ok the story started like this...

after a while my wife and i searching a house (2nd hand) to buy, finally we found that there a house which fulfill our creteria... then we contacted the number as advertised infront of the house. after that we arrange an appointment with this GUY (he told us he is an property agent) to view the house... bla bla bla... and we decided to buy that house... (fyi before this we already missed two units due to late confirmation and deposit payment)... then we agreed the price... after that we meet at some place with the 'agent' together with the house owner.... they show me the spa, then we sign the letter offer to purchase the house... on top of that we pay 2% as the booking fee...

ok... the tricky part is here... in the spa there a 2 owners... after sometimes during our meeting, i found out that the 'agent' also the owner of the house... i dont know whats the agenda of that guy not revealing that he is the owner... the day after i proceed with my loan... then the story be more complicated when the bank officer tell me that my document all ok BUT the owner (that 'agent') have big trouble/stuck with 4-5 loans that he have... even worse the property have history been lelong... but he manage to get back his property..

my question are :-

1) due to trouble that the owner, am i gonna get my loan approve?
2) how i want to check whether the property can buy or not?
3) how am i gonna get back my 2% IF i cannot get loan becouse of HIS fault?

i know i make some mistakes along the process... but pleasee whoever got idea, help me... TQ

U sign agreement.. I assume you have a copy ?

If not I will really be laughing.

you should ask the bank officer. He is the one to influence whether your loan gets approved. So ask him what will the possible outcomes be and then only be afraid of the things coming.

Also, if the so-called agent is the 2nd owner and he had penned down the contract then no more worries if he is stuck in a lot of trouble. People sell when they need money, if your bank don't approve your loan cuz the problem is regarding the owner, then i advise you to change a bank to apply for loan.

My 2cents.
YNWA.

yup of course i hv a copy... it explains about the agreed price,deposit (2%), and the rest down payment, when to pay, all that

If you have a copy then dont worry about it.

And since the bank confirmed that he managed to take back ownership of the house, you should with all due haste complete the transaction and take the deed from the owner.

Once the paperwork change name, you never have to speak to or worry about that agent / owner ever again .

And no, the agent / owner financial status should NEVER affect your loan .

what if the property is not under him anymore? (you get what i mean?) let say IF the property is taken/'tarik' by bank?

i cannot apply loan rite?

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Added on July 10, 2009, 10:05 amwhat is worrying me is in the document stated that the deposit will be 'burn' if i withdraw, cancel, fail to proceed the transaction bla bla bla...

not the bank confirm the house been take back owner ship... it is the auctioneer..

i'm afraid i losing my money la... coz i read in somewhere that i should put extra clause.. if my loan fail the owner should return 100% my money... can i do that actually?

This post has been edited by raul7: Jul 10 2009, 10:08 AM

The contract itself stated transaction between owner and buyer right?

IF the sellers are not the OWNERS then they don't have the right to accept your 2% D/P. Get what i mean?

If they are not the rightful owner then they don't have the right, hence if they want to forfeit your 2% D/P, it's against the law as they don't have anything to offer in return. You can file a lawsuit against them if they don't want to return your D/P, given they are not the owner.

If they are the rightlful owners, they are obliged to sell you the property since you all went into a contract.

I just have one question to this issue.
Is the document signed is legal? Because a lawyer isn't present nor the stamping is mentioned in his document.

yup.. you got the point there... i still have right to have my money IF they NOT the owner... but i hv to involve police n law people la...

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Added on July 10, 2009, 10:59 amno... i made mistake there... thought this will not be a problem at all...

This post has been edited by raul7: Jul 10 2009, 10:59 AM

An agent and an owner at the same time, a conflict of interest.

1. Get your lawyers to see if the property has any private caveat placed and check if the owners are facing any lawsuit at the moment.

2. If dont have private caveat lodged and no lawsuit, then its a normal txn. Sellers financial status has no barring what so ever with your loan application. Dont worry.

3. If there's a private caveat lodged or owners are facing lawsuit, then do your best to retrieve the booking fee.

Good luck.

@raul7,
Assuming U get the loan approved, and the house transferred to ur name I don't see what the problem is here.

The house might have been out for lelong before but as U have clearly pointed out, the "Agent/Owner" managed to reclaim it.

Once the house is transferred to your name, the banks will NOT be able to take it away from you because it's not their right.

i didnt know until the end of discussion... i feel somthing fishy between he and the (other) owner... then i asked his i/c... damn! same with name in spa... then i have a chance to check his acct... got 3-4 summons from banks... latest march 09... i afraid i cant buy the house coz the ownership is not under him and bank not give me loan because of his acct.

unless his bank not approve of his loan then his booking fees 2% is confirm burned normally,some seller do refund the 2% if they are kind enough, otherwise everything should be all right.

This post has been edited by Tohsan: Jul 10 2009, 11:17 AM

I'm learning here. So the best for him to do now is as below (correct?):

1. Apply as many banks possible for the loan. Should loan appoved and the ownership transferred to his name, his issue should be solved.
2. Find out the lawsuit and private caveat on the current owner via a lawyer.

as per ur advice above i think my strategy will go like this...

1) look for lawyer advice...
2) hopefully lawyer say ok, and i will preceed with my loan
3) if not ok, i have to file lawsuit coz, they have no right to take d/p coz its not thier property?

it that the correct way?

i think so, the rest of the property problem whether its tie-up with unpaid loan are all the problems of the seller, he need to settle them.

there is no such thing of whether there is a legal contract, it should be whether it is a valid contract. A contract is an agreement with both / all parties consent.

as mentioned by several posts, the bank cant reject your loan based on other's criteria / record. IT IS YOUR OWN RECORD THAT COUNTS! so stop worrying.

anyway, if you can get your loan approved and the house is transferred to your name. that's the end of the story. no more worries.

so now i hv no worry about my loan being rejected... and the ONLY problem now is the ownership belong to... am i rite? thats will effect my transaction...rite?

so far hv you consult your lawyer about this matter?