Hi Michael...thanks for the encouragement and advice..Btw if you come across anything hope you can let me know too..will belanja u makan..cheers

undertstand if i succeded auctioned a condo , i need to start paying the maintenance fee the next day after the auction date. if the condo are rented, that mean the rental will be collected by foresales owner while i have to pay maintenance fee on his behalf for few months b4 i become the owner??

Now here's the tricky part. Yes you need to pay maintenance straight away after you win the auction. Actually the old owner has no right to collect rental. Unfortunately most banks did not ask previous owner to sign assignment of rental otherwise the bank has a right to collect rental. You don't have a right either. If I am the tenant I will pay to no one. But a trick I use is to scarf the tenant telling them to pay me immediately. Failing which upon transfer, I will kick them out. It has worked well so far.

After reading this thread, I'd like to praise Micheal for his genuine and helpful replies. Just one question Micheal, what documents did you receive after redemption? As far as I know, there will only be a temporary contract after your successful bidding. Did you get to receive your title, floor plan, etc? Thanks.

Thank you. For auction property it is crudely call paying up rather than redemption. Once we have paid the auction bank the balance of the successful bidding price, the lawyer will arrange for a transfer. If it is high court, it is quite easy as the auctioning bank would have most documents ready and being approved by the courts, transfer can take place quite fast. You will be given your title (or a copy if you charge it to the bank). Floor plans are not included in those documents. you need to contact the management office for a sample floor plan. However, some offices might take a little bit more effort in asking for it.

For LACA cases (and in high rise) it could be a little more difficult. Having a good lawyer is of vast importance as a clumsy lawyer could screw up your timing, and hence you might not be able to draw down by 90 or 120 days (depending on POS). Once that happens, you need to come up with the cash to pay up the balaence. Again, this would not be good especially for the investors as once you have the ability to pay up, then you cannot claim interests payable against tax.

The temporary contract is called Memorandum of sales is actually quite an important document and it is not temporary. In some ways, that is the "SPA".

Hope the above helps.

can we start to renovate/move in the units if the unit is empty /bare new while waiting for transfer? the management office allowed me to engaged locksmith to change keys etc.

i think the developer dun care since the unit oredi paid up.
it is the problem btw old/new owner and the bank. i dun think the bank oso care much... since i use the same bank for loan.

It depends on how daring you are. Since the property is not yours just yet, and in case it cannot be transferred, whatever you put in will be someone else's. So you might end up renovating for someone else.

very true

can i get back my 10% if failed to transferred? my lawyer once i got the DOA signed from bank, i will be the new owner.

fyi, my auctioned prop is freehold partly furnished condo in KL. it is still new and just VP-ed. (with 18 months defects rectification guarantee)

can i just install lightings, matress and move in?? the unit came with air cons, heaters, kitchen cabinets, cooker+hood, wash machine, wardrobes etc. so i break any law if i move in? I have all the access cards/keys etc

A bank never loses. When you give your 10% it is not refundable unless it is the fault of bank or auctioneer. With LACA cases, you need to be very careful as to who the developer is. You need developer consent for all transaction. If a developer liquidates, I don't know what are the process for transfer. Could be tough. I have one case hanging from 2005 until now. But I have collect enough rental and the previous owners do not give a damn.

You need to becareful with the 18 months defect guarantee as the developer signed the SPA with the previous owner. They might not be obligated to fix it for you. Just like deed of covenants. Those who purchase via auction will not sign one. So I always tell the management, it is really up to me to cooperate with them. If they are nasty to me, i would not be cooperative. A lot of management companies fail very badly with the Strata Title Act and Building and Common Property Act (maintenance and management) 2007. Both are very un-detail, probably less than 100 pages but yet no one bothers to read them.

Thanks. It does help.

hav u sign the agreement??

wat agreement?? i only signed POS contract with auctioner on the spot. will then sign DOA with bank loan.

the developer is a reputable one, transaction consent shud be no problem.

oso, maintenance office agreed to repair all defects for me. I hv submitted the defects form.

i think i just do minor fixing and move in and start enjoy condo facilities. (since i need to pay for the monthly maintenance fee)
will do major reno after transaction completed.

If they are 3 management office from 1998 until now, do I need to pay for the Maint fee for all the Maint fee from 3 diff management office or I just pay for the last management office??

Why it affect the developer consent since the management office not under developer anymore? Thanks..

I am involved in a lawsuit against a management company with what you have said above, so I cannot comment about my suit. At current level, yes, you need to pay all 3 different management as you are owing the "community" not a company.

Is the title still under master or it has strata title already? If there is strata title, then developer not involved, so you do not even need developer's consent.

Hi Michaellee, just need an advice. Is there any drawback to get an auction property under master title as compared to strata title??

This post has been edited by henryhing: Apr 27 2011, 07:27 PM

however, the "community" didnt take care about my unit. i don't know why i still need to pay for them..

May I know more about ur law suit? or can u pm me more detail? i not sure i shld go for law suit or not..

How can i check the condo is under master title or strata title?

Thanks again!!

There shouldn't be any drawback. In fact for some of the properties under master title, you can claim outstanding maintenance fees from the auctioning bank (but do read the POS carefully as some banks nowadays do "cheat" and not pay). However, one most important thing about auctioning under master title is to make sure the developer is NOT bankrupt as it can be problematic for your transfer as you do need developer's consent.

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Added on April 27, 2011, 10:33 pmUnfortunately this is something I cannot share but if I have the opportunity to share in future, I would. I wouldn't advise you to sue though. The best way is to ask the management if it is under master or strata title. If you would want to share with me in private your case, perhaps I could share my opinion. Cheers.

This post has been edited by michaellee: Apr 27 2011, 10:33 PM

No matter the property under strata title or master title, we can only follow the POS, isnt it?

If the POS says it can only claim 10%, no matter strata title or master title can only claim 10%, isnt it?

& if the POS says it can be claim until the date of sale, no matter strata title or master title can claim all the arrear until the date of sale, isnt it?

Thanks, master michaellee!!

Thanks michael..ur of great help. D consent part is worrying a bit. What i am worried is that if i put in 10% and won the bid but eventually i cant obtain consent since the auction is not in high court, then my 10% considered burn..Although it is a rare case but im not a big risk taker la. coward a bit in that sense