if you have any) onto the same agreement before you sign
it. )
The agent will pass the
Offer Purchase
Agreement to the owner for his signature. If the owner is disagree or
refuse to sign the agreement, the agent must return the full earnest deposit
back to you. If the owner has sign the agreement, you will get a copy
of the agreement and a receipt of your earnest deposit.
The agent will send a copy
of the Offer
Purchase Agreement to the appointed lawyer(s) (by you and the owner) to
proceed the Sale and Purchase Agreement (SPA). Within the 14 working days,
you will be required to settle the balance of the 10% of the purchase
price to the owner and sign the SPA in lawyer office. Once you get a
copy of the SPA, you can proceed to the loan financing.
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How
to calculate the compensation for delay of your house
The
formula to calculate the compensation is standard for all houses in
Malaysia.
Let's take the abbreviation:
d = Total number of days delayed from the date of S&P signed
n = 10% of your house's value
c = Total compensation from developer suppose to pay you
The formula:
c = d/365 x n
For example (If):
d = 300 (Total # of days delayed)
n = 18,700 (10% of your house's value)
c = 300/365 x 18,700 = RM15369.86
example ; the developer only willing to pay 55% compensation, then the
amount would be:
= RM15369.86 x 55% = RM8453.42 |
Problem on buying auction
properties
One of them is private
caveat lodged by either the ex-owner or tenant of the premises
(eventhough they do not have caveatable interest). The proclamation of
sale only provide for 120days i.e. 3mths with no extension of time. If
you purchase the auction property via bank loan, you only have 3mths to
complete. What the ex-owner will do is to lodge a private caveat before
the completion date and then your transaction will be jammed already
esp. when you are obtaining loan from the bank. The bank will not
release the monies which have caveat on the property. So, you will lose
your 10% deposit if you are not able to complete the sale.
Actually, the ex-owner or the tenant of the house do not have any
caveatable interest at all. Which means you can hv it removed. In fact
these are the practical problem coz' no doubt the caveat can be removed
but you dont hv time to do it. What ppl will normally do is to go and
negotiate wif them to have the caveat withdrawn - yes ... they will arm
twist you to pay them some cash. This is disgusting but it happened. My
advice is only go for auction property when u hv cash to buy and not by
way of loan.
(extracts from hba.org.my) |
Legal & disbursement fees
for Property Sales
What is the typical
fees that the lawyer charge the seller for service to:
1. discharge the prop from the bank
2. re-assignment
3. handling of developer's consent matters
4. handling of real prop gain tax matters
The word 'discharge (of charge) is only used in the context where title
is available and your Financier seeks to discharge the loan (charge).
The legal fees for the preparation is RM120, where as those property
(without separate title) is re assigned and the relevant instrument of
release is called the "Deed of Receipt & Reassignment". The
legal fees for the preparation is RM350 where the consent of the
Developer had to be obtained. This figure is excluding stamp duty
(RM10) and registration fees depending on whether your property is with
title or without.
(extracted from hba.org.my) |
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