Say in a subsale property transaction involving cash buy, for the balance purchase price of 90%, the cheque is issued to purchaser's laywer, seller's lawyer or seller?

If the 90% is issued to either lawyer, will there be a risk the lawyer close the firm, declare bankruptcy and run away with the money?

What if the 90% is issued to seller's name? Is that safer or is there any other risk?

Normally lawyer firm is trustable. In case lawyer firm lari your money,can complain to malaysia bar council,bar council will compensate u. But u need to make sure the lawyer form is registered under malaysia bar council.

The cheque for the balance purchase price is normally issued to the sellers' lawyer unless the seller decides not to appoint his own lawyer, then the cheque for the balance purchase price will have to be issued to the purchaser's lawyer as stakeholder. As for the risk, this is also one of the reason why it is often preferred for each party to be represented by their respective solicitors which they can trust to hold the monies and the keys to the property.

I don't think issuing the cheque directly to the seller's name is workable. The vendor would like to make sure that the purchase price is duly paid and in cleared funds prior to delivery of keys whereas on the other hand, the purchaser would like to ensure that the keys and the property are duly handed over in such state and condition as agreed in the S&P prior release of cheque for balance purchase price to the seller. Hence, the best is for the balance purchase price to be deposited with the sellers' lawyer as stakeholders.

Upon confirmation by the seller's lawyer that the balance purchase price has been cleared into their client's account, they will be able to calculate and apportion the utility bills or other outgoings payable by each party and to deliver the complete set of keys and access cards to the purchaser's lawyer. The vendor's lawyer will then only be able to issue cheque to the seller's name after ensuring the terms and conditions for the release of monies have been complied with, eg that the property and titles have been handed over, outstanding outgoings are paid, calculated and apportioned accordingly, etc.

make sure you get an official receipt.

this is trade, you worry too much