Malaysia Real Estate

[fattymeow]

hello to all, i am newbie .
I am engineer.
Technical is my strong point and legal is my weakest link.

I am eyeing for a property around 260k, and one of my friend since Uni is working as housing loan agent.

In the mean time of preparing my 3% Earnest Deposit, my friend have offer help by getting his lawyer's friend who promise to represent me as S & P lawyer, not say free of charge, but he willing to hold the legal fee, until i get my 30% EPF to pay off.

Is mine a special case?

according to him, the lawyer right now is helping me to do Land search &
Statutory search.

Is it weird?
cause i haven't get any quotation from the Law Firm, and the lawyer already working for me?

Is he representing on my behalf as S&P lawyer?
( I am currently asking him about the name of the law firm)

I am doing my homework to understand process of buying property.
and i found this Entry Cost / Acquisition Cost Calculator at the star online.

I am using this as a reference to gather the necessary money (tolerance of +/-10%)
Total Payment would be 12K.
Is it ok?

Your Property Price (RM) : 260K
Your Preferred Margin Of Finance : 100 %

Part 1 & 2) Sales & Purchase Agreement (S&P) & Memorandum of Transfer (MOT)

S&P is a written contract signed between the buyer and seller stating amongst others, the terms and conditions under which a property will be sold.
MOT is payable upon transfer of title from vendor / developer to purchaser.
Tiered Rate / Purchase Price(RM) / Payable Amount(RM)
First 150,000 @ 1.0% / 150,000 / 1,500.00
Next 850,000 @ 0.7% / 110,000 / 770.00
Legal Fee 2,270.00
5% Service Tax 113.50
Est. Disbursement Fees 1,000.00

Tiered Rate / Purchase Price(RM) / Payable Amount(RM)
First 100,000 @ 1.0% / 100,000 / 1,000.00
Next 400,000 @ 2.0% / 160,000 / 3,200.00
Stamp Duty 4,200.00
Total Payable 7,583.50

Part 3) Loan Facility Agreement & Execution of Loan Document
A loan facility agreement is a contract entered into between which regulates the terms of a loan.

Tiered Rate / Mortgage Amount(RM) /Payable Amount(RM)
First 150,000 @ 1.0% / 150,000 / 1,500.00
Next 850,000 @ 0.7% / 110,000 / 770.00
Legal Fee 2,270.00
5% Service Tax 113.50
Est. Disbursement Fees 1,000.00

Tiered Rate / Mortgage Amount(RM) /Payable Amount (RM)
Total Loan @ 0.5% / 260,000.00 / 1,300.00
Facility Amount
Stamp Duty 1,300.00
Total Payable 4,683.50

Disclaimer:
Mr. has compiled this website as a guide only. Mr. does not guarantee the accuracy or completeness of any information contained on this website. Please check rates, charges and conditions with the bank or financial instituition before borrowing. The bank or financial instituition reserved the right to adjust the interest rate accordingly, and is subjected to the bank or financial instituition's approval. An actual interest rate and loan terms cannot be determined until an actual application has been submitted and approved for a loan.

Mr. does not accept any liability for any investment decisions made on the basic of this information. Mr. urges you to obtain professional advice before proceeding with any investment.

The results shown in the various calculation are estimates for comparison and illustration purposes only, and are based on information that you have entered and rates published by respective bank or financial instituition on websites, pamphlets, literature and advise provided by lenders bank or financial instituition to us from time to time. While every care has been taken in compiling and preparing the simulation, report, summary and other contents herein, Mr. neither guarantees the accuracy, completeness and/or applicability of the information provided nor is the information meant to be final and binding.

[fattymeow]

ok.

i have paid the 3% Earnest Deposit and got the letter of intent.

Have proceed to S & P, since the price is quite reasonable and
thank to this website that provide me some idea.

now the problem is with Housing loan lawyer.
My company actually had a list of Panel Lawyer for housing loan.

i called two lawyer firm for quotation

1st one gave me ~RM4,300 (Fax)
2nd one gave me ~RM5,900 (Verbal)

Big difference btwn the two have puzzle me.

Properties detail:
value: 260K
loan: 100%

Title: Strata & Lease Hold


I check with the 2nd lawyer firm, she explained to me something about vendor still owe the bank money, and the some extra work need to be done, she will email me the written quotation today.

Question

1. Are the 1st lawyer firm under quote me?

or

2. The 2nd Lawyer firm over quote me?


Quotation from 1st lawyer firm

Legal Fee
Loan Agreement/ Charge/ Facility Agreement RM 2270.00

Government Service Tax 5% RM 113.50

Subtotal RM2383.50

Disbursement
Loan Agreement cum assignment/ charge RM1350

Power of Attorney _______

Registration of Discharge of Charge/ RM120
Charge/ Entry & Withdrawal
of Private Caveat/ Lienholder's Caveat

Filling Fees- Power of Attorney _______

Title Search RM90

Bankruptcy Search@Rm12 per person RM12

Printing/ Photostat charges RM125

Misc Charge RM50

Travelling Charge RM150

Subtotal RM1927

Grand total RM4310

I don't mind paying as long as its require,
but giving the wrong quotation indicate careless and un professional,

I won't want this kind of lawyer to handle my file.

Anyway, I can always try to get more quotation out of the list, until i am certain what should i pay, to get the complete service.

[fattymeow]

Bump into this webpage during searching definition for legal term

National House Buyers Association

FAQ & Knowledge
.://..hba.org.my/faq/list.htm

pretty useful stuff for us newbie to educate ourselves.

[fattymeow]

Quotation from 2nd lawyer firm

Legal Fee
Preparation of memorandum of Charge RM 2,270.00

Preparation of Private Caveat Form RM350

Application for Consent to Charge RM300

Government Service Tax 5% RM 146.00

Subtotal RM 3,066.00

Disbursement
Stamp Duty on Instrument of Charge RM 1,330

Stamp duty on Letter of Offer RM 10

Registration of on Instrument of Charge RM120

Registration fee for entry of Private Caveat RM340

Registration fee for Withdrawal of Private Caveat RM80

Certified True Copy of Title and RM100
Application for Consent to Charge

Registration fees for Consent to charge RM30

Land Search RM 120

Bankruptcy Search RM20

Printing/ Photostat charges RM50

Misc Charge RM50

Travelling Charge RM150

Subtotal RM 2,428

Grand total RM 5,494

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base on comparisom, the major difference here is

Legal Fee

Preparation of Private Caveat Form RM350

Application for Consent to Charge RM300


Disbursement

Registration fee for entry of Private Caveat RM340

Registration fee for Withdrawal of Private Caveat RM80

which total up to about RM1,000.......

Hmm.....i think i saw someone debate on this issue.

Anyway, property newbies don't give up.

The power is in understanding before act.

[fattymeow]

lodgment of private caveat

..realestate.net.my/forum/viewtopic.php?t=1953&postdays=0&postorder=asc&start=25