Malaysia Real Estate

[jn]

I am in the process of selling condo. My buyer already paid the 2% and left only the 8% and S&P was not paid and sign yet. The problem now is I am taking own lawyer to do my S&P. Somehow my lawyer called up the buyer lawyer to produce the S&P for us. I am quite curious why my lawyer did that?
Second question are it has been 14days my S&P still in process (not ready). I called up my lawyer but she said maybe the S&P is delay because the other lawyer has not received the consent letter/agreement from the developer/state authority! Was it true? And a friend told me processing of S&P for condo is slower than landed property. Is that true again?
This is my first time selling a condo, and I got no idea about this? Please help. I need answer so that I'll not have sleepless night every time. Thank you.

[banq]

Preferable to use panel or default lawyer to save hazel of all inconvenience. Try to chase up or either change the lawyer firm they're more afraid than you as customer . Don't worry

[jn]

Hi banq
I thought of change a more understanding lawyer. Since I have gone this far is it possible for my current lawyer to charge me any fees such as administrative fees, etc..
Reason I am using my own lawyer is because the buyer lawyer did not want to do for us.
Thanks, banq

[property_hunter]

Hi jn,

you were wise enough to get your own lawyer and for the buyer to get their own.many people do not realize that nowadays lawyers are not allowed to defend for both parties thus if the seller feels insecure, each shud get their own lawyer then. im in this situation now where the seller did not agree of not being represented by any lawyer and bacause of this everything is on delay now. I just want to tell all sellers out there, if you are going to sell your property, please make sure you do your part in ensuring that you agree with all the terms and condition, if not make the changes early, dont wait until its time for u to sign the s&p and then make noise.. dont make it so inconvenient for the buyer because the buyer is already delighted to have purchased your property and you should be thankful. its not a pleasant experience if you are not making it easy for everyone involved.

[banq]

[Ritz Crackers]

It is normal practice for Purchaser's lawyer to prepare the SPA.
That way, the purchaser will pay for the legal fees in relation to the drawing up of the SPA. Your lawyer is saving money from your pocket.
However, there are situations where Vendor insist their lawyer to prepare the SPA, as long as both Vendor and Purchaser agree, that is do-able. Of course, you pay the legal fees accordingly.

Your second question, on consent letter from developer and previous agreement... to my understanding that's supposed to be Vendor's solicitors (ie your lawyer's) job...

by the way, is your property still under bank loan?

Yes, buying condo from non developer is a much more complicated process... involving bank (if Vendor still on loan), developer (although their consent is not needed, they are to be informed), local authorities etc
_________________

私は弱い時にこそ強いからです
Garden of Ritz

[cynthusc]

Actually under the conveyancing practice rules, the Vendor's lawyer should be the one drafting the sale and purchase agreement. However some Purchaser's prefer their lawyer to draft as the agreement would be in their control somewhat. But any good lawyer will tell you there is no difference between vetting and drafting. In fact drafting is easier because vetting involves patching up somebody elses drafting which could be full of holes!


For residential property without title, there is no need for consent any more due to the new law. The Purchaser's lawyer will write to the Developer for a confirmation on the outstanding charges and any other information regarding the unit. Your lawyer can actually write in if he wants, only you have to pay RM50 for the confirmation.

[josepheng88]

hi cynthusc,

need your help on my post below...sorry for posting 2 msg, can't seems to find way to delete 1...

[josepheng88]

hi cynthusc,

this may be a c2p question but would appreciate it if you can help me on this...

how to count the 14 days between signing the Letter of sale confirmation to signing the S&P?

The thing is that my property agent told me the day start only counting when ALL the documents are ready for the lawyer to draft the S&P. But i saw in the Letter of sale confirmation stated that the 14 days start counting after the vendor signed on it??? how ah?? does it include holiday??

another thing, the apartment i'm buying is over 20 years old in Cheras area, do you know will it be entitle for the Budget 2008 50% discount on MOT??

oh ya, some lawyer said if buying property on master title, private caveat not so important compare to buying landed titled property, mine is apartment on Block title, no individual or strata title, so private caveat is needed ah??

Like the others, i'm buying my 1st house and are not familar with the process, hope to get your help...

guys and sifu-sifu. pls feel free to comment...

[jn]

Thanks for all your reply. Really helps me alots. By early Jan 2008, the buyer finanlly paid the 10%.
I have another problem, recently my developer sending me a letter asking me to off the 2.5% of my purchase price for the Strata Title. That's is about RM3K. The developer mentioned that they are not allowed to instruct the bank to issue the 2.5% because the Phase 2 have not completed yet.
My question is am I supposed to pay the 2.5% or the buyer pays?? Secondly, if im must pay the 2.5% first, (which my bank supposed to be paid), will I get back the 2.5% balance fr my bank later when the 90% is released??
Have anyone of you going through this problem before?? Thank for helping.