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 AUCTION PROPERTY- NEED ADVICE

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Alvinyeo
post Mar 30 2012, 01:34 PM

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QUOTE(jalsrix @ Mar 29 2012, 05:08 PM)
Can somebody answer me.

Who is going to pay for the lawyer fees to transfer the name ? Bank or purchaser ?

Who is going to pay to remove caveat, remove charge etc.
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All other fees is paid by purchaser.

Bank only help cover what own by the previous owner, such as maintenance fee, assessment and etc.

If all other fees by right purchaser need to folk out.

However, in some cases the bank do not want to cover what own by the previous owner.

So please double check in the POS to make sure before you bid. biggrin.gif
Alvinyeo
post Mar 30 2012, 01:58 PM

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QUOTE(jalsrix @ Mar 30 2012, 01:54 PM)
How to get the POS ? Can we get POS without agent ?
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I'm an agent. But you want it, i straight away give you.

I saw your other post the agent request 1%.

Anyway tell me the address and i will give it to you. And your email also. biggrin.gif

This post has been edited by Alvinyeo: Mar 30 2012, 02:02 PM
Alvinyeo
post Apr 6 2012, 07:13 AM

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QUOTE(jalsrix @ Apr 5 2012, 05:29 PM)
1. property is leasehold

2. the master title is not transferred yet to first owner.

3. the condo is more than 10 years old.

4. auction unit (not from high court and not from land office)

Do we need consent from developer too ? If answer is yes, how long will developer take to give us consent ?
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What kind of consent you need. I'm mean when you change tittle you how also need the developer's consent. hmm.gif

Added on April 6, 2012, 7:20 am
QUOTE(clanzkiller @ Apr 6 2012, 01:27 AM)
Eh sorry tumpang thread.
I thought auction properties are normally free from encumbrances? Or excluded caveat?
I'm going for an auction soon as well. If lets say the reserved price is rm400k. I need to prepared a bankdraft amounted rm40k in order to register as a bidder.
And when the final hammer at 600k, when do I need to pay the remaining 20k to make it equal to 10%?
And do anyone of u advise to use the same auction bank and get loan from them? Or is better for me to engage my own banker and mortgage it?
If the property is in KL, can i apply loan at Sabah?
Do I need to engage my own lawyer to do the transferring or I can use the bank lawyer?

FYI, the property is freehold and individual title.
*
I'm not sure your 1st question. rclxub.gif

But for the reserved price is RM400K and you bought is RM600K. Is depend your auction is in Highcourt or Auction house. If is in Highcourt, i witness mostly no need pay extra but need settle with the bank. For auction house yes you need to pay the remaining 20K, is a must.

Normally the auction bank wouldn't care which bank loan you taking. Most important you can settle their outstanding loan enough ad. brows.gif

Yes. You can engage your own banker but i not sure west and east Malaysia, but most of my auction case in KL i summit bank in Melaka (My hometown). brows.gif

You can either use your own lawyer or recommended lawyer by the bank. But just to let you know not all lawyer can do certain loan agreement. The firm need to be in their panel only can.

If you need legal quotation i can send to you for free. brows.gif

If you need my help in auction just PM me. I will reply you when free.

Good luck anyway. rclxm9.gif

This post has been edited by Alvinyeo: Apr 6 2012, 07:20 AM
Alvinyeo
post Apr 6 2012, 02:38 PM

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QUOTE(jalsrix @ Apr 6 2012, 01:07 PM)
I heard if title broken up into strata but old owner haven't transferred to his name yet, we still need developer consent to transfer
to new owner.

can anyone verify ?
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Yes correct. Most property in KL i believe haven't issues strata tittle yet.

I personally bought a lot of MK land products trough auction and they always haven't issues the strata tittle yet. vmad.gif

So have to ask my lawyer get consent trough the developer.

This is also being done if is sub-sales. hmm.gif
Alvinyeo
post Jun 1 2012, 03:07 PM

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QUOTE(Glcotan @ Jun 1 2012, 02:39 PM)
Anyone has experience with caveat?
Found one case whether the caveat was place almost same time with loan agreement... seems a bit strange.
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Play safe don't bid.

Still want bid than get a lot cash and lawyer to un-caveat it. hmm.gif
Alvinyeo
post Jun 4 2012, 12:05 PM

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QUOTE(jaafar1414 @ Jun 4 2012, 11:55 AM)
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
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I always believe bank should be the one paying.
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