• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

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

wuqi256

Moderator - JB Section
Loyal
I have said this before and i will say this again, always try to get your own lawyers in any property transactions.
Never use the one the agent or the seller is using, at least you have some safeguards. Never trust anything an
agent or even developer says. I had folks writing to me after being conned by developers who promised the sky
but reneged and wormed out by saying, no signature, no company stamp after the deposit was placed.

I also had bad agents who tried to be funny, please feel free to name and share any experience with agents, banks
or law firms that did not do the right thing. Where necessary, please do use their consumer watchdog or the bar
council to take errant folks to task.

Also be aware of lawyers trying to fleece you by charging you for visits to the developer to sign S&P, once you
pay this charge, more charges will normally come your way. Be not afraid to go to the Bar council to complain if
you find any dodgy characters. Go for reputable law firms where possible. Getting the cheapest lawyer may not
always work out well. That being said, always do remember to ask for a discount even after conclusion of a successful
deal. Though not in practice officially, it is still a norm to ask for and get a discount.

Most sellers will not be affected in any way if halfway through a deal, they decided not to proceed so do check
what you are signing up for when buying resale.

Be wary of any T&Cs with the banks as certain banks have a lot of terms.

To my countrymen, PLEASE PLEASE PLEASE do not think that just because you are in a foreign land, you need to
use a bank which you are familiar with. If you are getting a loan from them, they have more to fear from you then
you from them. This is as the liability to you is at most the 20% for the house that you have to pay first but theirs
is the remaining 80%. Of course, this is offset by the lawyers who will normally act as the middleman and keep the
monies safe(of course in life there is no guarantee, lawyers in Singapore have been known to run away with their
clients money while doing conveyancing too)

You do not need to go for a large bank, just a bank which gives you good rates and is well established in Malaysia.
If you are trying to come out here to get a loan for a house, the theory is that those banks which do not have branches
in Singapore are better if you do not want folks in Sg to know about your loan/property here. Of course, for those
trying to cheat the system, they will be able to know your credit history and credit worthiness in Singapore through
CBS and other checks.
 

wuqi256

Moderator - JB Section
Loyal
Bros and sisters, please also feel free to add your inputs on what to do in situations as well as to share any legal situation that you are in. With the combined knowledge and sharing, more people can be helped especially if they used the same lawyers as the seller/agent/developers.
 

LGLab

Alfrescian
Loyal
Dear All,

Vincent77, teck21 and myself have been using Lim Soh & Goonting.

Find them pretty ok.. at least we have seen property transaction done properly by them..

my S&P had been recently signed.. wait till i get my place, i will keep u all posted..

cheers..
 

crystal_tiong

Alfrescian
Loyal
Hi LG lab

Can help to check how much is the lawyer fee to do a will ? My case is since the house is only my name , if something happens to me , i would like to have a will to transfer to my sister and she will continue to service the loans.

Thanks
 

LGLab

Alfrescian
Loyal
Hi LG lab

Can help to check how much is the lawyer fee to do a will ? My case is since the house is only my name , if something happens to me , i would like to have a will to transfer to my sister and she will continue to service the loans.

Thanks

hi crystal, why are u giving your sister that liability?

Get MRTA for like 5kRM for 15 years and then if anything that happens to you, your sister will get the house FOC..

I dont know that depends on individual.. i doubt your sister would want to continue the COI if anything bad happens 2 you..
because not many sporeans like JB..
 

LGLab

Alfrescian
Loyal
by the way, the will for malaysia is like 300RM to 400RM max for 10 clauses or so..

at least that is for goon ting..
 

crystal_tiong

Alfrescian
Loyal
hi crystal, why are u giving your sister that liability?

Get MRTA for like 5kRM for 15 years and then if anything that happens to you, your sister will get the house FOC..

I dont know that depends on individual.. i doubt your sister would want to continue the COI if anything bad happens 2 you..
because not many sporeans like JB..

if u read thru the MRTA coverage , a lot of things dun cover if u die from sports etc ....
So whats the pt of buying MRTA ? i would rather beef up my own insurance ....
 

LGLab

Alfrescian
Loyal
OMG , even standchart , hong leong and UOB give me a copy of mRTA when I am asking for the loan package leh ....

The guy i dealt with is actually not directly from Alliance bank but Alliance bank outsourced to their company to go around grabbing customer..
 

abugumgum

Alfrescian
Loyal
The guy i dealt with is actually not directly from Alliance bank but Alliance bank outsourced to their company to go around grabbing customer..

I am not sure about this, but will it be better to draft a Will in Singapore and just include the properties in Msia? At least there is only one Will that covers all that one has to pass on, not to complicate matters when the day comes.
 

LGLab

Alfrescian
Loyal
I am not sure about this, but will it be better to draft a Will in Singapore and just include the properties in Msia? At least there is only one Will that covers all that one has to pass on, not to complicate matters when the day comes.

I heard to be safe and for cheaper faster and better way..

do will in both malaysia and singapore.

but i think i will just have that do in malayisia.. becus for singapore, i pretty dont worry of the laws here..
 

Aisanbo

Alfrescian
Loyal
I heard to be safe and for cheaper faster and better way..

do will in both malaysia and singapore.

but i think i will just have that do in malayisia.. becus for singapore, i pretty dont worry of the laws here..

I read this somewhere on the net. Dunno how true.
Consider following scenario of a newly married couple John and Mary.
The couple bought a condo where John parents paid for the downpayment. Couple pays for installment.
Shortly after,, couple had a kid named Tom.
Then couple bought another condo where Mary parents paid for the downpayment. Couple pays for installment.

One day, the family went overseas for tour.....had an accident. Mary died immediately.
So legally everything belonging to Mary goes to John and Tom.
5 hrs later, Tom died. So everything they had now belongs to John.
5 days later, John also died.
Everything that the family had, including the condo that mary's family paid for, now goes to john's parents.
Had it been that Mary died later then John, everything would goes to mary's parents instead.
What ???
 

abugumgum

Alfrescian
Loyal
I read this somewhere on the net. Dunno how true.
Consider following scenario of a newly married couple John and Mary.
The couple bought a condo where John parents paid for the downpayment. Couple pays for installment.
Shortly after,, couple had a kid named Tom.
Then couple bought another condo where Mary parents paid for the downpayment. Couple pays for installment.

One day, the family went overseas for tour.....had an accident. Mary died immediately.
So legally everything belonging to Mary goes to John and Tom.
5 hrs later, Tom died. So everything they had now belongs to John.
5 days later, John also died.
Everything that the family had, including the condo that mary's family paid for, now goes to john's parents.
Had it been that Mary died later then John, everything would goes to mary's parents instead.
What ???

That's why a Will is necessary to carry out the wishes and not leave it to the above scenario.
 
Top