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 Auction properties

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staind
post Jan 2 2024, 03:49 PM

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QUOTE(Rinth @ Jan 2 2024, 03:21 PM)
High court auction is Non-LACA, means perfection of transfer already done. Means the title is under owner name, not developer name. Only developer title (LACA) have bumi/non-bumi issue, as it is a fulfillment quota needs by the developer.

Therefore everyone can bid for this unit unless it is malay reserved.
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Thanks for the answer and sharing your valuable experience.
The properties is not under Malay reserved.

If I may, If I win this auction and subsequently decided to sell it in future, is there restriction that I must get consent from authority in future? Sorry I am not familiar but wish to buy this property for own stay.

Thanks bro
AskarPerang
post Jan 7 2024, 02:12 PM

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LostAndFound
post Jan 8 2024, 09:04 AM

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Any way to know how many bids already been placed (before the auction date)?
Jack&Guild
post Jan 8 2024, 02:47 PM

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QUOTE(LostAndFound @ Jan 8 2024, 09:04 AM)
Any way to know how many bids already been placed (before the auction date)?
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you won't know until the end of the closing date. Usually agent would able tell you right after closing time.
Jack&Guild
post Jan 8 2024, 02:52 PM

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QUOTE(staind @ Jan 2 2024, 03:49 PM)
Thanks for the answer and sharing your valuable experience.
The properties is not under Malay reserved.

If I may, If I win this auction and subsequently decided to sell it in future, is there restriction that I must get consent from authority in future? Sorry I am not familiar but wish to buy this property for own stay.

Thanks bro
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No restriction as for selling. But your potential future buyer will know that your property was coming from auction market. Because you need to give them a copy of your deed assignment/sales contract for them to apply loan. Some of them may not want to buy unit that was auction before.
rumahwip
post Jan 9 2024, 11:24 AM

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QUOTE(Jack&Guild @ Jan 8 2024, 02:52 PM)
No restriction as for selling. But your potential future buyer will know that your property was coming from auction market. Because you need to give them a copy of your deed assignment/sales contract for them to apply loan. Some of them may not want to buy unit that was auction before.
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thanks for the tips
Afterburner1.0
post Jan 9 2024, 04:51 PM

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QUOTE(AskarPerang @ May 22 2020, 11:53 AM)
Extra point to add is check whether the ex-owner is 1st hand buyer or 2nd/3rd hand buyer? If the ex-owner is not 1st hand buyer, means he already paid the MOT cost when purchasing via subsale. So you do not need to pay another MOT for him.

But if he is 1st hand buyer buying direct from developer, then no luck. You have to bear the MOT cost for him.
Important thing is to check first whether title already issued out or not. Next is to check whether developer allow direct transfer or not.

Then only enter to bid.

Many newly completed property VP with titles issued now. Is unlike older property where many years still stuck, worse if developer already gone inactive or bankrupt.
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Auction unit case: current owner No.2 bought subsale from owner No.1 and now his unit is up for auction.
Called developer and they say Strata Title issued but original owner No.1 never bothered to do strata title perfection n sold it off to owner No.2.

Question: So as a new bidder ( potential owner No.3 ) for this auction unit, do I need to do double transfer or just one direct transfer where developer direct transfer to bidder who won this auction?
Rinth
post Jan 9 2024, 04:56 PM

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QUOTE(Afterburner1.0 @ Jan 9 2024, 04:51 PM)
Auction unit case: current owner No.2  bought subsale  from owner No.1 and now his unit is up for auction.
Called developer and they say Strata Title issued but original owner No.1 never bothered to do strata title perfection n sold it off to owner No.2.

Question: So as a new bidder ( potential owner No.3 ) for this auction unit, do I need to do double transfer or just one direct transfer where developer direct transfer to bidder who won this auction?
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something is wrong in this scenario.

Supposingly when owner No2 bought the unit when the strata title was issued, owner 2 had to do the transfer title under his name in order to get loan to disburse to owner 1.

TO answer your question, ignoring's the werid part mentioned above, your agent need to ask developer whether can do direct transfer or not. If can, the will have some admin fee that you need to pay, if cannot direct transfers then need to do double transfer.
akutaksempurna
post Jan 9 2024, 09:18 PM

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QUOTE(Rinth @ Jan 9 2024, 04:56 PM)
something is wrong in this scenario.

Supposingly when owner  No2 bought the unit when the strata title was issued, owner 2 had to do the transfer title under his name in order to get loan to disburse to owner 1.

TO answer your question, ignoring's the werid part mentioned above, your agent need to ask developer whether can do direct transfer or not. If can, the will have some admin fee that you need to pay, if cannot direct transfers then need to do double transfer.
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i think direct transfer from developer..

most probably the 2nd owner bought it through DOA…

owner 1 sold, owner 2 bankrupt maybe can reconsider from buying fengshui not good haha
vicky.max
post Jan 9 2024, 11:20 PM

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QUOTE(Afterburner1.0 @ Jan 9 2024, 04:51 PM)
Auction unit case: current owner No.2  bought subsale  from owner No.1 and now his unit is up for auction.
Called developer and they say Strata Title issued but original owner No.1 never bothered to do strata title perfection n sold it off to owner No.2.

Question: So as a new bidder ( potential owner No.3 ) for this auction unit, do I need to do double transfer or just one direct transfer where developer direct transfer to bidder who won this auction?
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This will be decided by the developer if they want to do direct or double transfer. Hence, before bidding, need to check with developer on their stand.
Afterburner1.0
post Jan 10 2024, 10:34 AM

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QUOTE(Rinth @ Jan 9 2024, 04:56 PM)
something is wrong in this scenario.

Supposingly when owner  No2 bought the unit when the strata title was issued, owner 2 had to do the transfer title under his name in order to get loan to disburse to owner 1.

TO answer your question, ignoring's the werid part mentioned above, your agent need to ask developer whether can do direct transfer or not. If can, the will have some admin fee that you need to pay, if cannot direct transfers then need to do double transfer.
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Who is suppose to deal with the developer on this direct or double transfer procedures? the New Buyer (Owner No.3) himself or the Lawyer handling the loan for Owner No.3?
Aldo-Kirosu
post Jan 10 2024, 12:36 PM

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Can call developer solicitor or management. If your auction is from mahkamah or land office (non laca) not need worry direct transfer or double transfer.

Double transfer is depend on developer. Example for this xxxx developer, all project under this developer will need double transfer.
AskarPerang
post Jan 27 2024, 11:54 PM

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ichigo kawasaki
post Jan 28 2024, 10:19 AM

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Whatever assets containing in the auctioned property, who owned them after the auction , such as desk, chairs , airconds, office filing.

How about previous owner rent their property and the tenant claim it back?


Aldo-Kirosu
post Jan 28 2024, 10:52 AM

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"as is where is" basic. The owner & tenants are able to claim it back before the money disbursement to the bank.

After that, before the unit was vacant (mean somebody stay inside even the money was disbursement), owner & tenants are able to claim it back also.

If it was vacant unit, and new owner come in and changed the lock, then old owner & tenant cannot claimed back the item except (personal belonging and asset register under their name.)

this is what my understanding lah haha.
icemanfx
post Jan 28 2024, 06:29 PM

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QUOTE(Aldo-Kirosu @ Jan 28 2024, 10:52 AM)
"as is where is" basic. The owner & tenants are able to claim it back before the money disbursement to the bank.

After that, before the unit was vacant (mean somebody stay inside even the money was disbursement), owner & tenants are able to claim it back also.

this is what my understanding lah haha.
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Then every previous owner and tenant could claim had millions RM, jewelry, gold bar, etc inside missing.

engm85
post Feb 12 2024, 11:42 PM

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Hi all sifu2 here,

got 1 question, if the auction unit we interested have TNB outstanding let's say 15K and TNB deposit paid by previous owner just 1k,

do we as the successful bidder have to pay to TNB remaining 14K?

or can directly change TNB to our name without paying single cents?

This post has been edited by engm85: Feb 12 2024, 11:43 PM
michaelchang
post Feb 13 2024, 12:56 PM

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QUOTE(engm85 @ Feb 12 2024, 11:42 PM)
Hi all sifu2 here,

got 1 question, if the auction unit we interested have TNB outstanding let's say 15K and TNB deposit paid by previous owner just 1k,

do we as the successful bidder have to pay to TNB remaining 14K?

or can directly change TNB to our name without paying single cents?
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How is it possible to have $15K outstanding? Najib's apartment at Pavillion?
engm85
post Feb 13 2024, 02:09 PM

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QUOTE(michaelchang @ Feb 13 2024, 12:56 PM)
How is it possible to have $15K outstanding? Najib's apartment at Pavillion?
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5 ACs perhaps, full blast 24/7, overdue for a year before TNB disconnected the electricity.
michaelchang
post Feb 13 2024, 03:42 PM

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QUOTE(engm85 @ Feb 13 2024, 02:09 PM)
5 ACs perhaps, full blast 24/7, overdue for a year before TNB disconnected the electricity.
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Usually 3 months don't pay, TNB will disconnect

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