Legal issues/questions - Anything to do with lawyers and banks

[DREAMorACTION]

I can't be sure. Through the reply in the email, it sounded like i need to produce docs for both countries. I will ask the lawyer when I meet them again...

oic lawyers need thorough listing of assets? You mean listing of Msia assets only or include SG assets?

 

[DREAMorACTION]

Oh ya ... But then, we haven't checked if any of us engaged the same lawyer lol.... Likely not

should be 2 will writers vs 4 lawyers becos my quote also for Rockwills mah..

wow you are so fast, I haven't even asked my lawyer yet..

 

[crystal_tiong]

I can't be sure. Through the reply in the email, it sounded like i need to produce docs for both countries. I will ask the lawyer when I meet them again...

hello DOA

any update ? so look for lawyer or will writer ? can recommend me ?

 

[DREAMorACTION]

Hi sis,

Where I left off, I decided to engage the will writers to do up one. Having one in malaysia will make me more comfortable due to the conflicting views. I haven't really decided who to go with but the costs should be about the same ba ... I will probably end up with rockwills

hello DOA

any update ? so look for lawyer or will writer ? can recommend me ?

 

[canonor]

Hey bros and sis,

May i know the average waiting time for the transfer of Subsale Properties from the moment the S&P is signed? Meaning all legal papers, state consent etc.. 2 months? 6 months?

Thanks In advance!

 

[stedmund]

I also bought a property from subsale and was told by housing agent these are the things i need to pay:
-Legal Fees on SPA = RM5,525
- Stamp Duty on SPA = RM15,750
- Disbursement on SPA = around RM1,000
- Legal Fees on Loan = RM3,978
- Stamp Duty on Loan = RM2,835
- Disbursement on Loan Agreement = Around RM1,000
- Agent Commission = RM7,250
- Levy Fee / State Consent Fee = RM10,000

Total cost is RM47,338.

Quite a scary amount to me, many fees don't apply in sg. Can someone advise if this is the norm? thanks!!

 

[DREAMorACTION]

Yes. All items r quite standard.
Only comment is the agents commission. Assumed tat amount is 1%. Do more research on it be4 u part wif ur money

I also bought a property from subsale and was told by housing agent these are the things i need to pay:
-Legal Fees on SPA = RM5,525
- Stamp Duty on SPA = RM15,750
- Disbursement on SPA = around RM1,000
- Legal Fees on Loan = RM3,978
- Stamp Duty on Loan = RM2,835
- Disbursement on Loan Agreement = Around RM1,000
- Agent Commission = RM7,250
- Levy Fee / State Consent Fee = RM10,000

Total cost is RM47,338.

Quite a scary amount to me, many fees don't apply in sg. Can someone advise if this is the norm? thanks!!

 

[crystal_tiong]

i thought seller pays commission only ? buyers have to pay ?

 

[Vigilante911]

All this is great advice and if you've a child who is a lawyer or banker, even better.

 

[stedmund]

Yes. All items r quite standard.
Only comment is the agents commission. Assumed tat amount is 1%. Do more research on it be4 u part wif ur money

hi dreamoraction

thanks for the reply. yes, it's 1% agent commission...

 

[nickyu]

Yes. All items r quite standard.
Only comment is the agents commission. Assumed tat amount is 1%. Do more research on it be4 u part wif ur money

Yeah quite standard, you need to fork out more for subsale purchase...for the agent fees, try to negotiate as some of the agent willing to give a discount (no guarantee though)...it becomes a norm for agent in johor to charge 1% to buyer and 2% to seller...in kl, all 3% will be paid by seller so different state different practise...

Agree with bro DOA, do more homework before deciding since property is not cheap and plenty of choices around...happy investing

 

[etmusic]

Hi guys,

We recently bought a piece of land in LH and just received the draft bill from the lawyer. We have not confirm their service yet. looks like its a lot to pay.. Can someone please help advise? Here are the charges

SPA - $12,144.19
State Authority Application - $300
Entry & Withdrawal of Private Caveat - $400
Total with 6% tax - $13,985.84

DISBURSEMENTS
Stamp duty - $47,472
Fee forestry and withdrawal of Private Caveat - $214
Application for consent with PTG + filling of SPA with PTG - $560
Levy for Consent to transfer - $10,000
Land search fee - $120
Registration fee on the memorandum of Transfer - $4,600
Additional misc ( search, printing, transport) - $440
Total amount for Disbursement - $63,460

Grand total - $77,445.84

Thank you

Cheers

eddy

 

[stedmund]

wow, that indeed a lot... 77K is in RM or SG?!

 

[DREAMorACTION]

Unfortunately, tis is e practice to collect from both parties. Learned it while I was searching 4 resales. Note the word - practice ...

i thought seller pays commission only ? buyers have to pay ?

 

[DREAMorACTION]

Dun mention ..

hi dreamoraction

thanks for the reply. yes, it's 1% agent commission...

 

[etmusic]

Hello Edmund,

Good thing its in RM$77K. still a lot isnt it...

cheers

Eddy

wow, that indeed a lot... 77K is in RM or SG?!

 

[etmusic]

We just purchased a land in LH and after paying the 1%, the agent mentioned about us having to pay him 1% interest. We told him that this was not mentioned from the start and why only after we paid 1%. He told us that it is not a common practice for buyer to pay but because the seller is also an agent and it will be consider as a co-broke deal. We disagree and in the end, we dont have to pay him anything.

Unfortunately, tis is e practice to collect from both parties. Learned it while I was searching 4 resales. Note the word - practice ...

 

[Hopeful]

Found this reply online;
"The Board of Valuers,Appraisers & Estate Agents Malaysia has given guidelines on professional ethics and maximum fees chargeable by estate agnets. Estate agents can either be engaged by the Owner/Landlord or the Buyer/Tenant but estate agents cannot collect agency fees from both Owner/Landlord and Buyer/Tenant.If you are responding to the Estate Agent's property listing that is advertised then that Estate Agent is likely to have been engaged by the Owner/Landlord and a fee has been agreed to be paid by Owner/Landlord. Sometimes we have Buyer/Tenants who needed our services to find them a unique property at good prices or terms, then they will agree to pay us a fee upon success basis before we embark on the search and information gathering. Hope this will clear the air about our estate agency profession to clients like you.
Should you need further advise, please call David Wong at +60193330573"

http://www.propertyguru.com.my/property-forum/as-a-buyer-should-i-pay-house-agent-comission-1335

When I bought resale I certainly did not pay agents commission even though it was co-broke.
He even told me as a buyer no need to pay commission.
However, I gave a small "Ang Pow" to my agent for his great service & honesty.

We just purchased a land in LH and after paying the 1%, the agent mentioned about us having to pay him 1% interest. We told him that this was not mentioned from the start and why only after we paid 1%. He told us that it is not a common practice for buyer to pay but because the seller is also an agent and it will be consider as a co-broke deal. We disagree and in the end, we dont have to pay him anything.

 

[DREAMorACTION]

Is e term really called 1% interest? What interest? Is it referring to common interest? I'm not sure on tis.

We just purchased a land in LH and after paying the 1%, the agent mentioned about us having to pay him 1% interest. We told him that this was not mentioned from the start and why only after we paid 1%. He told us that it is not a common practice for buyer to pay but because the seller is also an agent and it will be consider as a co-broke deal. We disagree and in the end, we dont have to pay him anything.

 

[etmusic]

sorry, 1% agent fee, not interest.

Is e term really called 1% interest? What interest? Is it referring to common interest? I'm not sure on tis.