Oct 19 2009, 10:08 AM
QUOTE(leongal @ Oct 15 2009, 01:37 PM)
Just to share, I found this at iproperty:
It happened that during the process of doing the purchase, he didn't want to go through agents (saying that he wanted to save the fee to agents). He trusted the vendor, in fact the vendor was his friend, so he paid him the booking and the bla bla bla close to RM7K, cash! After signing the S&P, during the process of transferring and and waiting for the bank disbursement, they finally found that the vendor was actually declared bankrupt, thus none of his property what so ever can be transacted. So my friends RM7K is gone.
The S&P should have a clause in the event like that, vendor has to refund the deposit.It happened that during the process of doing the purchase, he didn't want to go through agents (saying that he wanted to save the fee to agents). He trusted the vendor, in fact the vendor was his friend, so he paid him the booking and the bla bla bla close to RM7K, cash! After signing the S&P, during the process of transferring and and waiting for the bank disbursement, they finally found that the vendor was actually declared bankrupt, thus none of his property what so ever can be transacted. So my friends RM7K is gone.
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