hi Mr Dariofoo

I am on process of purchasing a condo but encounter a situation, i am not sure how to proceed.


Story:
I saw a condo, i like it then i paid 1% earnest deposit to seller through agent. Then we sign agreement about seller received my deposit and give me 14 days to apply loan (nothing unusual here).

Problem occurs now.

Then suddenly seller cant give me the strata title as he says the title is currently being transfer to his name (weird huh?). Then i go to check and found that he actually bought the condo through auction May this year. And since he is using bank loan to purchase the house, the title should be with bank now. To avoid confusion, let me draw a picture here:


Original owner (Mr A) bought the house through loan from bank HL. Then for unknown reason, the condo went to auction. The owner B (which is my seller) successfully bid the house. He then apply loan from bank CT to buy the house. Then i am now buying the house from owner B. For safety reason, i went to land office for title search. Here is what stated in title:

""
Owner :Mr A
Gadaian menjamin wang pokok oleh Mr A
kepada bank HL


Kaveat persendirian atas petak oleh bank CT
""

Question 1: Why there is totally no mention of owner B in the title??? Is it safe for me to proceed with the SPA?
The document i have is owner B is successfully bid the house (May 2011).


Question 2: How long will it takes to transfer the title from auction high court/land office to him?


Question 3: Will my SPA valid even by the time we sign, the title is still not under his name?


Really appreciated if you can share some suggestion on my case...

This post has been edited by funnyface: Dec 2 2011, 11:55 PM

Hi Dariofoo

we still havent sign the SPA, title search have been done but the current owner name does not appear on the title. Current stage is he accepted my 1% deposit, and i was given 14 days to apply my loan. I already got my loan approved at his point of time.

My lawyer (which i am a bit disappoint of their performance) say we must proceed with SPA, give the seller the remaining 9%. With the term of extra 3 months for the seller to fully transfer the title to his name. then only we proceed with 3+1 months S&P process. So total is 3+3+1 months.....

I was asking my lawyer whether we can hold the 9% until the seller provide us the title with his name but my lawyer say we cant do that....

Thanks dariofoo!
Now my doubt is cleared.
Was in dilemma before...