Newbie questions

[Walker]

I am also getting a subsale unit like sktours.
I was told that I would pay the booking fee to the agent's company
Then after SPA is signed I would have to pay the premium.

Is this normal practise to pay the premium to the seller once SPA is signed?
Is there any clauses to write in or protection I can do to protect myself if the sale falls thru at a later stage e.g non loan approval or consents etc.

 

[Funniman]

The keyword is "payment made and held in escrow" means you pay to the lawyer who would hold it for you in trust while the transaction is in process.
Never pay anything direct to the seller. Always go through your lawyers.

I am also getting a subsale unit like sktours.
I was told that I would pay the booking fee to the agent's company
Then after SPA is signed I would have to pay the premium.

Is this normal practise to pay the premium to the seller once SPA is signed?
Is there any clauses to write in or protection I can do to protect myself if the sale falls thru at a later stage e.g non loan approval or consents etc.

 

[Walker]

Thanks Funniman!

The keyword is "payment made and held in escrow" means you pay to the lawyer who would hold it for you in trust while the transaction is in process.
Never pay anything direct to the seller. Always go through your lawyers.

 

[sktours]

Re: Malaysia water supply - High Cholrine content??

Thanks IR and Newton on the advice.
I have checked with a legal person, and has clarified that.
She mentioned clauses can be added in OTP or S&P to protect the buyer.
Also the state consent is not such a nightmare as I imagine earlier, so now I am not too worry.

I have browsed through several of the groups, and really appreciate helpful people in the group for sharing, keep it up. You guys rock !!

 

[wuqi256]

The keyword is "payment made and held in escrow" means you pay to the lawyer who would hold it for you in trust while the transaction is in process.
Never pay anything direct to the seller. Always go through your lawyers.

Yes, good on you Funniman for sharing this. For sellers, try not to give the new owners the keys too early, just in case the deal doesn't go through right at the last minute and they already started renovations. Will be bad for everyone especially the original owner to rectify or if things are lost/removed/damaged.

 

[Funniman]

TQ Bro wuqi, Just to share some experience. Many buyers of new houses in the secondary market often got the short end of the deal especially when it come to defects liability / warranty. The defects liability from the developer is not transferable unless the SPA is agreed / endorsed by the developer. Also the new buyers may renovate their house without knowing thus having a breach of the warranty conditions.

Yes, good on you Funniman for sharing this. For sellers, try not to give the new owners the keys too early, just in case the deal doesn't go through right at the last minute and they already started renovations. Will be bad for everyone especially the original owner to rectify or if things are lost/removed/damaged.

 

[cocobobo]

johor exco to review foreign ownership of houses in johor

saw it on the news ticker today.

any ideas which way it will go? will impact existing owners?

 

[wolverine23]

How long does it take to get state consent?

 

[wolverine23]

Re: johor exco to review foreign ownership of houses in johor

Is this positive or negative for the prices?

 

[kongsimi]

Re: johor exco to review foreign ownership of houses in johor

many people kena clobbed by malaysian stock exchange.

now this!! watch out!

 

[wuqi256]

Re: johor exco to review foreign ownership of houses in johor

Likely the long ongoing rumour about upping to the 800k/1m limit in Johore.

 

[wuqi256]

How long does it take to get state consent?

Could take 3-4 months but some got it sooner.

 

[wolverine23]

Re: johor exco to review foreign ownership of houses in johor

So what happens if you are still waiting for state consent when the law is passed?

Likely the long ongoing rumour about upping to the 800k/1m limit in Johore.

 

[wuqi256]

TQ Bro wuqi, Just to share some experience. Many buyers of new houses in the secondary market often got the short end of the deal especially when it come to defects liability / warranty. The defects liability from the developer is not transferable unless the SPA is agreed / endorsed by the developer. Also the new buyers may renovate their house without knowing thus having a breach of the warranty conditions.

Agree, thats why one should always check if the house is still within defects coverage prior to buying a home, if it is within the defect coverage, say 2 years. Then either work with the seller to get the major defects sorted or have them at least pre-sign some defect forms with an earlier date and work to get it done before handover. Most contractors will cover minor defects out of goodwill when doing your renovation but it should be something as a last resort rather than de[end on it. Any renovation work done should always take into account the warranty period and to proceed (void it) or to wait until defect rectification work are done before commencing.

 

[nato33]

Re: johor exco to review foreign ownership of houses in johor

Likely the long ongoing rumour about upping to the 800k/1m limit in Johore.

Guess for those who want to sell their properties later, this may be a hindrance unless their property is worth much more than the new minimum sum.

 

[imperialap]

Background on Johor

As a lot of forumers here are familiar with Johor, would just like to get some background on Johor. For example, Nusajaya seems to be a new development where Singaporeans like to buy properties at and probably a tourist hub of Johor. Some things I am interested to know more about is their locals. Where are the good jobs, such as finance/ shipping industries, at? I also wonder what are Johoreans' main entertainment areas, shopping, dining, etc..

 

[shctaw]

Re: johor exco to review foreign ownership of houses in johor

As predicted, price rises is cause by foreigners.....

It will create a 2 tier market.....

One market for locals (which locals still cannot afford) and one vibrant property market for foreigners above RM1m.

Rich people will find ways to get thru the loophole..... By giving cash back or fully furnish the property and sell above RM1m. Nothing can get in the way of the rich...

 

[jasonjst]

Re: johor exco to review foreign ownership of houses in johor

Guess for those who want to sell their properties later, this may be a hindrance unless their property is worth much more than the new minimum sum.

Unlikely , last round up prices from 250K to 500K , people say the same thing . Currently most landed already close to 1M in Nusajaya area . Prices for landed is still way below Singapore landed property .

 

[wolverine23]

What is the risk if you sign SPA before getting loan approved?

 

[FHBH12]

Re: johor exco to review foreign ownership of houses in johor

My sense is it is unlikely to be implemented so soon, probably after the election. This could be just election ploy to address local's concern about rocketing property prices.

If it is raised beyond $1mil RM, it will immediately slash property demand in the short term, and many investors and developers will be stuck. This is against promoting Iskandar as an investment hub. What follows is investment and land prices will drop, bearing in mind Johor government is deeply in debt due to heavy spending in the infrastructure (huge infrastructure even in Singapore's context) and need to recoup the investments.