D’zesire™ for Success

Laws of Life

Murphy’s First Law for Wives:

If you ask your husband to pick up five items at the store and then you add one more as an after thought, he will forget two of the first five.

The Salary Axiom:

The pay raise is just large enough to increase your taxes and just small Enough to have no effect on your take-home pay.

Miller’s Law of Insurance:

Insurance covers everything except what happens.

First Law of Living:

As soon as you start doing what you always wanted to be doing, you’ll want to be doing something else.

Weiner’s Law of Libraries:

There are no answers, only cross-references.

Isaac’s Strange Rule of Staleness:

Any food that starts out hard will soften when stale. Any food that starts out soft will harden when stale.

The Grocery Bag Law:

The candy bar you planned to eat on the way home from the market is always hidden at the bottom of the grocery bag.

Lampner’s Law of Employment:

When leaving work late, you will go unnoticed. When you leave work early, you will meet the boss in the parking lot.

October 6th, 2007 Posted by Coldie | Jokes, Law, Life | no comments

Buying a house - the law and you

The legal process of buying a house may seem hopelessly confusing, and one might be tempted to leave everything to his or her lawyer. However, in current property frenzy, where haste is preferred to caution, there is a danger that key information could be overlooked. So having some knowledge of potential pitfalls yourself would help in preventing a potential legal headache. What are some of things to look out for?

What to look in the title

Assuming you have already decided on the property, two main things to look out for are who owns the property and the ‘qualities’ of the property. according to Mr Andrew Chua, an advocator and solicitor from legal firm Andrew Chua & Co, whose practice includes property litigation and conveyancing.

The first thing to look at the full title search of the property. You could ask for it from the vendor’s housing agent or the owner. Alternatively, you can ask your lawyer to do a little search using the law firm’s facilities, if the owner does not produce it. From this, you can tell:

The name of proprietor(s). If you are about to issue a cheque to buy the Option to Purchase, you will need to know that the cheque will be issued to the proprietor and not someone else.
Property qulities - for example, whether it is freehold or leasehold, and how many years are remaining on the lease if it is the latter. Also, whether the land or floor area is as big as the agent or vendor told you.

What to look out for in the Option

Most decisions to buy a property result in the vendor selling to the buyer an option to purchase the property in question. The sum of money (usually 1 per cent of the purchase price) paid by the buyer to the vendor is commonly referred to as the option money. If you intend to pay the option money to the vendor, you should get a draft of Option to Purchase for your lawyer to look at it first.

Apart from the question of price, there are other important terms that you lawyer would look at in the draft Option. For example:

Whether the terms of the option are usual - are there any unusual or unreasonable terms? So if the draft option (which is typically 1 per cent of purchase price) requires provides for a payment of say 2 per cent of the purchase price, the lawyer could bring this unusual stipulation to his client. Or if the draft Option requires completion in say 4 weeks (instead to the usual 8 to 12 weeks) the lawyer could request that the Option to be amended to a longer completion period to accommodate the processing of CPF and/or loan application, for example.
Whether the property is sold with or without vacant possession, or subject to existing tenancy. If it is subject to an existing tenancy (i.e., if the property is being rented out), what are the terms of the tenancy? The lawyer could highlight to you if there is an “option to renew” clause in the tenancy agreement, and the terms of the renewal. There is also the question of rent to look at. These are some of the things a buyer needs take note of before he decides to buy the Option, or he might be saddled with the burden of the tenancy.
The period for the exercising of the option, and the period of time to the completion of the sale and purchase agreement. Why is this information needed? The option period is usually two weeks from the date the option is granted. The buyer may need to take some form of financing or make arrangements to have monies available to pay the balance of the deposit to exercise the Option.

Will he be using his CPF monies or does he need to borrow from a bank?

In the case of banks, application must be made to the bank for financing. The bank would need some time to assess the application, do valuation of the property, and, if the loan is agreed to, they have to appoint lawyers to prepare the mortgage and other legal documents.

Whether the balance of the deposit to be paid upon exercising of the option is to be released to the vendor; or whether the vendor’s solicitors should hold the monies as stakeholders pending completion. If the property is mortgaged, the lawyer could advise and request that the balance of the deposit should be paid to vendor’s solicitors as stakeholders.

“If the vendor refuses the prudent buyer’s lawyer would ask for evidence that the remaining (say 95 per cent of) the purchase price is more than enough to discharge the vendor’s mortgage on the property,” explained Mr Chua.

“If the property is mortgaged and if the outstanding balance owed to the bank is more than 95 per cent of the purchase price, the bank has the right to insist on full satisfaction of the outstanding loan before it agrees to discharge the mortgage. Thus in some cases, the deposit (less option money) is paid to the vendor’s solicitors who could use it to satisfy the outstanding loan,” he added.

Whether the usual warranties are in the Option - that the title is to be properly deduced (traced, established), and that the property is subject to satisfactory replies to legal requisition, which is a set of inquiries to governmental departments. For example, the property should have been built according to government approvals - it must have the permission of the Urban Redevelopment Authority chief planner. If the property is adversly affected by the government’s plans to build roads or drains, is the buyer able to rescind the contract?

Exercise of option and Completion

Once the option is exercised, it becomes a sale and purchase agreement and both the seller and buyer are legally bound by the contract.

Completion is the term used when the buyer pays the vendor the balance of the purchase price in full, in exchange for the vendor’s delivery of the legal title (including the discharge of mortgage, if applicable) and transfer forms signed to the vendor. It is usually carried out 8 to 10 weeks after the exercise of the option. The period before completion enables the buyer’s lawyers to carry out searches on the vendor. These searches include bankruptcy, winding up, or judicial management searches. If the vendor is an idividual, a bankruptcy search will be made to determine that there is no trace of bankruptcy. A person who is bankrupt has no legal right to transfer his property.

Choosing a lawyer

It is important to know what to look out for in the legal process, but it is equally important to choose the right lawyer, Mr Chua advised that buyer should look for lawyers who are familiar with this area of the law.

You should also make an appointment to talk to and see if you are comfortable with the lawyer. “By talking to the lawyer, you should be able to tell if he knows what he is doing,” said Mr Chua. Both of you also need to be able to communicate well with each other, especially if you are a first-time home buyer.

Option to Purchase

The Option to Purchase is the right to first rejection. It is effectively a right granted by the vendor to the buyer only, to decide within the option period whether he or she wished to purchase the property on the terms of the option. Before you reject it, nobody has the right to buy the property. The option is usually sold at a price equivalent to one per cent of the purchase price.

Expiry date of the option. Every option has an expiry date - common practice is two weeks from the date of the option. If the buyer wants to buy the property, he has to exercise the option before the expiry date or his option money is forfeited. If he exercises the option, then the option money is the usual contract would be counted as part of the deposit.

Restriction of foreign ownership of land.

Under the Restriction Property Act, landed properties such as bungalows, semi-detached and terrace houses can only be purchased by Singaporeans. Non-citizens, including permanent residents, are not allowed to buy landed property unless they have the approval of the Land Dealings (Approval) Unit.

August 19th, 2007 Posted by Coldie | Investments, Law, Leverage, Personal Finance, Real Estate, Wealth Creation | no comments

I Wanna a Big House and a Big Car - Or Do I?

We all seem to strive for things and scenarios that are going to make us feel and look better. We daydream about luxurious living, being spoilt and many other things, that we believe will make us happy. Unfortunately these things only give you fleeting enjoyment and satisfaction, and as part of a happy life they are a great add on. The point here, is that to totally enjoy the excesses that money can buy, you have to feel good about yourself.

Life includes everyone, and the person that helps and serves others, will always be fulfilled and happy. I love money and the things that I can do with it, and I also indulge myself irregularly, but I find that a lot of the people in the same financial situation, are not really people who I would choose to associate with on a day to day basis. It makes sense then, to put into perspective, the possible sacrifices you may have to make, to live in your daydream.

If you think about it, it may be possible to reassess your present position and to make that as comfortable as possible, you could nurture strong and meaningful relationships, you could find fulfillment by helping others etc… This then gives you a great platform to naturally progress to a new place, with all your values and ideals firmly in place.

Unfortunately most people spend all the time looking to an imaginary life in the future and forget about where they are, they are so desperate to get to this life that they really know nothing about, and forget to make where they are, as good as possible. In effect they are giving away now.

I have always told Bret that Wherever HAPPINESS goes SUCCESS and WEALTH will follow, it is never the other way round. In some very rare cases it may happen, but the only way to ensure that you enjoy your successes and your wealth, is to obtain them as a result of happiness.

It is funny that whatever the financial state of a truly happy person, they always consider themselves successful and wealthy. It is all relevant and based totally on your perception. It is the dreamworld where you have to worry about what other people think. That is a great lesson to learn about happiness, you cannot go looking for it, because it is in you. Spoiling yourself may give you temporary enjoyment, but it will never give you happiness. Moving from a small house to a mansion will not create happiness, but the odds are, that if you were happy in the small house you will be happy in the mansion.

Having goals as to where you want to be are great, but the operative word here is want. Have you really studied what you are wishing for? Most times you are only wishing for a perceived existence, and that eventually makes you discontent with your present life.

There has been a lot of talk recently about the Law of Attraction, some very shallow advice, has caused a lot of people to think, that all you need to do, to manifest anything, is to think about it in a positive manner and it will appear. We all know that is not true, but there is an element of truth in that statement. Firstly we can all achieve and manifest anything that we TRULY desire. In light of the above information, the problem is working out what we truly desire. We are not talking, “That would be nice” or “I would like one of those,” we are talking desire, I want that and I am prepared to do what it takes to get it. This is a mile away from just thinking, “I would like a Cadilac” and “Oh by the way I want a red one” and then expecting it to be parked in your drive the next morning.

A lot of people think that they deserve things without taking any action to obtain them. Then more people keep dodging from one thing to another never focusing on what they actually want. This is like chasing two rabbits, they will both escape.

The bottom line is, really assess what you have, and make sure that what you are striving for is TRULY what you want.

The Secret Visualization Tools

You have watched The Secret Movie. Now, use these visualization tools to help you focus and recharged your positive attitude daily and every time when you feel you need it. Bookmark this page and come back again and again..

1) The Secret Riches Visualization Tool

[youtube=http://www.youtube.com/watch?v=o2MqciSMOmk]

2) The Secret To You Visualization Tool

[youtube=http://www.youtube.com/watch?v=zydFM3kfcEk]

If you haven’t seen the movie, you can see them free on a website. I’m not sure if it is still available, but you can give it try… Click Here!

I would still suggest you buy the DVD. With the DVD, you can watch it over and over again: The Power of Repetition.

If you are interested to buy the DVD version of The Secret, get yourself a DVD version of The Secret from Amazon.com.

The Secret - The Law Of Attraction

After almost 3 weeks of blogging, I am starting to get visitors’ comment on my blog. Even so, some have requested me to ex-change links with their blog. How wonderful to know your work has been appreciated and there are people out there having the same thought with you. The Law of Attraction.

I have recently again been requested to do a link-exchange with a blogger. He is from the Taiwan, his name is Eunos. In his blog, I notice he is also a believer of ‘Don’t quit your day job while you are building your alternative income.’ While I was reading his blog, I also notice he is a believer in the law of attraction and he recommended “The Secret“. Coincidentally, I have also been watching this movie steamed online.

If you haven’t yet watched the movie “The Secret” I suggest you get your hands on it as soon as possible, it will change your life, and you will learn how to attract more of what you want, and less of what you do not want.

Take a look at the movie trailer…

[youtube=http://www.youtube.com/watch?v=rycfMpZ7V_k]

The movie length is about 90mins. Talks about the following:

1) Thought is the first most important process in The Secret. You becomes what you think about most, and attract what you think. This is similar to the age old classic ‘The Science of Getting Rich‘ teaching about Thought. Even Roger Hamilton’s Wink and Grow Rich books mentioned this.

2) Focusing on the positive. Focus on what you want and focus on it positively. Positive thought is 100 times more powerful than the negative thought. I remember listening to a tape by Paul J Meyer, “What ever you vividly imagine, ardently desire, sincerely act upon, will ultimately come to pass”… a very powerful statement.

3) Some times what we wanted and focus on are delayed. This is called time-delayed. The Secret film said that time-delay is good. As it give you time to re-think and re-calibrate, re-choose and reaffirmed your path and choice… Very Positive.

4) After having the right thought, comes feeling. Good feeling creates and draw more good feelings. Therefore, feeling good is as important as thinking good. Your thoughts and your feelings create your future.

5) “Your Wish is My Command.” If you keep having negative feelings and ‘wishes’ in your thoughts, the universe will say “Your Wish is My Command” and you get want your think and feel about. But if you think, ask and believe that you will get what you think about, the universe will response “Your Wish is My Command.” Change your current circumstances by changing your thinking first.

6) Showing gratitude is very important. We must have attitude of gratitude. Start shifting your thinking by having good gratitudes.

7) ASK, BELIEVE and RECEIVE: Ask for what you want. Believe that it is already yours. Receive it.

If you haven’t seen the movie, you can see them free on a website. I’m not sure if it is still available, but you can give it try… Click Here!

If the above is not available, try this one. Google Video just launched in December 2006 a 20min version of this movie. I don’t know if this going to there for long… Anyways, watch the 20mins now before they take it off.

[youtube=http://www.youtube.com/watch?v=_b1GKGWJbE8]

The universe like speed. You have to ACT now. Get yourself a DVD version of The Secret from Amazon.com.

Wait, what's this?

"whether in Business or Basketball, you must be able to perform all aspects of you job, not just part of it. You MUST be able to "get open" and "shoot". One without the other makes you a partial performer, someone who can be replaced because your skills are incomplete."