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> Joint name property, Advise needed.

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TSHector.yong
post Feb 13 2016, 05:03 PM, updated 9y ago

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Hi,

I'm having a doubt on the situation that I'm into currently.

So my problem is, half year ago and I have bought a property with my sibling (a condo). So untill recently my sibling kinda stressed out and decided wanted to sell the property. But on my side, I really don't wish to sell it off. So I know that if a property a under few name, we can't just cut out those name that willing to give up just like that rite?

So I'm thinking if, I make a new agreement that my sibling wish to give up the property and will be continuous pay the installment only by myself is that possible? Cause I really don't wish after I pay for 10 years alone and suddenly they come back and say their name are still in the property, so the condo is part of them when I wanted to sell it in the future.

Cause I really felt is not easy to get a property and is only small matter I have to let it go. And most importantly is not even earning and maybe still have to lose money by selling the condo now.

So I'm not sure if out there any option for my matter. If do, I will be Appreciate if someone could give me some advise on this matter.
me_1980s
post Feb 13 2016, 05:23 PM

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You can consider:-

Situation A - buy his half shares wholly
a) Pay for the half share price, and redeem wholly from the existing bank. Is your credit worthiness ok with the bank if you are going to take up a new loan to settle the existing loan?
b) who is going to pay for the transfer stamp duty since your sibling is in tight situation right now.

Situation B- Deed of Trust
a) create a deed whereby he holds the property on trust for you where he has no rights whatsoever in the property but merely putting a name there.

This post has been edited by me_1980s: Feb 13 2016, 05:24 PM
TSHector.yong
post Feb 13 2016, 07:37 PM

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QUOTE(me_1980s @ Feb 13 2016, 05:23 PM)
You can consider:-

Situation A - buy his half shares wholly
a) Pay for the half share price, and redeem wholly from the existing bank. Is your credit worthiness ok with the bank if you are going to take up a new loan to settle the existing loan?
b) who is going to pay for the transfer stamp duty since your sibling is in tight situation right now.

Situation B- Deed of Trust
a) create a deed whereby he holds the property on trust for you where he has no rights whatsoever in the property but merely putting a name there.
*
First of all, thank for the info

I think option B is my only option, cause option A I'm sure no one of them would pay for the stamp duty stuff neither do I.

So how should I proceed on this option B or can u explain me more the detail?

Just to let u know more about my current situation detail, currently the condo is under 3 name. And the loan was only under my name and my sister. What should I concern or give speacial attention on?, if I choose option B?
cherroy
post Feb 13 2016, 10:51 PM

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QUOTE(me_1980s @ Feb 13 2016, 05:23 PM)
You can consider:-

Situation A - buy his half shares wholly
a) Pay for the half share price, and redeem wholly from the existing bank. Is your credit worthiness ok with the bank if you are going to take up a new loan to settle the existing loan?
b) who is going to pay for the transfer stamp duty since your sibling is in tight situation right now.

Situation B- Deed of Trust
a) create a deed whereby he holds the property on trust for you where he has no rights whatsoever in the property but merely putting a name there.
*
QUOTE(Hector.yong @ Feb 13 2016, 07:37 PM)
First of all, thank for the info

I think option B is my only option, cause option A I'm sure no one of them would pay for the stamp duty stuff neither do I.

So how should I proceed on this option B or can u explain me more the detail?

Just to let u know more about my current situation detail, currently the condo is under 3 name. And the loan was only under my name and my sister. What should I concern or give speacial attention on?, if I choose option B?
*
Option B may not a good.

It may leave loop hole for dispute later on.

As when a property is under joint name, then both party need to sign off in order to sell the property <-- this is the basis of property ownership transfer when selling the property time.
So what if your sibling does not want to sign off (or sibling family refuse to sign off, when your sibling passed away etc)?
It would be a messy situation then.



TSHector.yong
post Feb 14 2016, 02:38 AM

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QUOTE(cherroy @ Feb 13 2016, 10:51 PM)
Option B may not a good.

It may leave loop hole for dispute later on.

As when a property is under joint name, then both party need to sign off in order to sell the property <-- this is the basis of property ownership transfer when selling the property time.
So what if your sibling does not want to sign off (or sibling family refuse to sign off, when your sibling passed away etc)?
It would be a messy situation then.
*
Yeah, this is what I'm worried. So I'm trying to seek if out there, maybe some ppl experience so and solved this.

Cause I'm thinking, can I like have legal agreement with the witness from lawyer or govt department( if any) as witness to this add on document for the future dispute clearly that the right are only on my side and from this specific date my sibling are not relating to my condo?

Just a thought ( not sure will this work) and of cause in the agreement will be stating as well the joint loan will be pay off only by me or will be lamsum settle with the profit of property in the future and has nothing related to my sibling. And in the part of them past away can I also state in the agreement that Will inherit the property will be me? So I won't have the peoblem of either of them die.

Above is just my imagination that if I could do this kind of legal agreement with witness and a legal police report.



cherroy
post Feb 14 2016, 03:20 PM

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QUOTE(Hector.yong @ Feb 14 2016, 02:38 AM)
Yeah, this is what I'm worried. So I'm trying to seek if out there, maybe some ppl experience so and solved this.

Cause I'm thinking, can I like have legal agreement with the witness from lawyer or govt department( if any) as witness to this add on document for the future dispute clearly that the right are only on my side and from this specific date my sibling are not relating to my condo?

Just a thought ( not sure will this work) and of cause in the agreement will be stating as well the joint loan will be pay off only by me or will be lamsum settle with the profit of property in the future and has nothing related to my sibling. And in the part of them past away can I also state in the agreement that Will inherit the property will be me? So I won't have the peoblem of either of them die.

Above is just my imagination that if I could do this kind of legal agreement with witness and a legal police report.
*
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.

TSHector.yong
post Feb 15 2016, 07:09 AM

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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.
cherroy
post Feb 15 2016, 09:15 AM

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QUOTE(Hector.yong @ Feb 15 2016, 07:09 AM)
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.
*
Unless your sibling is signing S&P or official transfer of property Now, then yes.
If not, whatever agreement like mentioned above (option B), basically subjected to dispute.

Banks normally caveat the property once it is under the loan, so you can't transfer the property without bank knowing/consent.

The agreement basically doesn't hold a lot of ground as you need to remember the property title/transfer is already caveat by banks in the first place.
If can, everyone also can draft such an agreement, and get the loop hole and by pass the bank's caveat on the property. whistling.gif

Banks basically look for name under the loan agreement which is the legal binding between banks and whom seek for the loan.
me_1980s
post Feb 15 2016, 10:40 AM

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QUOTE
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?


The Agreement is valid, But by that got time got dispute, you have to fork out more money to pay the legal fees where you can have them settle now and for all (determining ownership now) since all your siblings are alive and kicking and the best part, all are agreeable to transfer to you!

The Bank gives a rat's ass about the Agreement. The Bank only cares about money. As the saying goes, "A bank is a place where they lend you an umbrella in fair weather and ask for it back again when it begins to rain." Who signs the loan agreement(s), we'll go after him-that's their motto.

Your best bet:
Transfer ownership. Pain now better than pain later.

A side note:- In land matters, deed of trust usually caters for agricultural land due to restricted ownership.

This post has been edited by me_1980s: Feb 15 2016, 12:31 PM
TSHector.yong
post Feb 16 2016, 03:45 PM

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Thx to all the reply! Guess that I can't do anything other then follow the banker rules.
juicyliana
post Feb 18 2016, 01:09 PM

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the safest way out is to buy your siblings share and have that house fully your name only.

this will avoid future disputes which will save you a lot of heartache, conflicts and trouble.

you will be glad that you bought your sibling's share and thank us for that.
aiskrimcup
post Mar 17 2016, 02:52 PM

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Just refinance, pay off your sibling shares amount with the excess or you need to top up, and get the MOT to your name alone.

 

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