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TSenixcv123
post May 17 2019, 08:42 PM, updated 5y ago

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Guys, need some help here.

I need to know what is the procedure of transfering ownership from one brother to another brother.

1. Still loan with bank.. another 25 years to go.
2. The bro that holding the ownership is currently living at other country. Already cut tie with him due to person reason, and he is the main principle when borrow loan.
3. The house is joint with 3 names.

Fyi, I just want to make sure that he is not entitle anything at all, and worried he will get one third once the loan is settled.
edyek
post May 18 2019, 08:04 AM

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QUOTE(enixcv123 @ May 17 2019, 08:42 PM)
Guys, need some help here.

I need to know what is the procedure of transfering ownership from one brother to another brother.

1. Still loan with bank.. another 25 years to go.
2. The bro that holding the ownership is currently living at other country. Already cut tie with him due to person reason, and he is the main principle when borrow loan.
3. The house is joint with 3 names.

Fyi, I just want to make sure that he is not entitle anything at all, and worried he will get one third once the loan is settled.
*
How to make sure he is not entitle to anything? The house is joint with 3 names including his, and he is the main principal borrower. When the loan is settle and he did not sign any transfer, he has the right to 1/3 no matter what.

Unless you buy the property from him and 2 other owners. Otherwise there are no legal way to make sure he doesnt get what he has the right to have.
SUSDaylight2018
post May 18 2019, 08:15 AM

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Do u have proof that he did not pay for the loan?
E.g. payment of loan is from you?

If he did pay for his share, good luck trying to do so.
TSenixcv123
post May 18 2019, 09:26 AM

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QUOTE(edyek @ May 18 2019, 08:04 AM)
How to make sure he is not entitle to anything? The house is joint with 3 names including his, and he is the main principal borrower. When the loan is settle and he did not sign any transfer, he has the right to 1/3 no matter what.

Unless you buy the property from him and 2 other owners. Otherwise there are no legal way to make sure he doesnt get what he has the right to have.
*
Does Power of attorney works in this case? That I can force him to sign that.
All the payment are done from my account since first day.
TSenixcv123
post May 18 2019, 09:28 AM

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QUOTE(Daylight2018 @ May 18 2019, 08:15 AM)
Do u have proof that he did not pay for the loan?
E.g. payment of loan is from you?

If he did pay for his share, good luck trying to do so.
*
He didn't pay a single cent for that. All the loan payment is directly from my account since day 1.
edyek
post May 18 2019, 09:43 AM

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QUOTE(enixcv123 @ May 18 2019, 09:26 AM)
Does Power of attorney works in this case? That I can force him to sign that.
All the payment are done from my account since first day.
*
Yes, you can ask him to sign the P/A and transfer the ownership to you when the loan is cleared.

Not to forget you need full P/A to sign on any bank documents on behalf of him regarding to the property itself.

Consult more on your lawyer on P/A issue. Dont anyhow get a free template from google on P/A.

QUOTE(enixcv123 @ May 18 2019, 09:28 AM)
He didn't pay a single cent for that. All the loan payment is directly from my account since day 1.
*
Thats not the issue. He is the principal borrower and owns 1/3 share. Whoever pays the loan does not concerns the bank. When the loan is settle, the bank job is to discharge the property and return it to the 3 owners.


edyek
post May 18 2019, 09:46 AM

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Another solution is to sell the property and u re-buy it back. If your financial can loan the amount for property sale.

This way, you dont have to wait X years for loan to settle and use the P/A to transfer. Which anything in long run will most probably cost you problems. Chinese say Night Long Dream Many.

edyek
post May 18 2019, 09:48 AM

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QUOTE(edyek @ May 18 2019, 09:43 AM)
Yes, you can ask him to sign the P/A and transfer the ownership to you when the loan is cleared.

Not to forget you need full P/A to sign on any bank documents on behalf of him regarding to the property itself.

Consult more on your lawyer on P/A issue. Dont anyhow get a free template from google on P/A.
*
That is IF he is willing to sign the P/A. He has the right not to sign too.
TSenixcv123
post May 18 2019, 10:01 AM

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QUOTE(edyek @ May 18 2019, 09:46 AM)
Another solution is to sell the property and u re-buy it back. If your financial can loan the amount for property sale.

This way, you dont have to wait X years for loan to settle and use the P/A to transfer. Which anything in long run will most probably cost you problems. Chinese say Night Long Dream Many.
*
Thank you ! I was thinking the same way too. If let say sell the property at the same value and re-buy back by my another brother, would that be legal? Also since my name is there, can I re-buy back as a joint name as well?
edyek
post May 18 2019, 10:04 AM

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QUOTE(enixcv123 @ May 18 2019, 10:01 AM)
Thank you ! I was thinking the same way too. If let say sell the property at the same value and re-buy back by my another brother, would that be legal? Also since my name is there, can I re-buy back as a joint name as well?
*
Yes, you can.

Bought 300k by A B and C. Now sell 300k by A B and C.

B and C buy at Rm300k.

B and C only have to make sure A is willing sign and sell.
TSenixcv123
post May 18 2019, 10:10 AM

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QUOTE(edyek @ May 18 2019, 10:04 AM)
Yes, you can.

Bought 300k by A B and C. Now sell 300k by A B and C.

B and C buy at Rm300k.

B and C only have to make sure A is willing sign and sell.
*
Got it. Thank you!
SUSDaylight2018
post May 18 2019, 11:12 AM

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QUOTE(enixcv123 @ May 18 2019, 09:28 AM)
He didn't pay a single cent for that. All the loan payment is directly from my account since day 1.
*
I am amazed that u continue servicing the loan
Might as well just default the loan and let the bank lelong it

kirakun
post May 23 2019, 10:23 AM

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QUOTE(Daylight2018 @ May 18 2019, 11:12 AM)
I am amazed that u continue servicing the loan
Might as well just default the loan and let the bank lelong it
*
Problem is not about defaulting the loan payment and onward letting the bank lelong the house but rather the consequences of letting the bank lelong the house.

Getting blacklist by the bank and other financial institution is the main concern.

As if it is that simple to just get a loan and default when an issue arise doh.gif .
hanhanhan
post May 25 2019, 07:32 PM

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QUOTE(enixcv123 @ May 17 2019, 08:42 PM)
Guys, need some help here.

I need to know what is the procedure of transfering ownership from one brother to another brother.

1. Still loan with bank.. another 25 years to go.
2. The bro that holding the ownership is currently living at other country. Already cut tie with him due to person reason, and he is the main principle when borrow loan.
3. The house is joint with 3 names.

Fyi, I just want to make sure that he is not entitle anything at all, and worried he will get one third once the loan is settled.
*
1. take a loan (under the intended new owners) to pay off the existing loan

2. ask him come back to sign, or send docs to overseas for him to sign.

3. get your bro to sign authorization letter to release the balance purchase price (if any) to the intended new owners instead

good luck with 2 & 3.

 

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