Hi all, help and advice needed!

This is the first time I'm dealing with sub sale property and with markup price and shits happened, here's the details.

Property selling price is 400k, and I able markup to 450k, loan approved 90% at 405k, I paid 10% down payment 40k to owner upon signing SPA. Of course everything come with a side agreement from lawyer, stated that I should get back the excess payment.

Everything goes smoothly until I collect key last week, lawyer only pass a 5k cheque to me as excess payment, and I have to collect the remaining 40k from ex owner. The best part is the ex owner told me he used up all money in his new house renovation, only able to pay me 10k now, and ask for interest free instalment of 2k monthly to pay off the remaining 30k (wtf?!)

My question is, shouldn't the lawyer to be the stake holder to hold all the money before release the correct amount to the ex owner? And what can I do now?

adui..what kind of lawyer is that??
yes he should have held back the amount owing to you before releasing to the owner ..how did he come up with the 5K amount??

Can you please share the name of the lawyer's firm?

This post has been edited by nookie188: Dec 4 2016, 11:22 AM

405k loan amount minus 400k actual price.
I don't want to disclose the name 1st, I see what they can do on Monday
Anyone has similar experience?

post your side agreement here ? of course you can blank off the essential personal info.

lawyer -> buruk

[quote=nookie188,Dec 4 2016, 01:13 PM]
post your side agreement here ? of course you can blank off the essential personal info.


This post has been edited by Ryo`: Dec 5 2016, 09:55 AM

[quote=Ryo`,Dec 4 2016, 02:54 PM]
[quote=nookie188,Dec 4 2016, 01:13 PM]
post your side agreement here ? of course you can blank off the essential personal info.


[/quote]


the problem is that now the vendor is not saying he /she does not want to pay you for the difference but when and how he /she is going to pay is not the usual practice - it does say upon the cheque clearance, the vendor wl undertake to refund you so some point of contention there

you should go and see your lawyer and insist that he writes a letter to the vendor to request for full payment say within a certain period of time
and hopefully the vendor will cooperate. Marking up SPA is a very "sensitive" matter so really your options are limited at this point..

Actually your lawyer being the stakeholder should have withheld the money for you ..

Thanks, I'll see what can the lawyer do. Can I file a complaint against the lawyer for this mistake?

yes, of course..

you can google for the relevant contact details.

400k selling price but ask for 450k loan. Is this legal? Noob here

Definitely it is NOT legal and you are exposing yourself to legal suit by the bank for fraudulent and/or criminal suit for cheating under section 420 of the Penal Code. Always bear in mind under value and mark up value are strictly prohibited by the law.

Just curious.

Anyone ever hauled to the court for this kinda act?

payment of RM2K per month and still interest free?

maybe the seller took the money and roll for interest but pay u interest free.

u can report the lawyer to the bar council.

This post has been edited by juicyliana: Dec 15 2016, 10:13 AM