Cyberjaya is a limited freehold place. Meaning that it is only freehold by name. But name transfer the property at Cyberjaya still need to request consent from the authority. Same like leasehold property.

So this will depend on the local authority for that area. Whether a bumi unit can sell to non bumi or not or need to get written approval / consent beforehand from them.

So assuming that the property is strata, even after getting the title, if the owner is Bumi and wants to sell, they need to get consent from pejabat tanah? which other places are like this eh? Dengkil as well? I mean Cyber is under Dengkil?

Katsunori-san left the country without paying his dues?

Yes, for leasehold property and some limited freehold area such as Cyberjaya.
I dont know about Dengkil example Savanna, Southville. Need to check with the authority there whether is applicable for the whole Dengkil or further segregate by zone also in Dengkil.

Any idea whom to call to get further clarifications on some areas? Pejabat tanah?

This post has been edited by wild_card_my: Dec 20 2018, 11:58 PM

Yeah I guess direct information from the pejabat tanah of that area should be the best.
They will have subsale transaction (strata freehold) to compare against and see whether they still impose restriction to those property or not.

I will talk to my conveyancing lawyers and see what I can get from them. Will share it here.

Check the terms of the auction too, quite often any dues up to date of auction can be claimed back from the bank. Just need to pay upfront first. A lot of banks also give 120 days to settle the auction balance nowadays.

Many high rises property selling at below 4 years ago subsale / launching price.
But landed property also got.
This is the worse performing landed property area:

Bandar lelong in the making.
All units no taker today. Only today. All under the same bank.

Wooo thanks sharing. 120 working or calendar days by the way?

What property should I look for in Kepong?

Where is this?

Rawang

Is base on calendar day. Weekends and public holidays all counted.
Majority bank 90 days actually.
Only a handful of banks such as UOB and OCBC giving 120 days to complete.
And a few strict bank also well known for not allowing extension beyond 90 days such as Alliance Bank. This also valid for already gotten strata/individual title property (auction conducted at high court/land office), no extension allow due to process is very direct straight forward (compare to a still under master title property, or a unit yet to complete the strata perfection).

I suggest Lakeville Residence, a newly completed project by Mah Sing.
Not exactly at Kepong, is located along Jalan Kuching, nearer located to KL (compare to Kepong).
There is a 978 sqft (no balcony unit) lelong at below 450k next month. S&P price of the unit when the owner bought time at 600k++.

In the event the time is up, the deposit is defaulted right? WHo gets it, the bank or the auctioneer?

The bank but to be more specific the defaulter will get the 10% forfeited deposit.

Example unit sold at reserve price 400k to Buyer A, 40k deposit paid. After 90 days fail to completed the process.
Re-auction again and sold at same reserve price 400k to Buyer B. This time everything settle without problem.

The defaulter which is the ex-owner gain 400k from Buyer B + 40k from Buyer A. Assuming house bought 10 years ago and outstanding principle loan amount left with 300k. The ex-owner will still be able to cash out 400+40-300 = 140k. Wont be declared bankrupt.
*This is just rough calculation as definitely got admin / processing / handling / commission charges bank will claim and pay out using the above amount.

Right, i got the idea. Thanks mate. it's quite clear now.

But seeing that some defaulters are behind 200k++ in some cases... a 10% would not do much for them

So all in all is lelong a good deal for newcomers. I mean ppl who r not familiar with these? Only attracted by the price

regarding the transfer of auction property? can successful bidder do it without the help of lawyer? afraid lawyer so slow and cannot meet the dateline of 90 days

It’s Calendar days.

I’d say yes as long as you willing to invest the time to get things sorted within the 90 or 120 days period.


AFAIK you must use a lawyer, you just gotta keep bugging them to do it fast. You can get involved in the transfer process to speed things up tho like chasing for any approvals and stuff from land office etc.