Month: April 2017

Unpleasant surprise during a viewing

This morning, while waiting for my next appointment, I received a call from my client, the house owner whom I’m supposed to meet with my buyer later. The call came in almost 1/2 hour earlier before the viewing and he told me that there was an offer made to him by another agent, who claimed that he know me.

The line wasn’t clear at that point and I was crossing the road while my client kept telling me that ‘my buyer’ and the other agent (I supposed my client don’t care much about who is who at this point) made a cash-buy offer. I was like…??? “Didn’t we confirmed the appointment/viewing 1/2 hour later?” I don’t think my buyer got there so early and made the offer without my presence. The house owner also told me the agent lowballed him with a ridiculous offer.

The agent then proceeds to get my client to sign an agency appointment letter for exclusivity. He was told to return with a better and more solid offer and also without having to sign the appointment letter.

When I got to the scene, my client showed me the agent’s business card and I told him I don’t know anyone by that name. This is indeed a blatant way to make up stories to confuse a home seller, just to have yourself an appointment letter and trying to go exclusive. Please don’t be so low fellow agents. If you need to, learn to do things the right and honest way. Don’t beat around and quote someone’s name if you don’t actually know them. When yu do this, instead of getting closer to the home seller, you are actually pushing yourself further away as you lose trust from them.

TLDR (too long didn’t read) version

  1. A roguish agent approach my client with an ambiguous cash offer out of nowhere
  2. Client called and informed me that the agent quote and knows me
  3. The agent suggest that my client sign an appointment letter with his agency for exclusivity with the promise of a cash deal
  4. Client declined and we proceed with the viewing

Although home sellers are for all to approach, it’s the ‘way’ how we do it separates the proper and the immoral ones. And, never, never quote anyone that you are not associated with – with anything.

Nevertheless, you can always come to Avid Estates to learn a few tricks on how to be a good and ethical estate agent! Cheers!

We have a new king!

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24th April 2017 marks the day when us Malaysians will have a new king (Agong we call it). Sultan Kelantan Sultan Muhammad V was chosen as the 15th Yang di-Pertuan Agong at the 243rd (special) Conference of Rulers held at Istana Negara on the 14th October 2016. Sultan of Perak Sultan Nazrin Muizzuddin Shah was selected as the Deputy Yang di-Pertuan Agong for the same period.

The Fresco and Avid Estates team would like to take this opportunity to wish the new king – happy installation and may you bring forward the deserved peace & harmony to this wonderful land.

Happy holiday to everyone not working or studying tomorrow! (”,)

12 Self Care Sunday Ideas

Personally, I thought this is lovely!

Hello, readers.

I hope you are all having the best day!

Many of you may have heard of the newest blogging/lifestyle trend that has become popular out there in the blog world… Self-care Sunday.

What is self-care Sunday?Well, basically it is the idea of taking a little time for yourself on a Sunday to do things that nourish your mind body and soul. Sounds simple, positive and awesome. Sounds like something I would like to write about!

I will be completely honest when I say that I have been taking part in my own personal self-careSunday routine for years. Although I never really thought of it as self-care Sunday, it was just kind of something I did. So this is nowhere near a new concept for moi,and I am so excited that this is a thing now. Yay!

It is so important to create your own little routine of self-care…

View original post 993 more words

Earth Day everyone!

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22nd April is Earth Day guys. Do your part for the Earth tomorrow. We will not be talking about global warming issues here but as an individual, there are things we can do to be part of this event.

These are probably some of the things we can do:

  1. Use less electricity at home
  2. Don’t use your car whenever possible
  3. Save water. Look around if there are ways to save more.
  4. Recycle your waste. Dispose of them accordingly. Those plastics and polystyrene are the main culprits.
  5. Change your light bulbs to those compact fluorescent light bulbs. They save more energy. while you’re at it, turn off the lights when not using it.
  6. Do not smoke in the open air. Better still, stop smoking!

The above are only some of the ways to reduce the negative effects of our actions. But there are so much more we can do to make sure the Earth last longer. Let’s do it for our loved ones. For our future.

Understanding How Real Property Gains Tax (RPGT) Applies To You In Malaysia

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RPGT is a tax chargeable on the profit gained from the disposal of a property and is payable to the Inland Revenue Board. As such, RPGT is only applicable to a seller.

For example, A bought a piece of property in 2000 at a value of RM500,000. Subsequently, A sold the property to B at the value of RM700,000, gaining RM200,000 from the disposal of the property. The RPGT is calculated for RM200,000.

Here are some frequently asked questions which may be relevant in understanding the concept of RPGT and how it applies to you:

What is the applicable rate?

The effective RPGT rates are as follows:

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When do I have to pay RPGT?

As prescribed by law, the purchaser’s solicitors are required to retain 3% of the purchase price from the deposit and remit the same to the Inland Revenue Board within sixty (60) days from the date of the sale and purchase agreement to meet the RPGT payable.

In instances where the consent of the State Authority is required to sell the property to a purchaser and/or charge the property to a financial institution, or a court order for sale is required to dispose of the property, remittance of the 3% of the purchase price may be deferred until such consent or court order for sale is obtained.

What is the consequence of late payment?

Any payment after 60 days may attract a penalty payable by the seller. The penalty is 10% of the amount payable as RPGT.

Am I required to do the documentation on my own?

The seller may opt to file the necessary forms with the Inland Revenue Board individually or seek assistance from the solicitors at a fee prescribed by the Solicitors Remuneration Order 2006.

What if I sell the property at a loss? Am I still required to pay RPGT?

RPGT is only chargeable if there is a profit gained from the disposal of the property. As such, if the disposal price is lower than the acquisition price, there is no profit gained and therefore no RPGT is payable.

Likewise, if the disposal price is equal to the acquisition price, there is neither a chargeable gain nor an allowable loss. As such, no RPGT is payable.

Am I entitled to any deductions?

The RPGT Act 1976 allows certain incidental costs of the acquisition of the property and disposal of the property to be taken into account, such as legal fees for the acquisition and disposal of the property and estate agency fees.

Am I entitled to apply for an exemption? Does it matter whether it is residential or commercial property?

Every disposer is entitled to a once in a lifetime exemption. However, this exemption is only applicable for the disposal of a “private residence”. The RPGT Act defines a private residence as a building or part of a building in Malaysia owned by an individual and occupied or certified fit for occupation as a place of residence. As such, it does not apply to commercial property.

In order to apply for an exemption, the applicant must show that:

  1. the private residence is owned and occupied by an individual; and
  2. the certificate of fitness for occupation or the Certificate of Completion & Compliance has been issued for that private residence.

It must be noted this exemption only applies to individuals. It does not apply if the private residence is owned by a company. A Permanent Resident in Malaysia is also entitled to apply for this exemption.

Am I subject to RPGT if I’m disposing of a property held under the estate of the deceased to a purchaser?

In this instance, the date on which the Inland Revenue Board will take into account to determine the acquisition date is the date of death of the deceased. In other words, there is RPGT payable if the disposal of the property is made within 5 years from the date of death of the deceased, even though the deceased has owned the property for more than 5 years during his lifetime.

Am I required to pay RPGT if it is a transfer between family members?

The law provides for 100% exemption from having to pay RPGT in the case of transfer of property between family members by way of love and affection in the following instances:

  1. transfer between husband and wife;
  2. transfer between parent and child; and
  3. transfer between grandparent and grandchild.

In these instances, the transferor is deemed to have received no gain and suffered no loss and the transferee is deemed to have acquired the property at an acquisition price equal to the acquisition price paid by the transferor together with any permitted expenses incurred by the transferor.

Apart from the above transfers, any forms of transfer between family members are not entitled to apply for an exemption, such as transfer between siblings.


(This article was published in the February 2016 issue of Home & Decor magazine.). The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Article by Jo Yan Lim and Mak Ka Wai of MahWengKwai & Associates

the Fresco team review: The Founder (The McDonald’s® Story)

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Had a little time off yesterday midnight after tucking the little boss to sleep and managed to catch this before going to bed at 1am. Not sure why, I have the knack of watching such movies – motivational, start-ups, sales, business and rags to riches kinda stuff. Probably it resonates to what I am now and what I’m trying too achieve. Being self-employed for half a decade and counting, one sure need the constant self-talk and motivation to move on.

The movie is just really about how McDonald’s came about and how one man- whether you see him as a villain or simply a man with vision and a risk taker, build a fast food empire when opportunity beckons.

Michael Keaton (loved his expressions) is Ray Kroc, the travelling milkshake mixer salesman in the 50s, trying to make it big with whatever he is doing and strikes it big when he met the McDonald brothers, Mac & Dick McDonald selling hamburgers using a speedy system. The movie then begin to map out Ray’s vision of franchising the business and eventually buys out the McDonald’s business from the brothers – somewhat unethically, for some.

What works here is definitely the main protagonist, Ray Kroc, beautifully portrayed by Michael Keaton. You can see how enthusiastic and jumpy the character is when things begin to pick up and at the same time, the sense of ruthlessness when things need to be executed quickly to move forward.  This is the part where you need to really understand, as a businessman, most often than not, when opportunity strikes, it takes more than a humble and good-natured man to get things done. Not entire on the same page, but I do feel that Ray is merely doing what he think can make this move quickly and knitting closely to his vision of bringing the fast food chain to a multi million dollar franchise business.

Although it is great when Harry Sonneborn was introduced as the financial consultant to Ray in the middle of the movie, his part seemed rushed and you have a funny feeling why a person he just met at the bank, and a quick look at his ledger, know so much about what is happening and jumped so quickly to offer his services to Ray. Maybe it’s the editing or narrative nature of the movie, but i would’ve worked better if Harry’s role is stretched a little more.

The McDonald brothers, acted by Nick Offerman and John Carroll Lynch, is a fresh take of 2 decent businessman trying to build their dreams only to be consumed by the goal-driven and ruthless Ray Kroc. However, their roles were slightly underused and the comedic pieces don’t jive along with the story well. Not sure if this was how they deal with Ray, they just seemed goofy and uninspired.

There is one particular scene which I think I can relate to really well. At the 40th-minutes mark, right after Ray mortgaged his home to purchase a land to build his first McDonald outlet in Des Plaines, Illinois, he uttered this – “Be right, just be right one time”. This is a man who took an enormous risk and sold his home to chase his dreams knowing that he only have one shot to make it. The sense of desolation and grittiness is almost unbearable, for a man to prove his worth not only to himself but to his spouse, his friends, business partners and the public.

Overall, this is a simple biopic of the man who not only reinvent the franchise business but also remind us that sometimes, we need others to help us to see the bigger picture. Look for this when Harry Sonneborn explains to Ray what business is he actually doing. The movie shows what it wants to tell but I thought it would be better if they focus a little more from all the set-pieces and not leaving us a little ’empty’ after the show.

Verdict: 3.5 out of 5


Th Founder image is courtesy of http://trailers.apple.com/trailers/weinstein/thefounder/

Happy Easter to my fellow friends and clients

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It’s Easter Day tomorrow. The Fresco & Avid Estates team would like to wish everyone celebrating this cute and fun day, a Happy Easter Sunday!

Well, most of us know what Easter Day is all about, but what about the eggs? How are they associated with Easter day?

Easter eggs, also called Paschal eggs, are decorated eggs that are usually used as gifts on the occasion of Easter or springtime celebration. As such, Easter eggs are common during the season of Eastertide (Easter season). The oldest tradition is to use dyed and painted chicken eggs, but a modern custom is to substitute chocolate eggs wrapped in colourful foil, or plastic eggs filled with confectionery such as chocolate. Although eggs, in general, were a traditional symbol of fertility and rebirth, in Christianity, for the celebration of Eastertide, Easter eggs symbolize the empty tomb of Jesus, from which Jesus resurrected. In addition, one ancient tradition was the staining of Easter eggs with the colour red “in memory of the blood of Christ, shed as at that time of his crucifixion.” This custom of the Easter egg can be traced to early Christians of Mesopotamia, and from there it spread into Russia and Siberia through the Orthodox Churches, and later into Europe through the Catholic and Protestant Churches. This Christian use of eggs may have been influenced by practices in “pre-dynastic period in Egypt, as well as amid the early cultures of Mesopotamia and Crete”.

There you go. All cleared about the eggs. Heh. Not that we celebrate it here massively, but probably good to know.


Quote courtesy of Wikipedia *https://en.wikipedia.org/wiki/Easter_egg