First time buyer here....

Need some legal advise here...

Me and my wife found a nice and convenient apartment and decided to go ahead and purchase. The unit is a sub-sale unit, completed almost a year if I'm not mistaken. My wife is a government servant and she is eligible to apply for government loan under Bahagian Pinjaman Perumahan (BPP).

So we contacted the agent and after looking a the unit, we decided to make the offer. We place 3% earnest deposit and the agent introduced us the owner's lawyer to proceed with S&P and such.

After few days we found out that the lawyer has limited knowledge on preparing documents for government loan application. To my understanding, BPP requires S&P and Loan Documents. The owner's lawyer mention we need another lawyer to prepare the Loan Document, as they can't prepare for us. The agent's lawyer also send us the draft S&P for us to check upon.

While looking at the draft S&P, i noticed there is a clause "(A) By a Sale and Purchase Agreement dated XXXXX(hereinafter referred to as “the Principal Sale Agreement”) made between XXX(IN LIQUIDATION), a company in Creditor’s Voluntary Winding Up and acting through its Liquidator, XXX...."

Does this means the developer/owner is in liquidation? Does this mean bankrupt?

I did asked my friend's lawyer and they not sure how to proceed with this situation.

So can someone kindly explain to me what is the situation and how to proceed? We thinking to hire a new lawyer that can handle these situation on our interest and advise us?

Thanks.

This post has been edited by apisgogo: Nov 3 2011, 10:26 PM