Buying a house- all you wanted to know but were afraid to ask.
Yesterday a friend told me to start looking for referrals for self rather than recommending my friends' service all the time heheh...this is when I asked her if she was interested to hold a memory workshop session for her students...actually for school its v cheap and it covers more than memory-----SEE Im doing it again! Dang you B*N*I!
Heh heh heh!
I DO sell myself ...(that sounds wrong kan!) - every week I tell the gang in BNI - do you know anyone who wants to sell or buy house/condo/office/dan sewaktu dengannya? We can be their lawyer. Aside from that, we will also connect them to a banker who is ever so happy to receive "referrals".
Seriously, every other banker we meet tell us to refer them people who want to borrow money for a house etc etc - and this is every bank we are on the panel of ni, ie (for eg Aff*n is offering 90% for above RM200k and below RM100k purchases. Plus financing legal fees, valuation and MRTA).
Did you know that you CAN choose your own lawyer? Both for the sale of your house, and also the loan to the buyer. Some agents will insist that you use their selected lawyers or banks, and claim that they are faster...yeah, faster at paying commission to them that is. Jangan tertipu ok guys.. you guys can always ask for your own lawyer. I was asked by a banker recently whether I give "referral fee"..commission lah tu. because they get asked by the developers too. Ie, from what you pay me in fees, a big portion have to be paid to the banker/ and if agent is asking for referral fee , another portion of it goes to the agent. So in the end what do you get, really? So I told this banker no, our practise is not to pay ----sebab macam tak halal rezeki karang..it's bribery tak ke? And we have 11 kids between us so how to feed them if not halal right?? Or , am I being too holier than thou guys?? EVERYONE does it you know.
So if we dont pay...we dont get so much work lar! They'd rather give to those who can pay right?? Anyway I did say that we will try to recommend your bank to others. So that's what I am doing here..anyone wants a loan?? Anyone? Aaaaaanyone?? He he.
Anyway...here are the common faqs I get asked:
1. Can one lawyer act for both seller and buyer? - Er no.
2, Whyyyyy???- Ans: Er because no 1- allready in our rules say cannot. no 2- because whose interest should I protect lar.
3. No different waaat- Ans: yes, agreement from purchaser's perspective and agreement from vendor's perspective is different you know. The seller wants money fast and wants interest if one nanosecond late than usual time. the buyer wants property quick and reduce time that can incur interest.
4. Er how much ah you charge? - Ans: Ok guys, there are legal fees, and then there are expenses ie disbursement (which before I practised, I had no idea meant what) = I found a website that can help you calculate yourself : http://www.elawyer.com.my/legal_calculator_info.php, ada calculator lagi. This will not be the complete fee, because ada some other charges.
5. What do I do first if I want to sell my house? Answer- get some sort of booking fee paid to you. and then call me. Easy kan? hehehehehe
6, What documents do I need to give you? Answer- well, the old agreement for your house, the ic of both parties, the income tax number and income tax office, the loan agreement for your house.
7. How long will it take? This depends. sometimes to sell your property you need to get the approval of the state authorities. so need to get that first. usual time given in the agreements are 3 months, free from interest, with 1 automatic month with interest charged. But nothing to stop you from agreeing to a period of say 1 month. or 1 year.
8. Is sale and purchase agreement standard? Ahahahahah - I thought this too you know, Then I found out that there are so MANY types of agreement- if you got title to your property. if you dont. if you need consent, if you dont. if you are selling for cash, if the buyer wants a loan, if property got tenant, if property got no tenant...so many many many things . every agreement still have to look every line. Clerk can do lah but can only fill the details je...lawyer must do.
Sekian lah ceramah saya pagi ini. So to summarise, the steps to buy a house or sell a house or get a loan adalah seperti berikut:
1. Call us.
Heh heh heh!