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Monday, December 26, 2011

TNB owner: Change of Name process

Here I share a step by step guide for TNB power reconnection after deactivation of account by a previous owner.
1. Get a copy of the old TNB bill, that will tell you which Kedai TNB you have to go. It is very surprising that sometimes the Kedai TNB that is assigned to your area, isn't the one that is nearest to you.
2. Go to that Kedai TNB and get 2 forms for filling up (application form, permohonan bekalan elektrik domestik, and a letter of undertaking, surat akujanji dan tanggung rugi)
3. Go to the nearest LHDN to pay RM10 stamp duty each for both forms to get stamped.
4. Bring along a copy of the S&P and a copy of your NRIC and your spouse's NRIC.
5. Cash for the 2-months TNB deposit and an application fee of RM3.
I think the worst part is having to run to LHDN, so it would be easier to get the forms prepared in advance, fill them up and get them stamped.
For more info, visit this TNB website and the conditions form that I attach in this picture.

Friday, December 23, 2011

Hard Working

Today I learnt something about entrepreneurship from a taxi driver, Omar.
While in his taxi today I overheard him cutting a deal for RM150,000. So I asked him what he was selling.
He explained that he acts as an introducer in land deals.  Besides that, he also provides extra service like running to the land office to check titles and making sure the deal goes through.  He also explained that because he is not a licensed agent, his introducer work is governed by legal agreements and also options. Based on his introducer fees, he could earn as much as 2% of the sale price.
I asked him why he was still driving his taxi when he could be full time in this land sale business.  He said he is building his network, for example, while talking to me, perhaps I also have a piece of land that I could ask him to sell.  He further explained that he has to be hard working, he has 5 children and the eldest in studying Islamic Law in Mecca, and the second child will enter university soon.
I told him that as long as we are hardworking, there will be opportunities, to which he said "God willing."
I admire such enterprising people who would work hard to change their fate, all contributing to a better life and a better world.

Wednesday, December 21, 2011

Selling with Tenancy?

Here I would like to relate an unfortunate experience of a close friend who bought a property with existing tenancy.  The tenancy was supposed to be valid until Dec 2012.  By the time my friend completed the whole process, he got the keys in late November 2012, with about 1 more year to go.

Recently he received a written notice from the tenant, stating that he wish to move out in Jan 2012, and therefore is giving 2 months' notice.  My friend immediately consulted me, and I said surely in the tenancy agreement, there must be a penalty clause for early termination.  In fact, there was none, the clause just says the tenant has to give 2 month's written notice, no penalty, no forfeiture of security deposit etc.

My friend was shocked, and upon a second look, we notice that the tenancy agreement was not even stamped at LHDN.  So he realized that he has been cheated.  What was supposed to be tenancy agreement was maybe a fraudulent piece of document that was created simply for the sale of the property.  The clause for termination was very loose and the agreement also not stamped.

So far I have advised my friend to seek the help of his lawyer to get the 2 months' security deposit that was not even handed over to him (he was told to get it from the tenant himself as the security deposit has been used by the owner to offset the previous 2 months' rental).

By now, my friend realized that the whole thing was a scam that was planned from the beginning.  The tenant and the owner were in cahoots, with a false tenancy agreement, and plans to quickly move out once the handover has taken place.

Lesson learnt: Check the tenancy agreement before buying, make sure the clauses are airtight.

Monday, December 19, 2011

Tenant Out, Tenant In

A little good news to share, which I am very thankful about.  One of my tenants in SD Tiara is moving out end Dec 2011.  So I started to advertise about a week ago, and thankfully today a tenant came to view and paid a booking deposit on the room.  He works in an agency that is in Sri Damansara itself, so it is very convenient for him. We promised to meet again early January to sign the tenancy agreement and hand over the keys.
Meanwhile, I had a look at the apartment and nearly fainted.  Bachelors staying in the house do not know how to keep clean.  I will try to do them a favour by having a thorough cleanup at the end of this month.

Sunday, December 18, 2011

Lend a Helping Hand 1, 2011

Dreams can come true.  Through the hard work and effort of the Property N Co members, finally we realized our dream about doing something for charity and at the same time benefiting others through our knowledge sharing.
The event was reported in the NST today: Bloggers hold seminar for charity.
To fellow bloggers, Anie and Fara, congratulations and great job!
I've named this post Lend a Helping Hand 1.  Because I believe there will be 2,3,4 etc subsequently.

Tuesday, December 13, 2011

Tenancy Agreement - Early Termination

Here's my first experience of dealing with "expat" Iranian family tenants.  After renting my condominium unit for 1 month, and paying the 1st rental (because the earlier rental was given as agent's commission), they suddenly tell me that they would like to move out.  By then, the agreement was stamped with a tight clause, that early termination means forfeiture of 2 months' deposit.

The family keep on bugging me to let them off the hook, I had so much problems because now I would have to engage the agent to get another tenant and lose another months' rental in commissions.   Actually, they were a very nice family of 2 couple and 2 children in their early 20's (studying in Malaysia) and I could not understand why they suddenly want to do that.  Then I found out that the Dad had a heart attack, and was admitted to hospital, and wanted to be transferred back to Iran for the medical follow up.
So, I had to let them go, but we were still negotiating the deposit return terms.
Thankfully, everything worked out well.  It turns out that they had a cousin from Iran who was coming to Malaysia under the MM2H program.  So the cousin and his wife, just took over the whole tenancy from them, and I get to keep my deposits (they just paid the deposit to the 1st family).  So no loss of rental, no loss of another month's agent commission.  Just to cancel the first agreement and do up a new agreement with new stamping.
Sometimes, things all fall into place.  Again, I am grateful for the ups and downs as a landlady.

Sunday, December 11, 2011

Lend a Helping Hand 2011

OK, OK, I know I have had a terribly poor control of my time, rendering neglect of my blog.  To my readers out there, really sorry.
Anyway, today our gang met up to refine the details for the exciting upcoming charity event, and I was chided by fellow members for this very serious "sin".  So I have decided to spring back into action.  Less than 1 week to event, hope all of you readers can reach out to support a worthy cause while learning a tip or two about property investments.
Thanks for all your encouragement, readers, see you at the event.

For more information & registration, visit Property N Co.