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

[snowbird]

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.

I was told that low cost or medium cost housing are strictly meant for Malaysians and it has to be the FIRST purchase and only can buy once.
If you had purchase some other property earlier, you are not qualify to buy. And for those who had bought one, once they sell it, they no longer qualify to buy the next low/medium cost housing.

 

[Matahari]

Hi friends,

Need your help.

I am trying to do some homework before i purchase a commercial property ie. office, shoplot or shop house?

Can foreigners buy?
If yes, can buy in individual or sdn bhd?
For sdn bhd, any condition on foreigner/bumi ownership?

 

[sgtsk]

Hope this doc helps.

Legal-Guidelines-When-Buying-Property-in-Malaysia

http://www.hhq.com.my/wp-content/up...roperty-in-Malaysia-English-Version-clean.pdf

 

[Movingaway]

page not found

Hope this doc helps.

Legal-Guidelines-When-Buying-Property-in-Malaysia

http://www.hhq.com.my/wp-content/upl...sion-clean.pdf

 

[sgtsk]

Edited the URL. Pls try again.

 

[Movingaway]

nice and useful link!
Thank you sgtsk!

 

[hippoheyhey]

May I check if purchasing sub-sale, when does the buyer usually pay 1% agent fee? Is it after both parties have signed the S&P? (no state consent required)

What about full settlement lawyer legal/ disbursement fees for the S&P and loan agreement? I was told to place a deposit of MYR 2,000 first and the rest of full settlement when the current owner receives the TOP (about 1 month later) and only then,will the lawyer send the S&P and loan documents for stamping. The lawyer said this is because if he is to send for stamping now, the current owner has to pay a capital gains tax immediately.
Or should I insist full settlement only upon receiving keys?

And anyone knows what and how much is the capital gain tax on Malaysians for selling MY properties?

 

[sgtsk]

Malaysia tax(including rpgt)

http://www.pwc.com/en_MY/my/assets/publications/mtbb-2012-2013.pdf

 

[sgtsk]

A very good explanation about estate agent fee in Malaysia here

http://propertymarketingmsia.blogsp...=2011-01-01T00:00:00-08:00&max-results=19&m=0
[Quote

So, while it is the common practice in Malaysia for the REA to act for the Vendor (or the Landlord, as the case may be) as the REA's client, under our Malaysian estate agency law, a Malaysian REA may act for the Buyer (or the Tenant/Lessee) of a property instead of the Vendor (or the Landlord/Lessor). Under our estate agency law, "Estate Agency Practice" .......



.....as stipulated in Rule 89(2) of the "Valuers, Appraisers & Estate
Agents" Rules 1986 (the "VAEA" Rules) which reads:
"A registered estate agent shall not charge or attempt to charge fees on more than one party in any one transaction...".

The party that the REA can charge fee is the REA's "client" or "principal" under our estate agency law and professional practice.

Rule 89(2) means that if the Buyer (or the Tenant) is already the client or principal of the REA (who is therefore responsible for the payment of the REA's fees), the REA CANNOT also collect or attempt to collect fees from any other parties to the same transaction including the Vendor (the Landlord or the agent acting for them, whichever is relevant).

Collecting or attempting to collect fees from more than 1 party to a real estate agency transaction is illegal under our Malaysian estate agency law (i.e. contrary to Rule 89(2) of VAEA Rules) and, I believe, against the Malaysian "agency law" in general as well.

Unquote]

 

[OracleMasia]

I gathered from HSBC that under bank negara new guideline only need to pay admin fee RM 500 if discharged the title within the lock in period. No other penalty will be incurred. Is it true?

 

[aliensmotor]

Check this out
http://www.lawyerment.com.my/boards/

 

[iDone2u]

Banking in Msia (JB)

Hi

Need some help here.
I am SPorean

I want to open an account so that I can write RM cheques (after I got the property in JB got a lot of bills to pay) (at the moment have not take loan yet)

Any good recommendation of banks manager - and current accounts type to open?
Any bank kawan you can recommend to talk to?

thanks

 

[Funds Transfer]

Re: Banking in Msia (JB)

Hi

Need some help here.
I am SPorean

I want to open an account so that I can write RM cheques (after I got the property in JB got a lot of bills to pay) (at the moment have not take loan yet)

Any good recommendation of banks manager - and current accounts type to open?
Any bank kawan you can recommend to talk to?

thanks

Banking in Malaysia is relatively easy, perhaps no different from Singapore.

I have been using Maybank for the last few years and felt satisfied with the service. It has multiple organisations that accept online payment from its account and will also allow you to make funds transfer to another bank account of your friend, client, vendor, etc. No sweat at all.

All you need to do is to just walk up to the counter and apply for the account. I think RM 1000 in the account will be required for a start.

Good luck.

 

[shctaw]

Re: Banking in Msia (JB)

There is a tread on banking.

I have difficulty openning a CIMB account, I end up getting UOB current account.

They give you
1. cheque book.
2. ATM card
3. Online banking
4. Banking executive
5. Interest of around 1%-1.75%

You need to bring
1. IC
2. Passport
3. RM5000 cash for initial deposit

The branch I open my account have move to City Square.

 

[iDone2u]

Re: Banking in Msia (JB)

There is a tread on banking.

I have difficulty openning a CIMB account, I end up getting UOB current account.

They give you
1. cheque book.
2. ATM card
3. Online banking
4. Banking executive
5. Interest of around 1%-1.75%

You need to bring
1. IC
2. Passport
3. RM5000 cash for initial deposit

The branch I open my account have move to City Square.

thanks - got any name of the bank manager ?

 

[shctaw]

Re: Banking in Msia (JB)

Check your private message....

 

[iDone2u]

Lawyers

I need a lawyer for property transactions

Anybody can recommend a lawyer that can do HSBC bank and other major banks eg Maybank RHB etc


thanks

 

[BMSKE44]

Is anyone here familiar with the small claim court procedure in JB? After you sent "saman" to defendant by A.R Register post, how do you do the "Afidavit Penyampaian"? Thanks.

 

[suterapulai]

Knowing your rights in Malaysia

please read this important link:

http://blog.winterwong.com/information/know-your-rights-when-malaysia-police-arrest-you.html

I think criminal procedure code is very similar to Singapore

Please take note, minor traffic offense are all non seizable offenses, if the officer insist that you follow them to the police station, you can refuse and instead propose to the settle the fine/summon on the spot.

Hope this thread helps. Read the link carefully

 

[raelf]

Re: Knowing your rights in Malaysia

I wrote sometime back regarding issues and complications with the property I purchased in Leisure Farm. It turns out that the seller has not executed the transfer of the strata title from developer to himself for over a year now saying that his lawyer refused to do it. This 'ding dong' continues and I have already paid 3% downpayment. My lawyer says the whole transaction will take at least 6 months but no assurance. What are my legal rights if I pull out?