Friday, May 14, 2010

Sales & Purchase Agreement

When buying a property, an agreement needs to be signed by the buyer and seller. The agreement is called the Sales & Puchase Agreement. The agreement will state the common understanding, the unit price, what fittings/furniture is included and what's not. Besides, all government regulations is mentioned as well.

Ok, first hurdle of finding a place is settled.

Now, second hurdle is getting the S&P, Loan, etc.

Agent: Do you have your lawyer?
Me: No, you recommend. Must be efficient, work fast type
Owner: Yes, we choose the same lawyer so easy to work and must work fast.

The next day, 3rd July, a law firm calls me up.
Lawyer girl: Do you agree we become your lawyer
Me: Send me the quotation first

Guess what !@#$%% very sneaky lawyer

The next day, he prepares the S&P Draft and email to ME AND THE SELLER without quotation. Wah-lau-eh.."its like I (lawyer) already done the work, you cant reject me now"

And me being soft-hearted, I really must give him a good punch right! How to reject him? So I ask for discount. Luckily he gave 40% off lawyer fees. I was hoping for 50%. But 40% is close enough and at least hei-sek-jor.

However after consulting my cousin (a corporate lawyer), I should had turned him down and go for another lawyer cos he did not demonstrate professionalism (by right, quotation first, agreed, then send draft to me first before seller).

Anyway the entire process Ding Dong for more than dunno how many days! After the agreed stipulated S&P time-frame, both me and Seller have not come to a conclusion to our agreement cos I wanted to protect myself and Seller also have different views.

At the end, Seller appointed her own lawyer. I stuck with this lawyer. We exchange feedbacks and comments only the "Land Title" issue. Sigh! Everyone want to cover their own a$$.

So how? The final S&P signed on Aug 21. From July 3-Aug 21. By right, each of us (seller and buyer) can charge ourselves interest! Anyway deemed settled

Next: Securing a Bank Loan

Note: It is very important for you to read through the S&P. Although most S&P is standard, but you really need to read the fine prints to protect yourself and not the other way round. The reason for the delay is because I wanted to protect myself and not the seller.
But at the end, I compromise otherwise there is no way we can settle the agreement.


  1. wow...which property u bought?

    for the fried laksa....near the petrol station at the round about....there is a row of shop lots facing RHB and along there only

  2. Vialentino, this is a low-middle class condo in Kelana Jaya, opposite Giant.

  3. Hi I stay in Kelana Jaya. Is the condo new ie or already existing? I know what u mean abt these lawyers.. I experienced one the very first time I purchased a property, and he showed me the meaning of "lawyer buruk" thereafter I changed.. and experienced really really good legal service : ) Happy ID-ing your place now : )