The Formula For Student’s

Formula Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                        

 

 

i    =    interest

n    =    number of Years

asf    =    the annual sinking fund that is required to recoup $1 in n years at the

sinking fund rate of accumulation.

a    =    the sinking fund interest (or rate of accumulation)

 

Note:    The above formulas are constructed on the assumption that interest is added at the end of the year.

 

Further Note:    An annuity is an annual sum payable or receivable in equal amounts over a specified period.

Helpless landlords

ARTICLES OF LAW

By BHAG SINGH

 

 

Although there are provisions to allow landlords to recover overdue rental, there are limitations, too.

 

NOT everybody can afford to purchase a property to live in or to operate a business. Hence renting becomes a viable option for many. Renting involves the creation of a relationship between the landlord and the tenant. This may be created formally or informally, whether or not in writing.

 

The essence of the relationship is that for the agreed term, the tenant is entitled to enjoy the said possession. The landlord in return gets the rent.

 

If the tenant fails in his primary obligation, there will be cause for concern. If the tenant moves out, at least the landlord can mitigate his loss by renting it out to someone else. But the tenant may choose to stay, yet not pay rent.

 

Many a landlord in such a situation will feel frustrated. Going to the courts can be time-consuming and costly. Would it not be easier to just go in and chase the tenant out? Or could one not just disconnect the electricity and water supply?

 

Remedies

 

A landlord has three distinct remedies against a tenant in arrears with his rent. He may levy distress upon the tenant's goods, which ultimately he may sell to pay off such arrears as remain unpaid.

 

Apart from that, he may sue the tenant on the covenant to pay rent, or he may seek to terminate the tenancy through forfeiture.

 

In addition, for any period for which he cannot claim rent, the landlord can get the liquidated damages, which would include claims for compensation for use and occupation, or an action for mesne profits.

 

Once the relationship of landlord and tenant has been created, the rights and obligations of the parties inter se will be governed by its terms subject to the general law. As the arrangement is a contract, its terms are enforceable between the parties in much the same way as any contract.

 

One of the rights conferred on the tenant is the landlord's covenant that "the tenant paying the rent hereby reserved and performing and observing the several covenants on his part herein contained shall peaceably hold and enjoy the demised premises during the said term without any interruption by the landlord or any person rightfully claiming under or in trust for him."

 

Distress

 

The right to distrain is an ancient remedy which may be described as the right to take another's goods without legal process as a pledge for the satisfaction of a debt or claim. It is a remedy not confined to the law of landlord and tenant.

 

The Distress Act 1951 provides for this. It involves the application for a Warrant of Distress addressed to the bailiff directing the latter to forthwith distrain any removable property found by him on the premises named in the distress warrant.

 

The plus side of a warrant of distress is that it is obtained ex parte, meaning that the application to the court does not have to be served on the tenant before an order is made. The tenant will only know when the bailiff turns up at the premises to seize the property.

 

However, it must be noted that the purpose is primarily for the landlord to recover rent and not to get back possession of the premises. Once the goods have been seized and disposed of, the tenancy, unless terminated, continues.

 

Distress is not for recovery of possession. However, possession may be obtained where the premises are abandoned and there is no sufficient property seized with which the arrears can be paid. If so, an application can be made to authorise the bailiff to enter the premises and take possession.

 

Even then, the bailiff must in such cases affix in a conspicuous place or on the premises, a notice that possession thereof will be delivered to the landlord, unless within 10 days a judge, on the application of any person interested, otherwise orders.

 

Forfeiture and re-entry

 

There are instances where the landlord may seek to terminate the tenancy by forfeiture in exercise of a right to re-enter reserved expressly under the tenancy in the case of non-payment of rent. This could read as follows:

 

"If the rents hereby reserved ... shall be unpaid for (twenty-one) days after becoming payable it ... shall be lawful for the landlord at any time thereafter to re-enter upon the demised premises or any part thereof in the name of the whole."

 

Of course, such a covenant may be enlarged in its scope to allow similar action to be taken in case of other breaches. Whilst this is an option on paper, the landlord's right could be frustrated by other matters.

 

Where an effort to re-enter the premises is physically resisted, this could have a potential to cause a breach of the peace. In such a case, Section 99 of the Civil Procedure Code comes into play. A magistrate can act, if satisfied from a police report that a dispute is likely to cause a breach of the peace.

 

He can order the parties concerned to attend before him and put in written statements their respective claims with regard to possession of the premises in dispute.

 

He can thus make an assessment on which party should remain in possession. If the magistrate decides that one of the parties is in actual possession, an order declaring such party to be entitled to retain possession until evicted in due course of law, can be made.

 

Conclusion

 

Even where the tenant does not resist the re-entry because he is not present or otherwise, it would be prudent to make an inventory on what is found. Being accompanied by an independent party could be helpful against future claims by the tenant that some valuable property has gone missing.

 

There is, of course, the other aspect of cutting off electricity and water supply to the premises. Whether one is entitled to do so will depend not only on practical considerations but also on how the tenancy agreement is worded as well as the stage and point of time at which such action is taken.

 

Apart from the contract terms, one may also need to consider whether incorporation of such provisions permitting discontinuation of a utility is enforceable as it is contrary to public policy. This aspect could be the subject of a separate discussion.

Neighborhood

VISION: In the best neighborhoods, the ones we mean to nurture, people know that "the heart is more important than the head" (from Streets of Hope). Residents recognize one another and count friends and family among their neighbors. They have a sense of concern and responsibility for the neighborhood and its people that is translated into action.

In the best neighborhoods:

Schools with small enrollments are one core of neighborhood life. The schools have strong parent and resident involvement. They work in partnership with the neighborhood to achieve high shared aspirations for youth, educate adults, and solve community problems. Residents are welcome to use the gym, recreational fields, auditorium, and meeting rooms.

The school site is the place where human service agencies collaborate to address the needs of families. Their staffs realize that people turn first to friends and neighbors when they have problems. These informal helping systems are sought out and strengthened.

Many housing options exist for people in different stages of life and income levels. Housing values are neither rising rapidly (gentrification) nor falling (decline). Quality is maintained through upgrading by residents made possible by private capital or well-crafted affordable housing subsidies.

Local businesses such as grocery and other retail stores, professional offices, bookstores, restaurants, and coffee shops are within a walk of home. Neighborhood life forms a network of relationships that helps people find jobs, start new businesses, and raise capital.

People ensure public safety by looking out for each other, and creating partnerships with the police and public agencies to solve crimes and reduce the causes of crime.

The neighborhood is well kept. Problems that arise (housing deterioration, trash, or abandoned autos) are dealt with quickly by responsive agencies. The neighborhood has a comforting sense of place expressed through its physical character.

The best neighborhoods are not utopias. They are places where people care about one another enough that there are few problems that cannot be solved by working together.

Akibat kelewatan bayaran pampasan

SEBUAH akhbar tempatan sedikit masa lalu melaporkan rasa terkilan sekumpulan penduduk kampung di Perak yang khabarnya mengalami kesulitan kewangan kerana pampasan yang dibayar oleh Pihak Berkuasa Negeri (PBN) kepada mereka dianggap sebagai amat tidak mencukupi.

Mengikut berita akhbar itu, kira-kira seratus pemilik tanah di Sayong dan beberapa kampung di sekitarnya mendakwa bahawa setelah tanah mereka diambil oleh PBN bagi maksud awam (di bawah Akta Pengambilan Tanah 1960), pampasan yang dibayar kepada mereka amat tidak padan dan terlalu rendah nilainya, kerana pampasan yang dibayar itu adalah berasaskan nilai pasaran enam tahun yang lalu, dan bukan nilai pasaran sekarang.

Salah seorang pemilik tanah itu, Mohd. Efendi Ariffin, dipetik sebagai berkata bahawa tanahnya (beserta sebuah rumah dan kedai yang dibina di atasnya) telah diambil oleh PBN di bawah akta berkenaan dan satu anugerah pampasan telah dibuat pada 1995. Jumlah pampasan adalah berasaskan penilaian yang dibuat oleh Jabatan Penilaian negeri. Malangnya, kata Efendi lagi, walaupun anugerah diumumkan pada 1995, ia menerima bayaran pampasan itu hanya pada Disember 2000 yang lalu, iaitu setelah menunggu hampir 6 tahun.

Efendi mendakwa disebabkan kelambatan bayaran ini, jumlah yang diterima sudah tak lagi mencerminkan nilai pasaran tanah semasa.

Umumnya laporan akhbar mengenai kes-kes pengambilan tanah jarang sekali dapat menceritakan secara terperinci semua fakta yang berkaitan. Oleh itu, setelah membaca laporan akhbar ini, saya tidak terus membuat apa-apa kesimpulan mengenainya, kerana mungkin ada fakta lain yang belum dapat didedahkan. Dalam seminggu dua berikutnya, saya terus mencari dan meneliti setiap laporan mengenai kes-kes pengambilan tanah milik orang kampung, andainya ada disiarkan sebarang ulasan atau respons mengenai perkara itu. Manalah tahu, mungkin gambaran yang saya terima daripada laporan awal itu akan berubah setelah membaca jawapan atau penjelasan lanjut daripada PBN negeri atau Pejabat Tanah berkenaan? Malangya, walaupun beberapa minggu berlalu, apa yang saya tunggu tidak juga muncul. Jadi, anggapan saya apa yang didedahkan oleh Efendi itu adalah benar belaka.

* Kelambatan adalah kecacatan

Dalam sejarah Akta Pengambilan Tanah, kelewatan sering berlaku dalam tahun 70-an dan 80-an. Ada tiga jenis ``kelewatan'' yang sering berlaku - iaitu, kelewatan mengadakan siasatan (oleh Pejabat Tanah bagi maksud menentukan pampasan berasaskan nilai pasaran), kelewatan membuat anugerah (di akhir siasatan), dan kelewatan menyerahkan bayaran pampasan kepada pemilik tanah. Kerajaan pusat akhirnya terpaksa membuat pindaan undang-undang dalam usahanya membanteras penyalahgunaan kuasa dan ketidakpatuhan prosedur yang dilakukan oleh beberapa PBN dan Pejabat Tanah. Pindaan ini diluluskan oleh Parlimen menerusi Akta Pengambilan Tanah (Pindaan) 1984 (Akta A75).

Kelewatan dan ketidakpatuhan prosedur oleh Pejabat Tanah pernah dicela oleh Hakim Besar Ong dalam kes Lau Cher Hian v. Collector of Land Revenue Muar [1971] 1 MLJ 96, apabila beliau mengatakan bahawa ``Mereka yang memegang kuasa sepatutnya prihatin kepada prosedur yang digariskan dan sentiasa berlaku adil mematuhinya''. Kesimpulan yang boleh kita buat daripada kata-kata Hakim Besar itu ialah bahawa kelewatan yang tidak wajar (apa yang dipanggil inordinate delay) oleh Pejabat Tanah adalah satu contoh ketidakadilan prosedur.

* Tempoh yang ditetapkan

Jika akta dibaca secara teliti, kita boleh lihat bahawa setiap kes pengambilan tanah hendaklah disempurnakan paling lewat dalam masa 3 tahun. Ia bermula apabila satu notis awal pengambilan tanah yang diniatkan (Borang A) dikeluarkan di bawah seksyen 4 dan kemudian diisytiharkan dalam Warta. Dalam tempoh 12 bulan selepas itu, satu perisytiharan (Borang D) hendaklah dikeluarkan di bawah Seksyen 8. Jika ini tidak dilakukan, notis awal di bawah Seksyen 4 itu luput.

Selepas itu, satu siasatan hendaklah dijalankan dan di akhirnya, satu anugerah dibuat. Jika anugerah ini tidak dibuat dalam masa 2 tahun selepas tarikh perisytiharan di bawah Seksyen 8 itu, keseluruhan prosiding pengambilan tanah ini menjadi tidak sah dan batal. Jika pengambilan tanah diteruskan juga, keseluruhan tindakan itu boleh dicabar oleh pemilik tanah dan boleh dibatalkan oleh mahkamah.

Di bawah Seksyen 29(1) akta, pampasan hendaklah yang boleh'' (as soon as may be), kecuali dalam tiga keadaan tertentu. Dalam kes pengambilan tanah di Perak yang dilaporkan dalam akhbar itu, pada hemat saya 3 kecualian yang disebutkan dalam Seksyen 29(1) ini tidak berkaitan. Oleh itu, prinsip am (pembarayan pampasan seberapa cepat yang boleh) merupakan kehendak undang-undang yang mesti dipatuhi.

Dalam beberapa kes yang diputuskan di mahkamah, istilah ``seberapa cepat yang boleh'' telah ditafsirkan bermakna ``seberapa cepat yang mungkin, bukan seberapa lambat yang mungkin''. Sementara kita akui bahawa ``kecepatan'' itu adalah satu perkara yang relatif, memerlukan kita mengambil kira semua hal keadaan, yang sudah pasti ialah andainya pembayaran dibuat setelah 5 atau 6 tahun berlalu, ia bertentangan dengan kehendak Seksyen 29(1).

* Jaminan Perlembagaan

Hak setiap warganegara untuk terus memiliki dan menggunakan tanahnya dijamin di bawah Perkara 13 Perlembagaan Persekutuan. Tanah itu tidak boleh diambil atau digunakan secara paksa oleh sesiapapun kecuali ada undang-undang yang membenarkan ia dilakukan, dan dengan syarat pemilik tanah dibayar pampasan yang memadai. Undang-undang yang membenarkan pengambilan tanah secara paksa memang wujud, iaitu Akta Pengambilan Tanah 1960, manakala apa yang dimaksudkan sebagai "pampasan yang mencukupi" itu adalah "nilai pasaran" tanah tersebut mengikut prinsip undang-undang yang dihuraikan secara terperinci dalam Jadual Satu Akta tersebut.

Kesimpulan daripada peruntukan undang-undang yang disebutkan di atas tadi ialah andainya disebabkan perkara yang berlaku atau hal keadaan yang berubah wang pampasan yang dibayar kepada pemilik tanah itu menjadi tidak mencukupi ketika pembayaran dibuat, pemilik tanah yang kehilangan tanahnya itu boleh mencabar pengambilan tanah itu berasaskan kecacatan atau ketidakpatuhan prosedur.

Saya ingin mengingatkan Pentadbir Tanah bahawa dalam perkembangan undang-undang pentadbiran semasa, mahkamah tempatan telah sering kali menggunakan kuasa semakan kehakimannya untuk mengetepikan dan membatalkan tindakan pentadbiran apabila tindakan itu didapati melanggar (gagal mematuhi) prosedur yang ditetapkan (apa yang dipanggil ultra vires prosedur). Mahkamah juga sering berbuat demikian apabila suatu tindakan pentadbiran itu dianggap sebagai suatu tindakan yang tidak berpatutan atau tidak munasabah (apa yang dipanggil ketidakmunasabahan Wednesbury).

IMF projects stronger 2010 recovery from global recession

WASHINGTON (AFP) - - The International Monetary Fund on Wednesday raised its outlook for the global economy in 2010, but said recovery from the worst recession since World War II would be sluggish.

The IMF boosted its 2010 global growth forecast to 2.5 percent, an improvement of 0.6 point from its April forecast.

The updated IMF forecast was marginally worse for 2009, showing a contraction of 1.4 percent across the global economy.

"While the world economy is still in recession, the recovery is coming. But it is likely to be a weak recovery," the IMF chief economist, Olivier Blanchard, said at a news conference.

In an update to its semiannual World Economic Outlook (WEO), the IMF said that "the global economy is beginning to pull out of a recession unprecedented in the post-World War II era, but stabilization is uneven and the recovery is expected to be sluggish."

"Financial conditions have improved more than expected, owing mainly to public intervention, and recent data suggest that the rate of decline in economic activity is moderating, although to varying degrees among regions," the IMF said.

Nevertheless, "financial systems remain impaired, support from public policies will gradually diminish, and households in countries that suffered asset price busts will rebuild savings," curbing consumption.

The downturn now was expected to hit advanced economies harder this year, with a combined contraction of 3.8 percent instead of the flat growth previously seen. Weak 0.6 percent growth in 2010 was unchanged.

"The advanced economies as a group are still projected not to show a sustained pickup in activity until the second half of 2010, consistent with the April 2009 WEO forecast," the IMF said.

Among the major economies, the IMF significantly marked up estimates for the United States and Japan.

For the US, the IMF pointed to improvements in the labor and housing markets, industrial production, and business and consumer confidence.

The IMF projected the world's biggest economy would shrink 2.6 percent in 2009, two-tenths of a point less than the prior estimate, and grow 0.8 percent in 2010, instead of the zero growth previously forecasted.

It hiked its outlook for Japan to 1.7 percent in 2010, up a hefty 1.2 points. Growth this year in the second-largest economy was estimated at a negative 6.0 percent, instead of the 6.2 percent contraction previously forecast.

The downturn would hammer the eurozone harder. The IMF projected the 16-nation bloc would contract 4.8 percent in 2009, 0.6 point worse than the April forecast, and shrink 0.3 percent in 2010.

Germany, Europe's largest economy, was set to shrink 6.2 percent in 2009 and 0.6 percent in 2010.

Outside the eurozone, Britain's prospects brightened. The IMF forecast growth of 0.2 percent in 2010, instead of a 0.4 percent contraction, after the economy shrinks 4.2 percent this year.

Growth in the emerging and developing economies would accelerate to 4.7 percent in 2010 from 1.5 percent this year.

China would lead with expansions of 7.5 percent in 2009 and 8.5 percent in 2010, while India would grow 5.4 percent and 6.5 percent. Both countries were marked up about a percentage point for each year.

Global trade volume would plunge by 12.2 percent this year, a steep 1.2 points more than forecast in the April WEO, before increasing 1.0 percent in 2010.

The IMF said in an update of its Global Financial Stability Report that financial conditions have improved "as unprecedented policy intervention has reduced the risk of systemic collapse and expectations of economic recovery have risen."

But it warned against over-exuberance in markets amid signs of recovery.

"Because much of the improvement in financial conditions is due to the robust rally in risk assets since March, there is a risk of a significant market setback if financial markets get too much ahead of the pace of economic recovery," it said.

Integration Project Outcome

Daripada 18 hingga 24 Mei 2009, Pelajar pengurusan harta tanah Universiti Malaya telah terbang ke Manila bagi menjalankan kajian pasaran serta mengemukakan beberapa cadangan pembangunan dibeberapa tapak yang berasingan. Sasaran projek integrasi ini adalah bagi menyediakan para pelajar dalam menjalankan kajian pasaran dan membuat cadangan pembangunan secara menyeluruh sebagai persediaan menghadapi alam pekerjaan.

Tapak-tapak telah dibahagikan kepada beberapa kumpulan pelajar bersama-sama dengan mentor daripada IPREA (Institue of Real Estate Philippine) supaya para pelajar dapat menjalankan satu kajian terhadap tapak yang telah disediakan. Lokasi tapak adalah berlainan antara satu sama lain, iaitu daripada kawasan pusat bandar di Makati City hinggalah ke kawasan pinggiran bandar di kawasan Tondo.

Tujuan pembahagian kawasan ini adalah bagi memastikan setiap kumpulan akan menghadapi situasi yang berlainan bagi setiap tapak dan hal ini akan menguji tahap kebolehan para pelajar dalam menyelesaikan masalah yang dihadapi diatas tapak masing-masing. Halangan utama adalah daripada perbezaan system pentadbiran tanah yang amat berbeza walaupun Filipina turut menggunakan sistem torren dalam pentadbiran tanah mereka, antara yang paling berbeza adalah daripada segi pegangan tanah, dimana mereka tiada pegangan pajakan, dan pentadbiran tanah adalah dibawah bidangkuasa judisiari. Selain itu perbezaan dalam sistem perancangan juga membuka minda para pelajar mencari jalan bagi mengatasinya.

Semalam (17/18 Julai 2009) para pelajar telah menamatkan projek mereka dan telah membentangkan hasil kajian mereka di hadapan para pensyarah. Menakjubkan serta mengujakan para peserta dengan kaedah penyampaian yang meyakinkan serta input-input baru yang disampaikan adalah mantap dan meyakinkan. Antara yang menarik perhatian adalah cadangan pembinaan hypermarket murah berkonsepkan Mydin di Malaysia, pembinan Gudang sejuk beku di daerah Tondo, pembinaan bangunan pejabat dan servis apartment dan lain-lain lagi. Terdapat 10 cadangan telah dikemukakan, semuanya adalah dianggap sebagai keguanaan terbaik dan tertinggi bagi tapak tersebut berdasarkan halangan-halangan samada dari segi perundangan, fizikal tapak dan beberapa faktor lain yang turut mempengaruhi.

Sebagai seorang mahasiswa masa kini terutama yang mengikuti bidang harta tanah, kita sememangnya perlukan projek-projek sebegini bagi membuka minda mahasiswa supaya berada di tahap global supaya idea-idea baru dapat diterapkan didalam pembangunan di negara kita dimasa hadapan. Bersama ini juga saya akan memuat masuk beberapa fail kejian kewangan"cashflow analysis" dan slide presentation untuk dikangsi bersama.



Slide Show

Cashflow

IPREA and UPD welcome UM Malaysian students

Tuesday, 12 May 2009

On May 18 to 24, 2009, a group of 57 Malaysian students with 4 facilitator-professors of the University of Malaya (Department of Estate Management of the Faculty of Built Environment) will visit Manila - Philippines. The academic trip to the Philippines is part of their course curriculum known as “Integration Project”. They will be hosted cooperatively by the Institute of Philippine Real Estate Appraisers (IPREA) and the Department of Geodetic Engineering, College of Engineering of the University of the Philippines Diliman (UPD).



The “Integrated Project” is a special project for Estate Management students, that is Problem Based Learning (PBL) based. Students are divided into several groups (this year -10 groups with 5 members each), given lectures and taken to different site visits each year. A facilitator is assigned to three groups of students. The learning outcome of the project would encompass students’ acquisition of practical knowledge in their preparation to join the real estate practice. Students are expected to fully apply all the subjects that they have learned, complemented with their own ideas and some choice inputs from facilitators.
Among the government /corporate offices that will be visited for research and information are the following: National Housing Authority (NHA); Housing and Land Use Regulatory Board (HLURB); Land Registration Authority (LRA); Home Mutual Development Fund (Pag-IBIG Fund); Housing Urban Development Coordinating Council (HUDCC); National Economic Development Authority (NEDA).

Ten valuation sites within Metropolitan Manila have been identified. The visits to the various property sites will be coordinated by IPREA valuers.

UPD and IPREA welcome the students of The University of Malaya (UM) with a program ceremony at the UP Engineering Theater, College of Engineering, UP Campus Diliman on May 19, 2009 at 08:30 Hrs.