better ask the lawyer in charge or auctioneer.

in my opinion, though is freehold, but since there is a restriction, when you do the transfer, consent maybe not able to obtain.

Ind title issued.
Freehold.
[SIZE=7]

That's what i'm afraid of.
Any experienced player have advice on this?

that is why you need to check with lawyer in charge.

for subsale, if consent cannot obtain, your deposit will be refunded.
but for auction property, is strictly accordingly to what say in the proclamation of sale. normally is the duty of the purchaser to check on restriction, caveat etc.

even though some of the forumers can share the experience in, but maybe different case, i.e. property location (then difference state government & race ratio), different banks (regards to refund), so each case isnot the same, i think

so best is still check with lawyer in charge for that particular case.
lawyer details will be stated in the proclamation of sale.

Look like your case is Malay reserve freehold?
There was a new launch called Saville Bangsar, build on a freehold Malay reserved land, the developer can sell to non Malays buyers and advise the buyers they do not have problem to sell to non-Malay when it comes to sub sales, even though there are sekatan kepentingan in the master title. But the project is still under construction yet. So no precedents as reference.

The best way is to call up the auction lawyer, the legal firm that printed in the Proclamation of Sales to verify. They are obliged to help the interested bidders.

call me coward but this kind of property, even though i stand to save 100-200k also i won't go for it. title is FH but got sekatan penting and involve state consent, if everything smooth , great : but if not, my resources will tied up in this one fiasco property. not worth the sleepless nights. my 2 sen as for whether state consent will delay the process, i think yes.


This post has been edited by corleone74: Apr 12 2015, 11:19 AM

+1.
Central and state government always flip-flops. Now can later can't. For Negri, now more stringent. The state gov trying to stop all kind of name transfer from malay to non-malay regardless type of land title. More difficult if auction through auction house. For high Court case, better verify first b4 bidding.

thank you Michael

I add in more

see this 3 links

caveat and procedure

https://www.imoney.my/articles/guide-to-auction-property


http://www.malaysianbar.org.my/index.php?o...doc_view&gid=47

http://www.pemudah.gov.my/documents/10124/...in+Malaysia.pdf

Does utilities include Astro, TM phone and broadband and IWK sewage ?

Hi all,

i have interest to bid an auction house on johor high court. it was a mid-low cost double storey house owned by 2 bumiputra previously. Can it be sold without consent? There are term mention that" Tuan tanah selepas (Nama Pemaju) tidak boleh menjual/memajak ataupun memindah milik tanah dengan apa cara, tanpa kebenaran pihak berkuasa negeri."

Base on auctioneer, high court auction house no need consent, anyone can confirm?

Thanks

Hi for bumiputra lot and if its auction in Highcourt then it is OK to buy it through auction if you are non bumi even if it is leasehold (kebenaran pihak berkuasa negeri). What the auctioneer mention is correct.

Only for properties under the Malay Reserve category is when the non-bumi should avoid.

For auction listing in Klang Valley please PM me your contact number with whats app as I can send you the auction list now and then..

My deepest apologies for not coming into this thread for 2 years. Never realise I have given up properties that long. Allow me to digress a little. Properties had served me well from 1998 to 2014 when I bought my last commercial land. I have experimented and played with different class of assets in that period. From agricultural plantations to auctions to low costs to apartments to commercial lands. From 2014 onwards decided to pursue pure business and managed to grow it.

Auctions will never return to its previous glory as the entire market is quite liquid. Many are holding or hording cash which made auction less viable as every now and then you will get a spoiler, ie someone who would actually fight until die. So decidedly in the laSt few years I have not touched auctions. My personal take is to refrain from auctions unless u have plenty of time to kill.

Now I am into buying properties in when handing over jittery owners will sell at below their purchase price. But rather than hoping for investment grade or capital appreciation, I am trending on lifestyle investments. That is to buy properties which I can derive fun and then using Airbnb money to pay mortgage. In return hopefully doesn't lose much in cspital. Money cannot buy happiness but I think it can buy you lifestyle. Haha..

Would like to know what's the loan disbursement timeline for auction condo still with Master Title? The condo is just 3 years old hence no strata title yet. A banker told me 6 months but I need to get it done within 90 days as stipulated in the POS. What should I do?

3 years old is ok as you will properly need a developer consent to go thru, bank will finance master title less than 10 years old condo. So, suggest you to appoint a capable lawyer in speed where they familiar with auction properties. Banker for safe instance will tell you 6 months for leasehold properties for loan release.

First, hire a good lawyer. It is advisable that the name transfer and loan agreement is handle by the same lawyer to avoid delay in paperwork. Can appoint 2 different lawyers but then again, you will face a situation where lawyer A blame lawyer B for the delay and vice versa.

LACA auction can be extended with penalty. Refer to the lawyer, they know how to do it. And if your reason is good enough, can even get extension with no penalty also.

make sure ur lawyer and banker are very experienced in auction properties or u may kantoi with the 90 day period

Post #1405
I have just bought an auctiom house. I understand from the neighbour, nobody is staying there for at least 2 years.
Not able to contact the owner.

There is a car inside the house.

Any opinion on what i should do with the car?

its tedious process. if the property still master title > 10yr. there is not much bank can finance purchase.