Newbie questions

[freedom]

Ha! Ha! You mean if i pay lawyer kopi money, they can get it done faster?

 

[FHBH12]

Lawyer says it is SPA and we did sign many pages and about 5 copies. We paid 10% deposit upon signing.

It may not be valid as the developer sold the property to you before the state agrees. I'm not a lawyer. Please check with other members.

 

[contrarian]

Hi, I have a question and hope the forummers here can help. I signed my S&P in July 2013 and am buying resale from a local at RM$950k. I have yet to receive my State consent and am wondering will consent be given in view of the new rules. Do they look at S&P date in which case consent can be given or date of obtaining the consent?

As the new rules have not been published, no one can answer you conclusively. In the meantime, sit back and consider it business as usual. Wait until the rules come out, then ask the lawyer.

 

[FXHarvest]

Hi, for developers offering DIBS for new projects launched before 2014: Say if the bank offers me a 20 year loan and the project takes 3 years to complete. During the 3 years of construction, the developer only pays the interest on the funds disbursed but I don't have to pay anything. So does that mean I only have 17 years to settle my loan? Or is it still a full 20 year payment period? In other words, is the 3 years of construction period inclusive in the 20-year loan agreement or 20 + 3? Thks.

 

[DorisPing]

Hi Harvest,
I hv a relative with similar predicament. You got anwer for your question? Please share if you do. Thank you.

Hi, for developers offering DIBS for new projects launched before 2014: Say if the bank offers me a 20 year loan and the project takes 3 years to complete. ... In other words, is the 3 years of construction period inclusive in the 20-year loan agreement or 20 + 3? Thks.

 

[freedom]

As the new rules have not been published, no one can answer you conclusively. In the meantime, sit back and consider it business as usual. Wait until the rules come out, then ask the lawyer.

Hi, just received a letter from our lawyer stating their request to the seller lawyer for a Bumi Release letter as requested by the authorities before consent can be given. Anyone knows what is a bumi release letter? Our lawyer had told us it was an internationak lot when they did a land search. Does it mean it was a bumi converted to international lot?

We r freaking out now thinking r we conned or something...can anyone help?

 

[FHBH12]

Hi, just received a letter from our lawyer stating their request to the seller lawyer for a Bumi Release letter as requested by the authorities before consent can be given. Anyone knows what is a bumi release letter? Our lawyer had told us it was an internationak lot when they did a land search. Does it mean it was a bumi converted to international lot?

We r freaking out now thinking r we conned or something...can anyone help?

Why your house buying process is so happening one

 

[DorisPing]

OMG...this is horrible...I would check with my lawyers immediately lo...

...Our lawyer had told us it was an internationak lot when they did a land search. Does it mean it was a bumi converted to international lot?

We r freaking out now thinking r we conned or something...can anyone help?

 

[potter]

Sheer ineptitude of your lawyer firm. Shame them!
Bumi lot will take thousands year to convert, cut lost.


Sound like yr lawyer is cheating u frm e beginning..

 

[westman]

Hi, for developers offering DIBS for new projects launched before 2014: Say if the bank offers me a 20 year loan and the project takes 3 years to complete. During the 3 years of construction, the developer only pays the interest on the funds disbursed but I don't have to pay anything. So does that mean I only have 17 years to settle my loan? Or is it still a full 20 year payment period? In other words, is the 3 years of construction period inclusive in the 20-year loan agreement or 20 + 3? Thks.

20 years after VP... during construction period, bank only charge interest on disburse amount and developer will pay interest under DIBS. No payment will go to capital repayment. Hope this help.

 

[RedsYNWA]

Hi, just received a letter from our lawyer stating their request to the seller lawyer for a Bumi Release letter as requested by the authorities before consent can be given. Anyone knows what is a bumi release letter? Our lawyer had told us it was an internationak lot when they did a land search. Does it mean it was a bumi converted to international lot?

We r freaking out now thinking r we conned or something...can anyone help?

Did you buy the Austin Heights from a Malay & within 5 years from CF? If you had bought from a Chinese, I believe the bumi release letter is a matter of formality.

 

[malpaso]

Hi, for developers offering DIBS for new projects launched before 2014: Say if the bank offers me a 20 year loan and the project takes 3 years to complete. During the 3 years of construction, the developer only pays the interest on the funds disbursed but I don't have to pay anything. So does that mean I only have 17 years to settle my loan? Or is it still a full 20 year payment period? In other words, is the 3 years of construction period inclusive in the 20-year loan agreement or 20 + 3? Thks.

your loan tenure and monthly repayment is based on the principal amount.

the principal amount does not reduce during the DIBS (construction) phase.

So logically, it should be 20 years from the date of VP when you start servicing the loan.

 

[malpaso]

Hi, just received a letter from our lawyer stating their request to the seller lawyer for a Bumi Release letter as requested by the authorities before consent can be given. Anyone knows what is a bumi release letter? Our lawyer had told us it was an internationak lot when they did a land search. Does it mean it was a bumi converted to international lot?

We r freaking out now thinking r we conned or something...can anyone help?

Do you have / can you get a copy of the land title? Get a copy asap. Check that there are no encumbrances on the land title (check the annexes or attachments ). Make sure there is no "BUMI LOT" specified on the land title.

again, i repeat: THERE IS NO SUCH THING AS "INTERNATIONAL" LOT. It is a marketing term, not a policy. A land title is either BUMI, NON-BUMI or MALAY RESERVED LAND. Alll land titles may or may not come with certain encumbrances. I had shared a similar thing when I was enquiring about AH houses a while back. Seems that some of the houses there the agents are marketing to malaysian only, due to 'bumi release' lot issue.

finally, don't panic. it should be able to be sorted out. also i don't think there's an intention to cheat, just that along the line the paperwork messed up or some one missed a step. i.e incompetence.

 

[malpaso]

Did you buy the Austin Heights from a Malay & within 5 years from CF? If you had bought from a Chinese, I believe the bumi release letter is a matter of formality.

not really. i have asked before, an AH house that can only be resold to malaysian. It was a bumi release but chinese owner. Some complication with resellling a bumi release unit.

 

[RedsYNWA]

not really. i have asked before, an AH house that can only be resold to malaysian. It was a bumi release but chinese owner. Some complication with resellling a bumi release unit.

Walao the rules seem confusing. This is what I found on the internet.

There are 2 types of bumi reserve:

1. One is the bumi quota (which is an indirect result of the NEP). The developer is asked to set aside a percentage (normally 30%) for bumi buyers. This is specified in the Development Order (the bumi discount % is also stated here). If the bumi quota lots have no bumi buyers then the developer can apply for release (there are some procedures to do first and normally construction should reach about halfway). If the release is granted then those lots can be sold to anyone. This type of quota applies to first sale, if bought by a bumi then can sell to non-bumi later.

2. The other category is bumi reserve. How to tell? There will be an endorsement in the land title itself that the lot is for bumi only. This is very difficult to remove and makes the lot unfavourable and lower value (even for bumis because they cannot sub-sell to non-bumis). This category is to be avoided. In the first category above, there is no bumi endorsement on the land title and a bumi buyer can sub-sell to non-bumi.

 

[freedom]

Walao the rules seem confusing. This is what I found on the internet.

There are 2 types of bumi reserve:

1. One is the bumi quota (which is an indirect result of the NEP). The developer is asked to set aside a percentage (normally 30%) for bumi buyers. This is specified in the Development Order (the bumi discount % is also stated here). If the bumi quota lots have no bumi buyers then the developer can apply for release (there are some procedures to do first and normally construction should reach about halfway). If the release is granted then those lots can be sold to anyone. This type of quota applies to first sale, if bought by a bumi then can sell to non-bumi later.

2. The other category is bumi reserve. How to tell? There will be an endorsement in the land title itself that the lot is for bumi only. This is very difficult to remove and makes the lot unfavourable and lower value (even for bumis because they cannot sub-sell to non-bumis). This category is to be avoided. In the first category above, there is no bumi endorsement on the land title and a bumi buyer can sub-sell to non-bumi.

Thanks for all yr input and help...the seller has instructed her lawyer that she wants to back out of the sale...hubby trying to find out if we can get compensation of 10% on top of the 10% she is willing to refund as provided in the SPA if she backs out. Dunno whether she lost the bumi release letter or what...very confusing...

Sigh....there goes my retirement dream....hubby put off and does not want to buy anymore jb property....

 

[malpaso]

Walao the rules seem confusing. This is what I found on the internet.

There are 2 types of bumi reserve:

1. One is the bumi quota (which is an indirect result of the NEP). The developer is asked to set aside a percentage (normally 30%) for bumi buyers. This is specified in the Development Order (the bumi discount % is also stated here). If the bumi quota lots have no bumi buyers then the developer can apply for release (there are some procedures to do first and normally construction should reach about halfway). If the release is granted then those lots can be sold to anyone. This type of quota applies to first sale, if bought by a bumi then can sell to non-bumi later.

2. The other category is bumi reserve. How to tell? There will be an endorsement in the land title itself that the lot is for bumi only. This is very difficult to remove and makes the lot unfavourable and lower value (even for bumis because they cannot sub-sell to non-bumis). This category is to be avoided. In the first category above, there is no bumi endorsement on the land title and a bumi buyer can sub-sell to non-bumi.

that's why. must look at the land title. the problwem can be due to many things

1) developer rush through paper work, never file properly
2) lawyer never check properly
3) rule changed , AH is older house.. rule may be different then. i suspect those AH house, bumi release, still adhere to rule like cannot resell to foreigner (old ruling?)
basically it's becos of people not doing their job and check/balances properly. ie malaysian style lo.

i just had a short conversation with my sis just a few week ago re: this bumi release thing. she told me to check land title carefully. (she did conveyancing some time back.)

 

[malpaso]

Thanks for all yr input and help...the seller has instructed her lawyer that she wants to back out of the sale...hubby trying to find out if we can get compensation of 10% on top of the 10% she is willing to refund as provided in the SPA if she backs out. Dunno whether she lost the bumi release letter or what...very confusing...

Sigh....there goes my retirement dream....hubby put off and does not want to buy anymore jb property....

ai yo. sorry to hear , sis. not surprised hubby is put off. buy new, non bumi lot, from reputed developer. should be ok.

 

[freedom]

Walao the rules seem confusing. This is what I found on the internet.

There are 2 types of bumi reserve:

1. One is the bumi quota (which is an indirect result of the NEP). The developer is asked to set aside a percentage (normally 30%) for bumi buyers. This is specified in the Development Order (the bumi discount % is also stated here). If the bumi quota lots have no bumi buyers then the developer can apply for release (there are some procedures to do first and normally construction should reach about halfway). If the release is granted then those lots can be sold to anyone. This type of quota applies to first sale, if bought by a bumi then can sell to non-bumi later.

2. The other category is bumi reserve. How to tell? There will be an endorsement in the land title itself that the lot is for bumi only. This is very difficult to remove and makes the lot unfavourable and lower value (even for bumis because they cannot sub-sell to non-bumis). This category is to be avoided. In the first category above, there is no bumi endorsement on the land title and a bumi buyer can sub-sell to non-bumi.

Thanks for all yr input and help...the seller has instructed her lawyer that she wants to back out of the sale...hubby trying to find out if we can get compensation of 10% on top of the 10% she is willing to refund as provided in the SPA if she backs out. Dunno whether she lost the bumi release letter or what...very confusing...

Sigh....there goes my retirement dream....hubby put off and does not want to buy anymore jb property....

 

[Frodo]

ai yo. sorry to hear , sis. not surprised hubby is put off. buy new, non bumi lot, from reputed developer. should be ok.

Tell hubby don't abandon so quickly. Look for good agent, make sure agent do good legwork, tell agent if purchase is screwed up agent must pay you.