QUOTE(cherroy @ Feb 14 2016, 03:20 PM)
You can't draft a document that deny one's ownership of property when the property title is under his/her name or in other word, drafting a document/agreement that contradict the basic of current property ownership law.
When the existing law say a property with joint name, need both party to sign before can rent or sell, then you need both part to sign.
You cannot draft a 3rd party agreement that you can sign behalf on him/her.
Same with one's will.
You cannot draft a 3rd party agreement, that after your sibling passed away, the property will be inherited by you.
Only if your sibling's making his/her own will that stated, if he/she passed away, he opt to pass the property to you, only then it is valid.
Actually I don't mean that I will draft a new agreement without my sibling awareness.
Sorry if I have making things more confused for those who try to help.
Ok, let me try to simplified the issue I'm having.
1st. me, sis and my bro total 3 person who own this property. So is under 3 name.
2nd. The housing loan is under my name and my sister name only.
3rd. I aware that if either one of us wanted to sell the house we have to 3 person agree, only we able to sell. So basically now is my sis and bro want sell but I don't wish to sell.
4th. And so my sibling are willing to let go this property as long if in the future I'm unable to pay the bank and the bank wont collect the debt from my sis. Which mean I'm the only person that be responsible on the house.
5th. Ok, so up to now. The point seem to be clear that both of them are willing to let go the property at no cost as long no problem in the future. So my question is, am I allow to make a draft agreement with my sibling acknowledge and signed on it for giving up the ownership. Which mean I'm the only person who bare the the co-joint loan and at the same time I'm the only person that will have the full profit of selling the house house in the future?
I can't do refinancing due to a bad creditor record. That's why I'm seeking for advise on the option B, which is to draft a new agreement. Just because want to prevent in the future furthermore complication or argument regarding of the ownership and the right to dispute the profit of selling the house.
My question is will this kind of draft agreement be valid in Malaysia court just in case if either one of them break the promises and wanted to reclaim the ownership by the time I want to sell this property.
And with this draft agreement, the banker side will it still going to look for my sister just in case I'm unable to pay the installment punctuality?
Ok, that's all I think my current issue is, i hope it was not confusing and abit more detail enuf for ppl who trying to give some advise or help.
Appreciated and thanks in advance for ppl who trying to help or advise.