Hi, my gf and I have plans to buy a property together. We're unmarried, although have plans in place to get marry in 4 years later, but you would never know what will happen in our life. So to be prudence, we have discussed and agreed to have an agreement in place in case we both breakup during the loan tenure.

Not sure if this practice is common in Malaysia, I did checked with a lawyer and he advised me to have a separate agreement (At first we thought could just add few more clauses in S&P). However, the lawyer said he has no experience in this and ask what do we want to include in the agreement. (That's why I am writing it here so that can get more opinions and suggestions from the sifus here.)
Further, I have done some research through google and noticed this is considered not something rare in overseas.

Wondering anyone here has experience or can advice us what are the items/ clauses to be included in the separate agreement? What are the steps to be taken?

Currently, followings are the items and clauses that we have thought of and planning to include it into our agreement :

1) To state clearly shareholding of ownership, ie. 50% each, as we pay downpayment and instalment on equal basis
2) Responsibilities to service loan instalments and other expenses, such as management fees (equal basis)
3) To state in case of death of any party, who will benefit the 50% share
4) In case we break the relationship, the property should be either :
a) Firstly, offer to one of the party based on market price - To get valuer to do valuation (or)
b) If not, sell it to open market and share an even portion of 50% each

These are currently points that we've thought of. However, there're some areas need to be analysed further and planned for. Such as :

Point No 2 : If one party refuse to serve the instalment, what are the actions/ remedies available to counter such situation?
Point No 4(b) If either party disagree with the selling price for selling to third party, what are the solutions available?

PS : If anyone has done this before, appreciate if you dont mind to share me the sample of agreement.

Thank you so much in advance.

This post has been edited by kent1988: Jun 24 2013, 12:17 AM

My advice is this: dont do it. What u put in the agreement may sound tangible but anything can be done to slow things down. This is malaysia btw. If u wanna buy just buy separately. Why need to face the headache

Have to check and make sure that it is legally binding vs. just being a valid legal document.

e.g. http://thestar.com.my/news/story.asp?file=...6011&sec=nation

pre-nuptial agreements?
am no loyar but a layman's thinking to these issues:

Point No 2 : If one party refuse to serve the instalment, what are the actions/ remedies available to counter such situation?
perhaps you can word in the agreement that in the event one of the parties failed to serve the installment or late by x no. of days, the other party would automatically be deemed to have waived their interest on the property and hence the other party would have the first right of refusal to purchase from the defaulting party at market valuation rate.

Point No 4(b) If either party disagree with the selling price for selling to third party, what are the solutions available?
that is the beauty of agreements. you can't disagree. but to be fair, you may word it that the selling price would be based on average valuation of 3 reputable valuation firms versus the offer price. and the offer price shall not deviate from the average valuation price by more than 20%.

cheers!

Wah kochin boss.... you

Am thinking really hard to have this kind of arrangement. Have to word in the agreement very carefully... if not later found a loop hole... kekeke....

Sommore many of our Msia lowyar do not have the experience in drafting prenuptial agreement...

This post has been edited by edyek: Jun 24 2013, 09:12 AM

i did it 6 years back with my gf (now wife) when loan application wasn't so strict... there weren't any special restrictions then...

but if income wise is possible... try to acquire the property individually... if you lock 2 names into 1 loan, you'll get headache when you reach the 3rd loan... separate names have better tax benefits

This post has been edited by kenji1903: Jun 24 2013, 10:05 AM

If you don't trust each other and want to put in so many terms for just a property transaction. Better don't joint name and buy.

Take a hard looongg pause before making this leap of faith bro...

Gud luck

It is not like 3 or 4 buddies (male and female but no love relationship exist here ) combine their resources to buy property for the purpose of making a profit and all will agree to sell when the time is right......

Women think differently from men...believed me not.......when the lady is in a relationship with you and you break it up......what's the phrase? ......"Hell halt no fury like a woman scorned" ...............

Go buy your own property......or wait until you marry her....then can share share........

Both of u no trust one another

I disagree. sometimes things turned sour and is out of your control.

50 50 if anything happenss
So many side agreement pening

This post has been edited by airline: Jun 24 2013, 10:49 AM

http://thestar.com.my/news/story.asp?file=...0328&sec=nation

the statistic will keep doubling every few years because people became less patience and tend to give up easily..

Happily ever after?? if you and your partner work hard for it!

if i guess it correctly, the property is only within reach if both combined forces to buy.
meaning the property should be quite pricey.

and my second guess is as of now, the female could potentially be earning more than the male.

and my third guess is they are both relatively young with good incomes and are professionals.

but just my guesses lah...

Love2 and piap2 enough la. If married then ok

dont. why not buy 2 seperate cheaper ones.

I bought my first house and put my girl friend name in (now she is my wife already). She didnt pay anything but having a name in the property because i trust her.

better don't. my friend just kena this 1 year ago. bought property together almost want to register and get married. girl side refuse last minute. the best part is after they split staying in different room under same unit. the girl bring the another guy home to buka bilik........ i don't know want to laugh or cry at him... think twice before you do it. lucky settle recently sold the unit out with decent profit gain...

better don't. my friend just kena this 1 year ago. bought property together almost want to register and get married. girl side refuse last minute. the best part is after they split staying in different room under same unit. the girl bring the another guy home to buka bilik........ i don't know want to laugh or cry at him... think twice before you do it. lucky settle recently sold the unit out with decent profit gain...

SHITT... i would bang my head if that happens