Purchase of House 4

Malaysia is implementing Movement Control Order (MCO) from 18th March 2020 until 12th May 2020. This is just a temporary measure to avoid spreading of coronavirus. I just hope that MCO won't be extended further as Penang is finally a green state, which means no more new patient and all patients previously affected were discharged from hospital. If MCO is extended, I probably will have no people to meet, then how to secure new cases?

On the second day of the MCO, I had paid RM15,600 to the lawyer after they decided to deduct RM200 from my legal fee after I asked for reduction. Hence, my total initial cost for the purchase of my first shelter is RM52,000 (balance after my loan) + RM5,800 (legal fee). Since I had paid 10% (RM25,200) + RM2,000 (initial legal fee), then the balance is RM30,600. So I had paid RM30,600 with two instalments. First one was RM15,600, and the lawyer asked me to pay the balance because I was reluctant to pay during MCO because my income was affected. However, the lawyer said since the bank is still opened, then no extension of the three months period stated in my Sale and Purchase Agreement (S&P), the bank will only release my loan after the lawyer has proven to them all my balances are cleared, otherwise the seller will impose me interest if the full amount is not received after the three months period. If the tenant is not yet moved out after receiving my loan, then the seller has to pay me interest of 6% p.a. based on my purchase price instead. Ergo, I paid the balance of RM15,000 subsequently on 21st April 2020. Now just wait for my full loan released as the redemption sum (balance of seller's loan) was released only but I just have to interest on that amount now.

The lawyer has an agreement with the bank, if the bank cannot provide the full loan or the original documents within 7 days after the lawyer has requested, the completion date will be extended free of interest according to the delay. The bank has only 60% workforce during MCO. Now just hope for the best and I can get the keys as soon as possible.

I had went up to see my first shelter few days ago, I noticed that the door was locked and all the windows and glasses were closed. I thought the tenants inside had moved out, hopefully it was not because they had gone to work. Now, I just need the keys and transfer ownership on the PBA and TNB, I want to watch the inside of my house and do some renovations if needed.

Since we can do nothing during this MCO period, just hope that the MCO won't be extended further since Malay's new year is coming soon and Penang is already a green state. I went to meet Ms Liew for death claim yesterday in the morning and subsequently met Lay See and Ms Ooi in Gurney Plaza. Ms Ooi said she liked my attitude as I still remembered her request to change for debit card payment. Hopefully she can encourage her daughter to buy insurance from me. Certainly, I had not relinquished to ask for referrals from them and strengthen their concepts of insurance planning for themselves and their family members.