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

[DREAMorACTION]

Thx 4 clarifying

sorry, 1% agent fee, not interest.

 

[stedmund]

Hi
For those using Lim Soh & Goonting, may I know is the price quoted negotiable? I was charged transportation fees and several other misc. Each item is not a significant sum, but the final bill is huge at RM56K.

Dear All,

Vincent77, teck21 and myself have been using Lim Soh & Goonting.

Find them pretty ok.. at least we have seen property transaction done properly by them..

my S&P had been recently signed.. wait till i get my place, i will keep u all posted..

cheers..

 

[IskandarRocks]

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

Hi Eddy, there is nothing much you can do about the disbursements, as they are fixed and go to the government. However, in Malaysia, legal fees are negotiable. Lawyers will give you 35 to 40 percent discount. My take is that the legal fee structure was designed at times when property prices were very low an not revised since they have gone up significantly. Hence, the discount. In case your lawyer does not give a discount, PM me and I will send you a contact.

 

[IskandarRocks]

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!

Here is the approx timeline after SNP is signed:

1 Month to gather paperwork to apply for state consent - such as NOC from bank if seller financed
1 Month for State Consent - nowadays they are quite fast
3 + 1 Months to close - this is after you get the state consent

So plan for at least 5 months, of course, this is optimistic, assuming that the lawyer does not slack off and everything is as smooth as planned. 6 months is more realistic.

 

[Movingaway]

I heard state consent can drag for 9months, especially if they find that the price you bought doesnt match the value.

 

[Sleeplesserf]

For Earnest Deposit of 1% to seller's agent thru cheque issued to one's lawyer. What if the seller take the 1% buy dun follow-thru with the sale? What legal recourse is there to get back the 1% earnest deposit?

 

[graveyard]

Dear all, i have a question on subsales of JB properties. as far as i understand, Msia has a capital gain tax (on profit) and it will be increased wef 2013 following the Budget. I heard we can add in the related fees such as brokerage, stamp duty, loan fee to the actual purchase and this will be subtracted from the resale price, so effectively lowering the tax payable. for example, if i buy a property for $500K and resell it for $700K and i incurred brokerage fee of $1K and stamp duty of $10K when i bought the property, then the tax payable is (say, 10%) of [700K - (500K + 1K + 10K)] and not 10% on the difference btw 700K and 500K. Need to know as I am close to disposing a property. Thanks!

 

[snowbird]

Dear all, i have a question on subsales of JB properties. as far as i understand, Msia has a capital gain tax (on profit) and it will be increased wef 2013 following the Budget. I heard we can add in the related fees such as brokerage, stamp duty, loan fee to the actual purchase and this will be subtracted from the resale price, so effectively lowering the tax payable. for example, if i buy a property for $500K and resell it for $700K and i incurred brokerage fee of $1K and stamp duty of $10K when i bought the property, then the tax payable is (say, 10%) of [700K - (500K + 1K + 10K)] and not 10% on the difference btw 700K and 500K. Need to know as I am close to disposing a property. Thanks!

It should be the first eg you mentioned. The lawyer's conveyance fees, brokage fees, stamp fees etc (all with documents proof) can be included into the original purchase price. You should be advised of all these by your lawyers handling your sales.

 

[graveyard]

It should be the first eg you mentioned. The lawyer's conveyance fees, brokage fees, stamp fees etc (all with documents proof) can be included into the original purchase price. You should be advised of all these by your lawyers handling your sales.

hi snowbird, thanks. i asked this because i have gotten conflicting responses from my agent. Yes i will be calling the law firm who handled my transanction to clarify. Need to sort this out also to decide whether to apply the first time waiver of capital gain tax. Thanks!

 

[Aeroccino]

I am trying to ascertain whether the bungalow I have my eye on is a bumiputera or international lot. It seems that the title deed mentions "approval for sale by authorities" even for international lot. However, a bumiputera lot makes explicit mention that it is for bumiputera. If no mention of bumiputera then it must be an international lot.

Is that true?

 

[Walker]

I am considering getting a subsale unit from a owner.
The original SPA has not been signed yet and the owner will ask the developer to transfer to my name on the SPA.

The developer is offering Free SPA Legal Fees so that means the use of their lawyer correct?
Is it ok for me to use the developer's lawyer in this case when I am doing a subsale?
I will probably get another lawyer to complete the rest.
Any thoughts and advice on this is appreciated.

 

[Sleeplesserf]

I am thinking of buying a house in Bukit Indah under my father's name. He is a Malaysian.

My plan is to buy under his name, but to state in his will that I will inherit the house.

Will Malaysian law allow for the inheritance of property to a foreigner (I am Singaporean)?

 

[Mingchye]

I am thinking of buying a house in Bukit Indah under my father's name. He is a Malaysian.

My plan is to buy under his name, but to state in his will that I will inherit the house.

Will Malaysian law allow for the inheritance of property to a foreigner (I am Singaporean)?

I think no problem. You may have more problem with HDB than Msian authorities.

 

[potter]

I think no problem. You may have more problem with HDB than Msian authorities.

Sleeplesserf...

"State Authority Consent is always required for foreigners to acquire immovable properties in Malaysia."
Can be by left and by right..,but best person to consult is lawyer...

 

[Mingchye]

http://www.johorebar.org.my/index.p...reign-interests&catid=4:newsaevents&Itemid=10

Transfer to next of kin – approval fee RM10,000: Annexure 2, para 2.E


Foreigners may apply for consent to transfer for love and affection among their next of kin (keluarga terdekat). They may transfer any type of real property and of any value, but they have to pay consent fee and approval fee of RM10,000 for each title.

 

[Movingaway]

any problems for malaysian with PR in Singapore to purchase low medium cost apartment from sub sale market, example Indah Court?

He is currently holding onto two properties bought previously and fully paid.

Thank you in advance!

Cheers!

 

[Mingchye]

any problems for malaysian with PR in Singapore to purchase low medium cost apartment from sub sale market, example Indah Court?

He is currently holding onto two properties bought previously and fully paid.

Thank you in advance!

Cheers!

Nationality is still Msian mah, so can buy any properties. If non bumi then cannot buy bumi lots loh.
PR or not is not important for Msians to determine what property can buy in Msia.

 

[Movingaway]

Nationality is still Msian mah, so can buy any properties. If non bumi then cannot buy bumi lots loh.
PR or not is not important for Msians to determine what property can buy in Msia.

thanks for the reply Mingchye, i was told by agent that low medium cost is by Msian gov and if individual holding onto properties in msia might have problems buying.

definitely cant buy NEW low medium cost apartment because they are strictly for msian without property.

 

[siacw]

for new low cost house need to apply to the ministry of housing or some ministry. not sure for resale.

 

[Movingaway]

thanks siacw!