Malaysia Real Estate

mainsna · Joined: 20 Apr 2006 Posts: 33

Dear Noor713,

Er.... for cash purchaser, yes, a lodgment of private caveat is being done.

But, for housing loan, if the lawyer is representing the purchaser in a sale and purchase agreement AND not for housing loan documentations, well, i think it really doesn't mean anything (caveat emptor), well, since the lawyer for the housing loan would take all the necessary steps to safeguard for the release of loan amount AND the caveat would normally be lodged when there is redemption amount to be paid.

Furthermore, the lodgment of caveat is costly Rolling Eyes

, consider this,

Legal fee :

Entry private caveat is RM200
Withdrawal private caveat is RM150

Disbursement :

Entry private caveat at the Land Office is RM300 (plus PA Bank RM20)
Withdrawal private caveat at the Land office is RM90 (Plus PA Bank RM20) (If i can remember it correctly)

But, as long as the client is giving specific instruction to lodge a private caveat, then, I believe the lawyer would end up have to comply to that instruction Crying or Very sad

.

One more thing Noor713,

I don't think lawyer can charge client legal fee for the preparation of MOT = RM192.00, since it's suppose to be included in the S&P fees. It just doest work the same like housing loan scale.

P/s : and don't go to the firm which charge you service tax of 5% since not all firm are entitled to charge that 5%...hehe Wink

sonata · Joined: 24 Feb 2006 Posts: 28

need to clarify this

the valuation of my properties by jabatan tanah is higher than the sale price. (extra10K)

does this means the stamp duty will be higher??

the lawyer did not bill me the extra charges for the stamp duty.

did they absorb the charge?

mainsna · Joined: 20 Apr 2006 Posts: 33

Dear Sonata,

I really dont think they will absorb any excess of stamp duty amount.

Stamp duty on transfer's scale is based on either the Sale and Purchase Price or the Market Value (whichever is higher). Either way, if the estimation made by the lawyer is below the present stamp duty charged on you, I dont think the lawyer is willing to absorb it Crying or Very sad

.

Just my 2 cents opinion.

Regards,

Mainsna

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi mainsna!

I think u missed my question. I asked `what about the purchasers who will be taking loans...dont you lodge a caveat for them upon signing the S&P? And why do you have to wait for your clients' instructions to do so? Dont you think you should advice them for their best interest? A few hundred RM is nothing compare to the hassle you've to go thru upon failure to register the MOT should there be a 3rd party intervention between the time of execution of S&P and registration of MOT?

Most legal firms will charge 5% service tax as practically every one of them can at anytime received a min of RM300K revenue annually.

So, u think its not wise to pay the 5% tax but its OK not lodge a private caveat? Really sad.....

Cheers!

baobao · Joined: 01 Dec 2005 Posts: 23

mainsna · Joined: 20 Apr 2006 Posts: 33

mainsna · Joined: 20 Apr 2006 Posts: 33

mainsna · Joined: 20 Apr 2006 Posts: 33

winnie the pooh · Joined: 24 Jan 2006 Posts: 1999

another loyar in da house. woo hoo!!!

kennylooi · Joined: 23 Apr 2006 Posts: 19 Location: K.L.

Well the price is about there. Maybe like some of the fellow member's here said is a little over charged. But well if you're able to convince for discount that will be wonderful. Laughing

by the way The Bar Council has already disallow discounts for legal fee's. Good luck...

Banzai · Joined: 25 Oct 2004 Posts: 3368

wiki · Joined: 25 Oct 2005 Posts: 25

Hi All

I have a question regarding the Stamp Duty on Assignment for sub-sale property.

I paid for the Stamp Duty on Assignment in 2005 as request by my lawyer. If I sell the house in year 2010 and the strata-title is not yet ready, what will happen to the Stamp Duty on Assignment that I have paid? Can I get it back?

baobao · Joined: 01 Dec 2005 Posts: 23

Vaanan · Joined: 03 May 2006 Posts: 2

Hai, am new here, would like to check whether am being overcharged by the lawyer or not. My house agent recommended him. House Price RM153k, loan amount RM137.7k, freehold property with master title. Property in Puchong, comes under Petaling District. Plan to use the same lawyer for s&p, loan agreement.

For S & P - RM1500
Caveat - RM350
RPGT - RM200
Tax - RM100

Stamp Duty. - RM2060
Caveat & Land Office - RM200
Transfer - RM200
Land Office Search - RM100
Stamping - RM40
O/A - RM10
Misc - RM250

Loan Agreement - RM1380
Charge - RM200
Caveat - RM350
Tax - RM90

Stamp Duty - RM690
Disbursements - RM1200

Is this reasonable?

I read in Solicitor's Remuneration Order 2005 (issued 4.1.2006)
page 8, any transaction governed by Housing Development (Control & Licensing) Act 1966 (Act 118)
(a)
(b)
(c) 70% of the applicable scale fee specified, if the consideration is in excess of RM100,000 but not more that RM500,000
(d)

How do I know whether my transaction is governed under this Act?
Could anyone enlighten me on this?

Thank you in advance.
Regards,
Vaanan

FF · Joined: 02 Sep 2005 Posts: 129 Location: Abroad

[quote="Vaanan"]Hai, am new here, would like to check whether am being overcharged by the lawyer or not. My house agent recommended him. House Price RM153k, loan amount RM137.7k, freehold property with master title. Property in Puchong, comes under Petaling District. Plan to use the same lawyer for s&p, loan agreement.

Noor,

I recently purchased an apartment in Puchong, the developer suggested strongly I use the same lawyer for s&P and the loan agreement. My question is how can a lawyer represents both the seller and the buyer at the same time? I don't think this is allowed in US, so I insisted I want another lawyer to do my loan, I was told I need to pay more - was quoted 1,950 for loan amount 70,000. Is this price reasonable? (Apt price 178,800)

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi FF!

When you signed up the S&P thru a lawyer appointed by the Developer, pls bear in mind that you are UNREPRESENTED. In other words, the lawyer is acting for the Developer and NOT you. In such a case, you can appoint the same lawyer to handle your loan documentations as there is no such thing as a bank acting for the Developer!!

But if you are into a sub-sale, a lawyer cannot act for both owner and buyer at the same time. Cases where there is only 1 lawyer involved in a sale and purchase transaction, the owner is unrepresented.

One advantage though if using the same lawyer to handle your loan documentations - time saving and less hassle on communication.

I need more details on the property for the quotation.

Cheers!

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi mainsna!

Although I have been in this legal line (especially conveyancing) for almost 30 yrs, I feel that I need to learn new things from young lawyers as well.

Please enlighten me on how else can you protect your client's interest and rights on the following scenario:-

1) subsale - cash purchaser (with/without title)
2) subsale - purchaser taking a loan and has paid up 10% deposit (with/without title)
3) subsale - cash purchaser/taking loan/paid up 10% deposit/with existing loan.

I certainly didnt know that `every lawyer and every legal firm has its own way of doing it to uphold their clients' best interest'. Something new came up?

Cheers mate!

mainsna · Joined: 20 Apr 2006 Posts: 33

Dear Noor713,

Wow... 30 years experience. Now, that really makes me feel like I am a newly borne baby... Ironically, I have to respect for all the wisdom coming out from your message so that my action wouldn't undermine or amount to disrespectulness to you.

Well, I agree in total that experience really counts in real estate conveyancing fields.. however, conveyancing practise keeps changing each day n hour. Even, today I was informed by KL ADO that you cannot pay cheque anymore for the quit rent payment... Last time, they accept all the times.. Well, that shows that being in conveyancing fields, we have to adapt...to the changing environment. Be more flexible since each case differs in every aspect.

Sorry if my 2 cents opinion annoyed you. Well, it's just an opinion. Right of free speech.....

Anyway, thanks for your comment.

Regards,

Mainsna

FF · Joined: 02 Sep 2005 Posts: 129 Location: Abroad

nj922 · Joined: 24 Mar 2006 Posts: 20

keants · Joined: 19 Dec 2005 Posts: 6 Location: Penang

Hi All ;
Good day to all of you.... Kindly need ur advise on the loan legal fee.. I jz bought a double storey house at Permatang Tinggi, Penang..
Cost 222K , Loan 90 % , or we jz make it as 200K.
may i know how much should i prepare for the loan legal fee ? ( the S&P is paid by developer )
Oh ya.. one more thing is the developer is asking me to prepare about 6K for grant name transfering ( from developer to my name. )
Thanks for ur advise....
(dun have much cash left.... need to be extremely kiasu in the item in legal fee for loan Smile

baobao · Joined: 01 Dec 2005 Posts: 23

i wonder, normally S&P is more expensive than loan legal fee. but for my case, opposite la.

Non-landed property 133k, Purchase from vendor; loan 90 %, 20 yrs.

Here's my breakdown

S&P
1. Agreement @ 1330
2. DOA @ 200
3. CKHT @ 200
4. Stamping for S&P @ 40
5. Stamping for DOA @ 40
6. Adjudication Fee on DOA @ 10
7. Search on RDT/Caveat/Presentation Book @ 90 (30x3)
8. Stamp Duty on DOA @ 1660
9. Transport @ 150
10. Printing & Photostates @ 100
11. Telephone & Fax @ 100
12. Misc @ 50
TOTAL = 4056.50 (with 5% govn service tax)

LOAN
13. AGREEMENT @ 1197
14. DOA & Power Attorney @ 119.7x2=239.40
15. Stamping Duty on DOA @ 40 (again??)
16. Stamping Fee on Power Attorney@ 40
17. Stamping Fee on Offer Letter @ 10
18. Purchase of Loan Agreement @ 120 (??)
19. Search on Tittle.Caveat/Presentation Book @ 180 (again??)
20. Reg for Power of Attorney @ 100
21. Printing/Fax/Tel @ 100
22. Transport @ 150
23. Affirmation and stanping fees on 2 sets of Statutory Declaration @ 50
24. Misc @ 50
TOTAL = 2978.22 (include 5 % gov tax)

Additional, i haven't sign my loan agreement, i.e. have'nt decide which lawyer. but, the fees like strange... especially the "transport", "fax" etc... high ya!

Mainsna, can advise? I think still possible to ask for reduction...

winnie the pooh · Joined: 24 Jan 2006 Posts: 1999

for the uninitiated, when requesting our in house loyars to verify whether some sharks out there are squeezing your balls (or tits, or whatever...), please adopt the following format:

noor713/mainsna,

i have spent my whole life savings to cough up just enough hairballs to put the downpayment for my [please state type of property here] at the developer's inflated price of [please state price of property here].

them sharks are now slaughtering me a further sum of [please state the aggregate fees and disbursement charges here] which according to their da vinci coded bill is as follows:

[reproduce lawyer's bill in toto here]

after all my years spent in boleh-sia's seriously flawed education system, i can't for the life of me make up what this means. i've coughed up enough hairballs already so what i wanna know is:

(i) if they squeeze my ball/tits* can i wring their necks also?

(ii) if they wring my neck, can i stuff them in a luggage bag & throw them into a river?

(iii) if i get caught for ridding this world of one of them pesky sharks, can i ask the authorities to "close both eyes"?

(iv) if they can't close both eyes, can i ask them to at least compund the offence instead?

(v) if they impose a compound, will they take 10 years before they send me a notice of demand?

(vi) if i wait a further 10 years, do you think they will grant me a waiver/discount of my compound?

thank you in advance for your kind assistance which i assume will be given without charge as otherwise i will have to repeat steps (i) to (vi) all over again.

with warmest regards
- freeloader -
(makes no difference who u really are la...)

* delete whichever inapplicable

baobao · Joined: 01 Dec 2005 Posts: 23

winnie the pooh · Joined: 24 Jan 2006 Posts: 1999

darn! for a moment there i actually thought someone had actually adopted the format... Laughing