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puchongite
post Dec 6 2018, 09:49 PM

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QUOTE(jetwash @ Dec 6 2018, 09:40 PM)
Wallahi I cant understand the question!
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Haha I suspect he said the maintenance fees owed to management is more than the auction price. So he does not want to transfer the title ( to avoid paying the maintenance fees ).
puchongite
post Dec 6 2018, 10:37 PM

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QUOTE(dc28yk @ Dec 6 2018, 10:14 PM)
That is correct?... SO what will happen to me ya.
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I am not the knowledgeable person in auction.

But I suspect you can try these :-

1. Find out if the bank bears the maintenance or give you some subsidies.

2. Negotiate with condo management.

3. Cancel the auction and lose deposit.
puchongite
post Dec 7 2018, 08:35 AM

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QUOTE(AskarPerang @ Dec 7 2018, 08:20 AM)
service/maintenance charge
quit rent
assessment fees (cukai taksiran)

fully covered.
Rest other items such as fire insurances, sinking fund, late payment interest, etc not covered.

Very clearly stated unless you didnt check how much the total outstanding amount before bidding.

Anyway, what type of property is this?
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He also mentioned he paid full price for it. So I really wonder if the option to forfeit the bid and cut loss at 10% of bidding price is still available to him.

Negotiate with condo management looks like the best option.
puchongite
post Dec 7 2018, 01:03 PM

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QUOTE(AskarPerang @ Dec 7 2018, 09:07 AM)
Unlikely this is condo.
Outstanding > winning price of the property?
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15 or 20 years condo also not possible ? Maybe the management charge compounded 10% interest.

What else could it be ?
puchongite
post Dec 7 2018, 06:33 PM

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QUOTE(Randomization @ Dec 7 2018, 04:19 PM)
Interest total 50% of the property price?

That's really a pickle there.
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Based on an online compound interest calculator, after 12 years, the late payment interest vs owed maintenance fees will be 50:50 split.


 

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