Bank will not pay a cent to remove any caveat whether before or after the auction. You are on your own. But high court overrules everything. If anyone else dares to enter a caveat after the auction, then they need to prove caveatable interest. The only unfortunate thing is that in Malaysia's Land office, apa apa pun boleh jadi.

hi, need some help here.

I ask my agent about a auction house that i plan to go, he say its freehold and not bumi or malay reserved land. but when i read the POS it states 'Sekatan Kepentingan: Tanah yang diberimilik ini tidak boleh dipindahmilik, dipajak, digadai melainkan
dengan kebenaran bertulis daripada pihak berkuasa negeri. Pegangan: Selama- lamanya' It sounds like a bumi/malay reserved lot. Is my agent trying to scam me?? btw its a high court auction.

Is this a low or medium cost house? I don't think your agent is trying to scam you as it is a freehold and not bumi/malay reserve. And the fact that it is a high court auction, transferring to your name should be okay.

Michael, i am aiming for a low-medium house, leasehold. Defendant is an indian. Apparently not bumi lot. But, my lawyer said she handled a case in which an auction property from a non bumi lot, suddenly had to be transferred tobe a bumi lot. So the unfortunate non-bumi purchaser got into trouble with the deposit.

michael, is there a way i can get back my deposit if the title suddenly become under bumi quota for that Taman?

how long does it take for the transfer of the title for a leasehold property from one owner to another? 120 days enough or not?

thanks a lot. i learn things from you. done lot of homework past few days.

Your friend's lawyer's story a bit weird. I can only construe that it might have been a LACA case where the bidder failed to check the status of the land. And it is a bumi lot hence non transferrable to non-bumis. So I don't think a non-bumi lot can suddenly be changed to a bumi lot unless in between a bumi bought it.

I think 120 days not enough.

No problem. Always happy to share whatever little i know. Good luck in your auction quest.

i

This post has been edited by samchloe: May 11 2012, 04:38 PM

Maybe last minute the owner paid up. There have been cases whereby the auctioneer is informed at the very LAST minute. Literally the instruction to call off the auction of a property could be delivered by the legal council in attendance. Of course this applies to LACA auctions and not Court auctions. Don't think court auctions could be called off that easily.

Agents get commission from banks if their client is the successful bidder. They are there to help their client as some of them are unfamiliar with the paperwork and procedures.

This post has been edited by Monstar: May 19 2012, 01:49 AM

The problem is that the property was on auction for 6 times and nobody bidded. Why now ?

There could be many reasons. Some valid some not so valid. Why don't you ask the banker on the spot why was it called off? They, as well as the solicitors are usually there to monitor the proceedings to ensure no hanky panky is going on.

No problem as long as its not stated as Malay reserve in the title search..

Anyone has experience with caveat?
Found one case whether the caveat was place almost same time with loan agreement... seems a bit strange.

Play safe don't bid.

Still want bid than get a lot cash and lawyer to un-caveat it.

from what i know, caveat require time to get it removed. IF the bank dont want to extend the 90-120 days period then your deposit will be forfeited unless you pay cash.

btw i got a question. is the success rate of removing any caveat 100% ????? (without waiting its expired date)

This post has been edited by kurtkob78: Jun 1 2012, 04:34 PM

Is it right the caveat will auto expire after 3 years?

caveat will expire in 6 years.

can anyone confirm whether caveat expires in 3 years or 6 years?

thanks...

6 years.

i m full time agen lelong

1.0 my charges are,

a) Some bank didnt pay our commission, Public Bank, Mayban..BSN,
we chrage rm1,000 for winning bidder,

b) POS, land search, site visit agricultural land, RM50 <40km, near main road,
RM200, far inside the jungle, no access road, walking 200 m

we sold RM3.5m property by punlic auction,,all free from caveat

I always believe bank should be the one paying.

very informative site to visit....