Newbie questions

Nusajaya · Jun 27, 2013

Re: Careful of Asbestos

Whatever stated on the Option Form. If it says, 4 weeks to sign S&P, that applies, period. If I knew the bank wasn't going to make it by the 4th week, I would request the bank to kindly decline my application.

TrulyAsia said:
Case study on buying resale property in Malaysia:

Ms.ABC viewed an apartment, satisfied and place a deposit of 1% of purchase price to seller (Mr.XYZ)
Option form stated SPA to be signed within 14 days but Ms.ABC requests for grace period of another 2 weeks as she afraid loan application might take longer.
Mr.XYZ agreed, told Ms.ABC that no more extension after 4 weeks, else deposit of RM2500 shall be forfeited.

Due to Ms.ABC poor credit record, loan application takes 5 weeks to get approval and immediately arrange Mr.XYZ to sign the SPA.
Mr.XYZ replied Ms.ABC that he will not sign the SPA unless she agrees with the mark-up price (RM10K above original selling price), else deposit shall be forfeited.

Question:
Can Ms.ABC (buyer) sue Mr.XYZ (seller) for not refunding the deposit / refuse to sign SPA base on original selling price?

1nottiboy · Jun 28, 2013

Re: Careful of Asbestos

1. Why didnt Ms ABC take back her deposit a day before her grace period was up?
2. Mr. XYZ was acting within his rights.
3. Ms. ABC can sue regardless of whether who's right or wrong. But the financial and time costs will likely cost more than the deposit, whether she wins or loses. most times, it is not worthwhile to sue. if the amount lost is small, then just suck it up and forget it. the pursuit of justice is an expensive process only affordable to the rich or people with a lot of time. sometimes its cheaper to suffer an injustice. sad but true.

TrulyAsia said:
Case study on buying resale property in Malaysia:

Ms.ABC viewed an apartment, satisfied and place a deposit of 1% of purchase price to seller (Mr.XYZ)
Option form stated SPA to be signed within 14 days but Ms.ABC requests for grace period of another 2 weeks as she afraid loan application might take longer.
Mr.XYZ agreed, told Ms.ABC that no more extension after 4 weeks, else deposit of RM2500 shall be forfeited.

Due to Ms.ABC poor credit record, loan application takes 5 weeks to get approval and immediately arrange Mr.XYZ to sign the SPA.
Mr.XYZ replied Ms.ABC that he will not sign the SPA unless she agrees with the mark-up price (RM10K above original selling price), else deposit shall be forfeited.

Question:
Can Ms.ABC (buyer) sue Mr.XYZ (seller) for not refunding the deposit / refuse to sign SPA base on original selling price?

TrulyAsia · Jun 28, 2013

Re: Careful of Asbestos

Unfortunately I have experienced deposit money been forfeited by seller during purchase of resale property both in Malaysia and Singapore.
More or less the same, seller does have the advantage - be it resale or buying from developer.

Chocolate said:
I dont know abt MY but in Singapore you would use the unit if you dont sign within stipulated period, and seller has the right to increase price. It happened to my neighbour in a project I bought in 2006 when prices were rising fast. Developer riased price by 400K from 2M to 2.4M in 3 months because a buyer got LDU approval late( he was a PR applying to buy a landed property). He had to options, pay new price or walk away.

TrulyAsia · Jun 28, 2013

Re: Careful of Asbestos

Agree that contract terms stated in Option Form are final with legal binding should disputes arise.
If Option Form never indicate seller must refund deposit when buyer failed to obtain bank loan, bank's rejection letter also no use.

Nusajaya said:
Whatever stated on the Option Form. If it says, 4 weeks to sign S&P, that applies, period. If I knew the bank wasn't going to make it by the 4th week, I would request the bank to kindly decline my application.

TrulyAsia · Jun 28, 2013

Re: Careful of Asbestos

Yes, settlement through litigation means is not advisable as the amount is only RM2500, not enough to cover legal fees.
Usually market practice is seller should refund deposit if buyer's loan application is rejected, but Option Form must indicate to be effective.

1nottiboy said:
1. Why didnt Ms ABC take back her deposit a day before her grace period was up?
2. Mr. XYZ was acting within his rights.
3. Ms. ABC can sue regardless of whether who's right or wrong. But the financial and time costs will likely cost more than the deposit, whether she wins or loses. most times, it is not worthwhile to sue. if the amount lost is small, then just suck it up and forget it. the pursuit of justice is an expensive process only affordable to the rich or people with a lot of time. sometimes its cheaper to suffer an injustice. sad but true.

byfaith · Jun 28, 2013

Re: Careful of Asbestos

has anyone used any jb driver that provides day tour ?
we are looking to hire one, either to go on weekday on weekend to see showflat, some shopping and maybe Legoland.

Kindly advise reliable and good rates.

Thanks

TrulyAsia said:
Yes, settlement through litigation means is not advisable as the amount is only RM2500, not enough to cover legal fees.
Usually market practice is seller should refund deposit if buyer's loan application is rejected, but Option Form must indicate to be effective.

Nusajaya · Jun 28, 2013

Re: Careful of Asbestos

TrulyAsia said:
Agree that contract terms stated in Option Form are final with legal binding should disputes arise.
If Option Form never indicate seller must refund deposit when buyer failed to obtain bank loan, bank's rejection letter also no use.

Yeap, that's correct. I would always indicate in the special terms/conditions - subject to my loan approval by the bank. This is especially tricky in many cases that I have faced, the valuation can be the biggest challenge. That affects my loan margin. Hence, asked the bank to kindly decline my application. To me this our escape clause.

Chocolate · Jun 30, 2013

Re: Careful of Asbestos

Am wondering if anyone has a maid agency in JB to recommend? Also any info on the costs of hiring maids in Malaysia? Am finding out for my friend who's moving to HH soon.She's a Malaysian and so is her hubby so I think there will be no problems with the paper work,

DMX88 · Jul 20, 2013

Re: Careful of Asbestos

Some developers give additional discounts if SPA is signed within 2 weeks, but i think most of cases nowadays the loan will be approved in more than 2 weeks.

So, is that a practice in msia to get in-principle approval from banks before we pay deposit to developer/seller? This will ensure that the loan approval will be faster. If yes, which banks?

capri · Sep 2, 2013

Hi, does anyone know where and how can I apply for passport which does not require stamping?

FHBH12 · Sep 2, 2013

Re: Careful of Asbestos

DMX88 said:
Some developers give additional discounts if SPA is signed within 2 weeks, but i think most of cases nowadays the loan will be approved in more than 2 weeks.

So, is that a practice in msia to get in-principle approval from banks before we pay deposit to developer/seller? This will ensure that the loan approval will be faster. If yes, which banks?

All the banks that I encountered required the booking form as they need it to assess the valuation of the property and do other search on the developer, before deciding whether to loan you.

DWKY9 · Sep 9, 2013

Re: Married couple looking to spend CNY arond Nusajaya/HH for 2 nights(Any house/Reso

Dear all and wuqi bro,

It had been along time not logged in here liao! How everyone doing. Well, I'm still saving for JB house. But as some of you all knew that my Bro already bro a place In Horizon hill the golf east. So every now and then on weekend will travel in to sleep one night to enjoy the tranquility environment.

I need advise from you all regards buying JB car.

Can I as a Singaporean purchase a second hand car in JB. And is it only eligible for JB property owner from SG then can buy. Becoz my mom plan to buy a JB car just to move around Malaysia. Then park our SG car in JB house. If can any good car dealer can intro budget not over 10kRM. Please kindly advise. appreciated. Thank you.

Niucomer · Sep 9, 2013

capri said:
Hi, does anyone know where and how can I apply for passport which does not require stamping?

Not sure if you meant the MACS pass.

If so, you could go to the immigration office at the checkpoints after you clear the Malaysian side and get it there and then. They are open 24/7. Seeing how busy the causeway can be, a better choice would be the 2nd link office during non peak hour.

It seems you can also apply online but I have never tried it.
https://eservices.imi.gov.my/myimms/macs?action=welcome&lang=en&type=16&module=macs

Frodo · Sep 14, 2013

What is normal agent fee for buying subsale? Is it common to ask for discount? When is this due?

Legolad · Sep 14, 2013

Frodo said:
What is normal agent fee for buying subsale? Is it common to ask for discount? When is this due?

Not sure what is "normal". I paid 1% as buyer. Told agent will pay comm thru my lawyer when the sale is completed (i.e. State Consent received). This way, he actually helped to monitor the progress (helped check with lawyer office) of the State Consent application and informed me. Also, all payments were made through lawyer office; no money paid direct to agent or owner, including the "earnest deposit". No "booking" fee either, as I was prepared to let it go if it was not on my terms.
Just to share my experience.

Frodo · Sep 16, 2013

Legolad said:
Not sure what is "normal". I paid 1% as buyer. Told agent will pay comm thru my lawyer when the sale is completed (i.e. State Consent received). This way, he actually helped to monitor the progress (helped check with lawyer office) of the State Consent application and informed me. Also, all payments were made through lawyer office; no money paid direct to agent or owner, including the "earnest deposit". No "booking" fee either, as I was prepared to let it go if it was not on my terms.
Just to share my experience.

Thanks! I was also told I need to pay 1%. Anyone ever tried the Singapore thing i.e. haggling for discount? :biggrin:

Frodo · Sep 16, 2013

Niucomer said:
Not sure if you meant the MACS pass.

If so, you could go to the immigration office at the checkpoints after you clear the Malaysian side and get it there and then. They are open 24/7. Seeing how busy the causeway can be, a better choice would be the 2nd link office during non peak hour.

It seems you can also apply online but I have never tried it.
https://eservices.imi.gov.my/myimms/macs?action=welcome&lang=en&type=16&module=macs

What kind of questions do they ask you when you apply for it? Is there anything you say that could be cause for rejection? Or is it simply just pay and get?

Legolad · Sep 16, 2013

Frodo said:
What kind of questions do they ask you when you apply for it? Is there anything you say that could be cause for rejection? Or is it simply just pay and get?

I applied at Second Link. Got it in less than 10 min. No Q asked. Just pay in RM. No need to bring your own photo even. Fill form on the spot.

Frodo · Sep 16, 2013

Legolad said:
I applied at Second Link. Got it in less than 10 min. No Q asked. Just pay in RM. No need to bring your own photo even. Fill form on the spot.

Wow, thanks!

Kopisoh · Sep 16, 2013

Legolad said:
I applied at Second Link. Got it in less than 10 min. No Q asked. Just pay in RM. No need to bring your own photo even. Fill form on the spot.

May I know how much?

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