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 Will i get back all my money? Seller bankruptcy., Need help. Thanks

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lee82gx
post Feb 28 2017, 03:23 PM

I guess I'm special
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3,117 posts

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From: Penang


The first step before sign S&P or even start legal procedures is Bankruptcy check which is around RM30-50. This is a must. If your lawyer didn't even do this, sue him or her for malpractice. Get another lawyer on board.

If the money already paid to the seller who is now currently bankrupt then you have to file a claim but as with all other creditors you now have a certain amount of claim toward the properties of this person.

Then a trustee will liquidate his assets for example the house you think you bought but was actually probably still owed to the bank, and then the trustee will distribute the proceeds as evenly as possible.
lee82gx
post Feb 28 2017, 03:26 PM

I guess I'm special
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Senior Member
3,117 posts

Joined: Jul 2005
From: Penang


QUOTE(si perfeck! @ Feb 28 2017, 03:23 PM)
3% deposit to property agent. Then balance 7% to lawyer.. And paid 8k for s&p legal fee, bank loan legal fee to the lawyer also..

Will i get back my 10% down payment and 8k legal fees?
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If not yet issued to the vendor, should be no problem to recover all amounts. You have to be firm and quick with the agent and also the lawyer to return everything. I'd quickly hire another lawyer to sort out.
lee82gx
post Mar 1 2017, 10:45 PM

I guess I'm special
*******
Senior Member
3,117 posts

Joined: Jul 2005
From: Penang


QUOTE(si perfeck! @ Mar 1 2017, 08:34 PM)
Yaa. I also think the same. Must be agent or lawyer reported your post.. Cover up each other. And i dont know why the moderator simply remove the informative post.

Thanks for your reply. For now, dealing with the lawyer & agent. Will get back my money in a week they said..
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I'm really glad for you that you can recover most of your money.

As for the valuation cost morally should be paid by your lawyer who didnt do his due diligence but at the same time the service was rendered to you by another innocent party...so up to you how you want to pursue.

 

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