I'd give it a month at the earliest. Did the lawyer give you a timeframe. Hulu Langat Land Office is not bad. Efficient also

Well, he can transfer/sell his share but who would want an undividided share in a property? That purchaser can't sell off the entire property unless the rest agrees. The transferee/purchaser would also come in as a borrower when the property is refinanced, thus becoming liable in the event the other 4 does not make the necessary repayments. So it's quite complicated, really.

For refinance, all must agree. In fact, if one wants to bail out now, and the bank requests for it to be refinanced, then that one person would surely be requested to pay for the fees and charges applicable. I doubt if the other 4 would want to foot the bill. Furthermore, surely the new purchaser/transferee would be asked to come in as a borrower in the new refinanced loan. So, that person would be liable to pay up as well.

1) If you have taken a loan, the bank will compel you to do so as you have agreed to execute the MOT when title is out. If you bought cash, you still have to execute the MOT, faiiling which there would be a penalty which you have to pay.

2) With such basic facts provided, it's hard for me to advise you. You might as well go back to the lawyer who did the previous legal suit to advise all the owners on this.

I'm sure the apartment would have a JMB. So, what is the JMB's position on this?

However, what I can tell you is that you would still have to pay the outstanding maintenance fees. The delay in completion of the swimming pool does not detract from the fact that you still have to pay maintenance.

You can refer to the earlier posts in this thread where there are many samples and comments thereto for you to compare.

Of course they can charge you double, even triple, since you are asking for a discount. The house always wins.

In life, nothing which worth it comes cheap or free.

I would actually advise you to just appoint a lawyer to act for you in the SPA. Given the fact that you still need to appoint a lawyer and pay 50% legal fees for the MOT, you might as well top up a bit and make sure that your rights are protected in the SPA and throughout the whole transaction.

Of course you can look at it the other way around and say that you save 50%, but if you want the peace of mind, then 50% extra is really not much. That's my opinion.

Legal action might be a bit on the extreme side for the time being. I would suggest putting in a written complaint to the developer for their further action.

Sorry I don't understand the scenario. Inheritence only occurs in the event of the death of the proprietor (owner) of the land. Please elaborate further.

This post has been edited by dariofoo: Aug 22 2011, 11:09 AM

When you say Master Title holder are you actually referring to the person who has the biggest share in the property, i.e. the biggest slice of the cake? Perhaps as a layman that is your understanding of the terms. If that is what you meant, that person need not be involved in the transfer. What you need to do is to see a lawyer who will write to Amanah Raya to facilitate to do the transfer of that undivided share in the property to you. This is provided that you have a copy of the sealed Letters of Admin (Surat Kuasa Mentadbir) from the Court.

1. Foreclosure means auction/lelong.
2. Not sued in the sense that they are claiming the full outstanding loan from you, but foreclosure proceedings will be commenced in the High Court to get an order for sale to auction off your property. They have to send a notice/letter of demand to you first.
3. Of course. It's not too late at the moment.
4. Not sure. See how efficient their lawyer and the Court works. A few months, at the minimum.
5. No. They won't go after you personally as they will auction off the property first. If the proceeds from the sale is enough to cover the outstanding amount, then all is good. However, if there is a shortfall, then they have the option to file a civil suit for recovery of the balance sum due and owing. If the sum (plus costs and interest) is RM30K and above, and if they obtain judgment (which they always would as it is a clear debt) - they can then enforce the judgment by way of bankruptcy proceedings.
6. Of course.
7. No.
8. Just put it up for sale as normal. But you might want to do it fast before they instruct their lawyer to commence legal proceedings. Even if you manage to execute the SPA with a buyer, you can forward it to the bank and tell them that you're putting it up for sale and tell them to instruct their lawyer to hold their horses. Once the purchaser obtains a loan, the redemption statement from your bank to the purchaser's bank will reflect all the outstanding sum to be paid to settle your loan. But you need to act fast. If foreclosure proceedings have commenced you can't keep that info away from any prospective purchasers as it is misrepresentation, and they can elect to rescind (cancel) the SPA.

It would be prudent to call the Bank and try to make some part-payment to them to buy time. If you miss the boat by three months, try to at least pay 1 month. This can delay the enforcement on their side (Assuming that the minimum sum due and owing to trigger foreclosure is 3 months' repayment). Can you get what I'm saying?

Once foreclosure proceedings have commenced all legal fees will be passed on to you to pay - so you'll end up paying much more than the missed repayments so far.

Good luck

This post has been edited by dariofoo: Aug 24 2011, 10:06 AM

You can appoint an agent to help you sell the house on your behalf, or you can do it on your own - you can check surrounding units for sale to gauge a price or you can browse online as well.

This post has been edited by dariofoo: Aug 24 2011, 10:34 PM

Booking form can be prepared on your own. The terms and conditions would be up to you and the seller to discuss and agree. Parties do not need to sign it in front of the lawyer. Any witness will do. If you're going to appoint a lawyer anyway or if you already have one you can get request their goodwill to prepare a booking form/letter of offer to purchase for you.

DOA - Deed of Assignment - between vendor and purchaser - where there is no individual or strata title (geran), the assignee (purchaser) is the beneficial owner of the property and the DOA is the proof of ownership.

If it is assigned to the bank there will be another DOA between the purchaser and the bank, whereby the bank is considered the beneficial owner of the property, until it is revoked by way of a Deed of Receipt and Reassignment, whereby the bank will re-assign it to the purchaser/borrower.

MOT - Memorandum of Transfer - is a document whereby the vendor transfer his ownership of the property to the purchaser - only applicable in cases where there is an individual or strata title. Once the MOT has been stamped and presented for registration, the land office will issue a new Geran (Issue Document of Title) which will reflect the purchaser's name as the registered proprietor.

First get a lawyer to represent you and start the ball rolling by preparing a draft SPA. At the same time, or even before you sign the SPA, you can apply for a loan. Best to get a loan approved with the initial valuation which matches the purchase price (assuming you're taking 90% loan) before you sign the SPA.

suiteng:


Scan and put up a copy of the booking form here. If you worry about privacy you can black out the personal particulars. Just need to read the fine print.

If havent's signed SPA yet - Letter of offer to purchase, previous SPA and grant (if any) would be required.

If SPA already executed or final draft prepared then a copy of that would be requested for as well.

Brokenstring,

There's a lot of samples of notes of charges and my comments thereto in this thread. Do take a look. The legal fees are quite standard and only disbursements differ.

What jason.hsbc meant was if you had asked for discount (or are planning to), there's no need to put up the note of charges for scrutiny because everything will be marked up by the lawyer to make up for the deficit in the discount given.

Most (but not all) law firms do that.

Good luck

suiteng:


Booking form doesn't stipulate that many terms and conditions as there usually would. What it does represent to you is the unit and price of the property.

It is clear that they don't even have a license and advertising permit for the project. That is why at the moment, even an SPA can't be executed by the parties. It is a mere booking collection exercise most probably done to gauge public's response to the project in mind.

Once you sign the fresh documents you effectively waive all your rights against the developer with regard to the representation made in the first booking form, especially in relation to the unit description and price. So option one would be to agree to such waiver and just execute the documents.

Option two would be to go against the grain and assert for your right to be sold a property befitting the description and price as stated in the booking form. It would be difficult if you're on your own, but if the developer is faced with a class action of perhaps 200-300 purchasers who have placed their bookings and who now feel that they have been misrepresented (coupled with some media publicity) - then perhaps there can be a chance that they would give in and proceed with the initial development plan.

But personally I doubt if that would happen. There must have been a reason why they had to make the change. However, it is not disclosed very much in detail in their letter.

If you want to go for option two - appoint a lawyer and send out a legal notice. Your lawyer would receive a reply from their lawyer - and that reply can shed more light in this matter.

Good luck

Yep.

1. Compromise la. Go for 6+3.
2. Normally it is not rented out to other people. It depends if the owner agrees to it but I doubt if he will agree, as he might as well rent it out to a third party at the market rate himself!

You can ask for discount from disbursements. That is allowed. Miscellaneous, transport, papers, etc all can be reduced. If same lawyer involved why not?

Don't get confused between registration of transfer and application for consent. It is consent which takes 6-9 months ( 6-9 is maximum - if lucky can get earliest 1 month and average between 3-4 months). Registration is faster.