Lowyat.NET: Latest topics by plplpl

S&P agreement

plplpl — Sun, 16 Mar 2025 11:43:55 +0800

Hi, I am selling an apartment in KL and I will be using the buyer's lawyer. The lawyer sent me the draft S&P and I used ChatGPT to check the agreement. I am not familiar with the whole process, so I am not sure if the concerns mentioned by ChatGPT are valid or not.

1. Financial Arrangements & Payment Timing (Clause 4.1 - 4.5)
Current Clause Issues:
• 21 days to pay Balance Deposit after approval from authorities is a long time, causing unnecessary delays.
• Purchaser can get an automatic 1-month extension to settle the Balance Purchase Price, with only an 8% per annum interest.
• If the Vendor delays providing necessary documents (e.g., Discharge Documents), an extension of time is granted to the Purchaser(s) without interest.
Suggested Amendments:
1. Shorten the time frame for paying the Balance Deposit: Reduce from 21 days to 14 days to avoid unnecessary delays.
2. Increase Late Payment Interest: Change from 8% to 10% per annum for both Balance Deposit and Balance Purchase Price.
3. Limit Automatic Extension: Instead of automatic 1-month extension for Balance Purchase Price, make it conditional on Vendor’s written approval.
4. Clarify Delays from Vendor’s Side: If Vendor delays providing necessary documents, the Buyer’s Completion Period should not be extended without interest.
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2. Vendor’s Default (Clause 9.1)
Current Clause:
• If the Vendor fails to complete the sale, the Buyer can either:
1. Claim double the deposit (RM35,500 x 2 = RM71,000), or
2. Pursue specific performance and claim all legal costs from the Vendor.
Potential Risk:
• Double deposit penalty is too high for the Vendor.
• If unexpected title or bank issues arise, you could be legally forced to complete the sale and cover all the buyer’s legal costs.
Suggested Amendments:
1. Reduce Liquidated Damages: Change double deposit to refund of Deposit + a fixed RM10,000 penalty.
2. Add Protection Clause: In case of unforeseen issues (e.g., bank delay), allow the seller more time before being penalized.
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3. Termination Clauses & Buyer Default (Clause 8.1 & Clause 10.1)
Current Clause:
• If buyer fails to pay the Balance Purchase Price, seller keeps the deposit (RM35,500.00) and refunds other amounts within 14 days.
• If the buyer fails to register the property, the contract is terminated, and the seller must refund all money within 14 days. If the seller delays, they pay 8% annual interest to the buyer.
Potential Issues for the Vendor:
1. Risk if Buyer Defaults
o Buyer can default but only lose the Deposit (RM35,500).
o You may have to initiate legal action to remove them if they have already moved in.
2. Short refund period for non-registration of property title
o If transfer is not registered, you must refund all payments within 14 days.
o Any delay requires 8% interest payment to Buyer.
Suggested Amendments:
• Increase Buyer’s Penalty: If the Buyer fails to pay the full purchase price, a penalty of 10% of the full purchase price should be imposed on the Buyer, rather than just losing the deposit.
• Extend the refund timeline (Clause 10.1): Change refund from 14 days to 30 days to allow flexibility in case of administrative delays

Property in Hong Kong

plplpl — Tue, 20 Aug 2013 11:06:03 +0800

My wife's mother has a house under her name but she passed away long time ago and we dont have the house deed. At the moment, another relative is staying there. Anybody knows what can we do at this stage to sell the property? We are not familiar with the laws in HK.

Need some opinion

plplpl — Mon, 22 Jul 2013 08:07:01 +0800

Hi all,

I need to ask opinion from property experts here .

Here is my situation:
- Currently, I have Property A and Property B under my name.
- I am working in Australia and renting a place at AUD$1500 per month.

Property A:
- Registered under my wife and my name.
- Bought two years ago under 30 year loan.
- Monthly repayment around $1600.
- Parents and sister staying in this property now as we were only renting another place before this.

Property B:
- Condominium at Menara Manjalara 982 square feet.
- 3-4 years ago, my uncle used my name to buy back this property from himself. Bank loan of around RM200k also under my name.
- Therefore, he got the money from the bank loan to settle some debt and for savings.
- He is paying the monthly mortgage of around RM700.
- The house is officially under my name but the verbal agreement is I will transfer the property back to him after he finished repaying the loan.
- Yesterday, he asked if I wanted to buy this property because he needed cash urgently.
- He is 70+ already and has a wife and no child. My cousin passed away long time ago from road accident.
- He is selling me the property at RM400k. About RM407 per feet. Quiet expensive in my opinion but there are some benefits for me in this deal too which will be explained later.
- Outstanding bank loan from 3-4 years ago is around RM160k.
- So I have to pay him RM240k (RM400k-RM160k). He will still be paying the RM160k bank loan on my behalf (will be explained later).
- He asked for immediate payment of RM30k for now as he really needs the cash.
- The balance RM210k can be paid off slowly.
- He said 30k should last him less than a year and then after that he will request the balance from time to time.
- His monthly expense is around RM2-3k. So I am expecting to pay him around this amount every month after he used up the RM30k.
- My uncle and aunty will still continue living there as they have no place to go and they like that place a lot.
- They will continue to pay the outstanding bank loan of RM160k- (RM700 a month). Plus condo maintenance fee of around RM150.
- So this RM900 (RM700+RM150) will be considered as their rental for staying in the condo.
- I think market rate for rental is around RM1100-RM1500.
- I do not have to take bank loan, so this a plus point for me. My uncle also said I can sell off the house after 5 years if I wanted to. So I just need to settle the balance that I owe them and I assume I will be keeping the profit.
- This is surely a good investment to me due to flexible payment and also no interest from bank loan.
- This property is already under my name, so no hassle with lawyers and paperwork. And my uncle paid for the lawyer’s fees when he used my name as the buyer last time.
- I am still not sure what will happen to the debt if both uncle and aunty passed away before I can finish paying them off. Or what if they refuse to move out in the future. Or if they request a huge sum of money at one time. As you know sometimes it is not easy to deal with relative matters.
- But I will worry about all these scenarios later. I cant really do much. Worse come to worst, I will just sell off the property since I have nothing to lose except the hassle of paperwork.

Question:
- Is it worth to invest in this? Originally, my plan was to save money for 2-3 years and then purchase a home in Australia. I think my plan can still go ahead but probably need to save harder and also take out money from other investments.
- Is it better to use this money for my future Australian home? Or would the profit of selling this condominium in the future would be more worth it?
- Please let me know if I missed out other considerations.

Illegal?

plplpl — Sun, 16 Dec 2012 12:03:07 +0800

Hi guys,

My amount of shares remain the same after the stock reverse split. Can I sell the shares without getting into trouble? Can the stock broker sue me?

Sign new employment contract before resign?

plplpl — Sat, 07 Apr 2012 04:12:56 +0800

I received an offer letter from another company and their HR recommended me to submit signed employment contract to them do that they can proceed with my visa application. HR advised to resign after visa has been approved. I am currently working in Australia.

Please advise if it is normal to sign employment contract with another employer while still employed with current employer. Never done this before and do not wish to screw up.

Red patches on camera

plplpl — Sat, 26 Feb 2011 01:51:22 +0800

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Working in Australia

plplpl — Fri, 06 Mar 2009 19:06:36 +0800

I am currently working at Adelaide.

Anyone else at Australia?

help me

plplpl — Fri, 01 Aug 2008 19:47:00 +0800

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