Elaine Lau & Partners

Happy new year everyone!!

Wishing a prosperous year ahead to everyone for stonks investment returns, currency, life and health

Don't forget to pay your Cukai Petak & Cukai Pintu (Land Office & Majlis will NOT send physical bills any more to your house)

Please refer to your current year's bills to get the account number and visit the following links to make payment:

Cukai Petak/Tanah (once a year)
KL:
https://www.ptgwp.gov.my/etanah-awam/EBayaranSemakBayarCukaiTanahForm.xhtml

Selangor: https://etanah.selangor.gov.my/etanah-awam/EBayaranSemakBayarCukaiTanahForm.xhtml
=============================

Cukai Pintu (every 6 months: Jan/Jul)
Can use this to check for any majlis: https://pbtpay.kpkt.gov.my/home/semak_advance

more in-depth portals are available at your own respective majlis website (it's not streamlined).

Are you living in a condo and realized that you're being billed for fire insurance, and your bank (which you loaned money from to buy the property) is also billing you again for fire insurance? Are you really paying twice for the same thing?

Fret not, let's shed some light on the confusion:-

1. condo management (or strata buildings in general) have to buy mandatory fire insurance policy for all the units. this will be billed into your invoice from management office

2. mandatory coverage is done yearly, and management will only renew it shortly before it expires

3. the mandatory coverage is only minimal (around 25% of your S&P price)

4. your bank will ask you to submit the renewed one (for next year) usually a month before the current one expires, or else bank will automatic buy one for you (how much fire insurance coverage bank decides buy, is up to the bank, but usually is 'enough' to cover the outstanding loan)

5. this doesn't mean it's really 'pay twice for the same thing' - because management's mandatory policy only cover minimal, if touch wood your unit is really destroyed by fire, the mandatory insurance only pay out the sum insured to your bank loan

example:
sum insured (by management's mandatory fire insurance): RM130k
your outstanding loan: RM400k
shortfall: RM270k

you'll still need to service the loan for the balance RM270k even though your unit is already destroyed. (similar to abandon project cases where developer receive bank's progressive payout but doesnt complete the unit, and you still need to service the bank loan)

though it's quite unlikely that such a disaster might happen, some owners will choose to cover their unit with more insurance just to be safe

6. this management's mandatory insurance DOES NOT cover home content (eg theft/burglary)

7. normally you'll need to get the latest certificate from the management (each unit has their own certificate) and forward it to your bank so your bank might not buy the additional insurance. notice that it says 'might', because the bank has the right to buy it (and you'll be paying for it). Why so? Because whilst you still have the bank loan, the property is 'owned by the bank' and they would want to protect their asset.

for more info, we can be contacted at
[email protected] / [email protected]
0127 1337 69 (Alvin)

Loan documentation terms can be overwhelming, but don't worry! Here are some accessible terms to ease your understanding, whether for legally trained or laymen alike.

Hopefully, you'll find them useful!

For more info, I can be reached at
0127 1337 69 / [email protected]

or engage with us at:
fb.com/elpkl
linktr.ee/elpkl

Conveyancing can be a complex process, made even more difficult by the technical jargon involved. If you're new to this field, it's easy to get lost in the terminology. Thankfully, there's a simple guide available that can help you understand the most common terms used in a conveyancing transaction. Check it out and make your next transaction a breeze!

having insomnia be like:
(dont worry they're all scheduled emails 😂)

the feeling when you submit 10 presentations to land office and all of them registered without any rejections but I can't celebrate because it's my job.

When a postman delivers letters, does he celebrate? 😂

- Balotelli

🎉🙌 Great news everyone 🎉🙌

transfer between parent-child/grandparent-grandchild or vice versa now has:-

free stamp duty on first RM 1mil
50% stamp duty discount on stamp duty in excess of RM 1mil

Property price is based on current market value.

1️⃣ Example 1:
🏠 Property market value : RM800k
stamp duty : FOC ✅

2️⃣ Example 2
🏠 Property market value : RM1.5m
stamp duty:
- 1st 1m = free
- next 500k = stamp duty calculation is RM500k x 4% = RM20,000
then, RM20,000 x 50% = RM10,000
total stamp duty payable : RM10,000 ✅

for more info, contact us at the following:
email: [email protected] / [email protected]
whatsapp/call: 0127 1337 69

We bid farewell today to our 1st paralegal as she embarks on a new and exciting chapter of her professional journey in Leeds (welp their football club just got relegated).

Wishing you all the best for the BPTC and for the incredible future that lies ahead. May your legal career be filled with fulfillment, professional growth, and profound achievements.

Oh and also welcome to our new 2nd paralegal 😂

(╯°□°)╯︵ ┻━┻

Land office is very strict on photostat IC and will reject if not according to their guidelines. Here are some examples of IC being rejected

Check your KL property's quit rent/parcel rent (cukai tanah/cukai petak) online now with these simple steps.

Link to website: https://lnkd.in/ern7T5FC (can't seem to copy actual site link)

Check your Selangor property's quit rent/parcel rent (cukai tanah/cukai petak) online now with these simple steps.

Link to website: https://ehasil.selangor.gov.my/

We aim to create short lighthearted guides understandable by laymen for basic conveyancing practices to assist interns, students, real estate agents or new practitioners.

Here's Part 2 on Strata Titles.

Part 3 on on documents involved in property transaction will be out next week

Please look forward to it.


https://www.linkedin.com/feed/update/urn:li:activity:7028890145030377472

ELAINE LAU & PARTNERS on LinkedIn: Beginner Guide Series P2 - Strata Titles We aim to create short lighthearted guides understandable by laymen for basic conveyancing practices to assist interns, students, real estate agents or new…

We aim to create short lighthearted guides understandable by laymen for basic conveyancing practices to assist interns, students, real estate agents or new practitioners.

Here's Part 1 on Individual Titles.

Part 2 on Strata Titles will be out on Wednesday

Please look forward to it.

https://www.linkedin.com/feed/update/urn:li:activity:7026425714438533121

ELAINE LAU & PARTNERS on LinkedIn: Beginner Guide Series P1 - Individual Titles We aim to create short guides understandable by laymen for basic conveyancing practices to assist interns, students, real estate agents or new…

Buying a house can be intimidating for the uninitiated, so check these tips out to make your life easier 👍

Welcoming our new legal associate on board with a 3 hour hotpot lunch break because we chill like that

Lawyers generally hate to count, be it apportionment, completion date... but I think they have no problems calculating their bill

Here's a simple calculator to count the extended completion date if any party has delayed in the transaction

https://www.mediafire.com/file/qezqintjm2lab2g/ext_CD_calculator.xlsx/file

Secure your legacy, plan your future.

Property management is essential to prevent headaches on outstanding bills for your beloved house. With the digital information age, all utility companies have migrated most of their services online and with a few clicks you'd be able to stay updated with your bills.

Here are a few useful links to check on your utility bills (these require you to know your account number which you can obtain from the bills you have):-

1. Electric (TNB):
https://myaccount.mytnb.com.my/Payment/QuickPay/
Register account: https://www.mytnb.com.my/

2. Water (Air Selangor):
https://crisportal.airselangor.com/pay/?lang=en
Register account: https://crisportal.airselangor.com/

3. Sewerage (Indah Water):
https://www.iwk.com.my/pay-bill
Register account: https://www.iwk.com.my/e-bill

For more info DM me at [email protected]

It's year end! School holidays, clear annual leave, pray for bonus and..........time to pay CUKAI TAKSIRAN / CUKAI PINTU for next year 😰.

Most of you would've received the cukai taksiran in your mailbox, but what if you did not, or haven't changed ownership of cukai taksiran yet?

Fret not, most cukai taksiran is done online now. Just take your existing bill, note down the account number and register for an account online and link your cukai taksiran bill at the following portals:

1. MPAJ (Ampang Jaya) - https://icomm.mpaj.gov.my/

2. MPHS (Hulu Selangor) - https://ebilling.mdhs.gov.my:62001/MDHS/Payment

3. MPKJ (Kajang) - https://ebayar.mpkj.gov.my/ebayar/Public/Tax

4. MPK (Klang) - https://ipay.mpklang.gov.my/

5. MPKL (Kuala Langat) - https://etaksiran.mpkl.gov.my/login.php?a=MjE4ODAz

6. MDKS (Kuala Selangor) - https://ip3ks.mdks.gov.my/

7. MBPJ (Petaling Jaya) - https://ecukai.mbpj.gov.my/mbpjesalinanbil or https://embpj.mbpj.gov.my/ to register

8. MDSB (Sabak Bernam) - http://osconline.mdsb.gov.my/eOSC (currently website not working)

9. MPS (Selayang) - https://mymps.mps.gov.my/login

10. MBSA (Shah Alam) - https://eps.mbsa.gov.my/ (need to show proof of cukai taksiran bill)

11. MBSJ (Subang Jaya ) - https://www.mbsj.gov.my/ms/user (after register, click home, scroll down and click "Cukai Taksiran")

12. DBKL - download MOBIS app https://mobis.dbkl.gov.my/

Otherwise, you can use this general website to check (for checking only, you can't register / link your email/account to your cukai taksiran account): https://pbtpay.kpkt.gov.my/

What's a Principal SPA and why is it important to get hold of it?

What are the important documents needed if you want to buy/sell a property? This short guide would be helpful for potential property sellers and property agents to know what documents could you request in anticipation to expedite matters on your end.

1. Principal SPA / previous SPA
This would be the sale and purchase agreement with the developer (if the property is sold without a strata title) OR the sale and purchase agreement of the current owner, to verify the date & price that he bought the property. Some owners are reluctant to disclose the previous purchase price, so you can redact it (but don't redact it to your lawyer! it is essential for their submission of the RPGT forms)

2. Quit Rent aka Cukai Tanah
If landed property / property with strata title - this would be obtained from the land office ONCE a year. If your property is under Strata title, it would be called 'Cukai Petak'. If your property doesn't have title yet, it would be the master title's (whole development) cukai tanah, which is obtained from management office.

3. Assessment aka Cukai Pintu/Cukai Taksiran
This is paid TWICE a year (Jan-Jun & Jul-Dec) to your local council (eg. MBPJ, MBSA) and often recently the local council does not send physical copies to your property address anymore. So check your previous copies, look for the account number, register an online account with the local council web portal.

4. Copy of title
As stated, if your property has a title, you need to show the copy of title WITH the pelan tanah/pelan strata. This is essential for the buyer's lawyer during stamping the transfer document as LHDN/JPPH wants to see the floor plan. If you have the principal SPA with the developer's floor layout would be better!

5. Your income tax number and branch
No, we're not going to pay income tax for you, but we will have to submit the Real Property Gains Tax ("RPGT") forms to LHDN to inform them that you have sold the house, even if it does not attract any RPGT.

6. Your unit's latest maintenance receipt/statement
We need to know if all the outstanding due to management has been paid up. This applies to Strata properties (eg. condo, soho, mixed development) and also "gated & guarded" landed properties, which there might be a Deed of Mutual Covenants that binds all owners to pay maintenance fees for certain facilities

7. A copy of your unit's fire insurance policy
This applies to Strata properties, which the building management would have to purchase a fire insurance policy for the whole development, and you would've paid the management for your portion of it. Make sure it's paid up and request for a copy from the management office. This is an essential document required by the buyer's bank to release the loan sum and is commonly overlooked

8. A copy of your unit's Certificate of Fitness for Occupation / Certificate of Completion & Compliance ("CF/CCC")
This cert is to certify that your property has been completed in accordance to the building plans and given green light from the local council for usage. If your property is old (eg. > 5 years) and you're unable to locate it, there might be an issue with the buyer's bank in releasing the loan, depending on the type of property being sold. You can try asking management office or the developer (if they're still around) for a copy.

9. A copy of your latest bank statement, if you have existing loan for the property
This is to ensure that your outstanding owing to your bank isn't more than the selling price of your house. If it is, you would need to prepare the cash to top up to your bank to settle the loan DURING the sale transaction. No, you cannot ask buyer to pay the purchase price and then you take your sweet time to settle the remaining.

10. Copy of tenancy agreement for the property
If you have existing tenant in your property, it is good practice to have a formal agreement so that you can assign the agreement to your buyer (aka transfer tenancy, in layman terms). What if it's a monthly tenancy with no agreement? Well this issue would be tackled in a future post.

11. Copies of your utilities bills paid up to date
AKA TNB, Water, Indah Water. People want to buy outstanding property, not property with outstanding bills.

For enquiries, contact us at [email protected] / [email protected] or at 0127 1337 69.

Have a great week ahead everyone!

Our first intern has concluded her internship with us on 31.10.2022. We wish you all the best for your CLP exams this year!

Our internship program aims to nurture law students on the intricacies of conveyancing practice and procedures through a mixture of short lectures coupled with hands-on experience by handling multiple stages of files with guidance from our partners.

Being a first time 'tutor/mentor', we realise that the legal jargon, procedures (especially land office) and timeline may be intimidating to newbies, hence our program is akin to a game tutorial stage - learning the basic controls, skills and maneuvers. We don't throw you to a level 50 boss fight with level 1 gear for you to rage quit..

Happy birthday to our managing partner Elaine Lau!

Our managing partner Elaine Lau conducting a legal clinic on common issues faced by real estate negotiators in their daily practice.

Knowing which land office to conduct your transactions at could be a challenge. Here's a cheat sheet to make your life easier!

SEPTEMBER / OCTOBER 2022 INTAKE

INTERNSHIP at MESSRS ELAINE LAU & PARTNERS

We are looking for a young, energetic, and proactive intern to support and assist our partners in assignments related to legal research, drafting of correspondences and legal documents as well as administrative support.

Anyone with legal background will be an added advantage. However, with no experience also welcome to apply!

For interested candidate, kindly email us your resume to [email protected]

We look forward to anyone joining our firm!

What's the difference between Freehold & Leasehold title?
This question is always on the minds of prospective property owners and investors alike. Actually what is the difference between them and how does it affect your property price? Read on to find out more:
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Freehold:
~~ The title is yours to keep forever. Like legit that's it.
~~ However that doesn't mean that the government can't take back your property. They still can, based on other laws and conditions.
~~ Generally within the same area, freehold properties have higher value than leasehold properties, which is why 'freehold' properties do not need much advertising for it to be sold.
=================================
Leasehold:
~~ The title is yours for a certain period of time (eg. 99 years, 60 years..)
~~ Leasehold means that you are the temporary owner of the title/land for the number of years left on the lease. After the expiry of the lease, you'll either need to extend it by paying a premium, or surrender it back to the government.
~~ Leasehold properties tend to have minor issues on securing end-financing from banks - usually will not be approved if the remaining lease is less than 30% of its initial lease period.
~~ Leasehold properties tend to have additional "Restriction in Interest" aka Sekatan Kepentingan, which generally means that for any transaction involving the property, you'll need to apply for the state authority's consent (which may cause the transaction a delay of 3-6 months). Just think about it like in primary school you need to ask the teacher if you can go to toilet.
~~ This doesn't mean ALL leasehold properties requires consent. MOST of them do, but some of them don't. Even some freehold properties require consent too! So don't equate leasehold = consent and freehold = no consent. This is a common misconception.
~~ However just because leasehold properties have these minor drawbacks, it doesn't mean that leasehold properties cannot command good value! In fact most of the most expensive places around PJ/KL are in fact leasehold land in prime areas. So don't be too disheartened if you find a dream house but it's under a leasehold land, the location and convenience may outweigh the slight minor administrative drawback on its title.
For more info, please don't hesitate to contact me at 0127 1337 69 or email at [email protected]