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 Who responsible for owners strata title, when developer winds up

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princeehsan
post Sep 20 2019, 10:33 AM

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QUOTE(tmc @ Sep 20 2019, 10:24 AM)
Bought a property which the developer because unable to pay the debtors, decided to declare bankrupt. Now there is a lawyer coming by to work on the strata title for the owners, for a fees collected upfront, but unable to specifically say when the strata title can be obtained.

Made to understand that there is significant amount money to be paid to some entities before the strata title can be obtained. And thus the lawyers idea is pool this money together from the owners. Is this correct ?

Who exactly will be responsible for seeing through the process of getting strata titles for the owners ? The liquidator might be most unwilling to sign off whatever documents to allow the strata title process to go smoothly to completion, until they collected whatever money they took out earlier.

The owners themselves would naturally have vested interest in this but individually, they would do nothing.  I would imagine that condo management might also be having vested interest in seeing through this as well ?

Want to know the process. Could someone familiar with this enlighten me ?
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If the Developer/Company wound up means the Official Receiver or Liquidator should do the strata.
princeehsan
post Sep 20 2019, 11:03 AM

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QUOTE(tmc @ Sep 20 2019, 10:46 AM)
So you are saying there is no way this can be accelerated, when it comes, it will come ? Just wait for Liquidator to notify you ?
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If the liquidator doing his job well then should be no problem. Coz the master title still in the developer name. So the liquidator should do the work. Appoint surveyor to do the strata.

My company also doing the same thing biggrin.gif
princeehsan
post Sep 24 2019, 12:00 PM

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QUOTE(tmc @ Sep 20 2019, 11:18 AM)
What is a surveyor ?

Your company is a legal firm ?
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Surveyor are doing the plan and submission to Pejabat Tanah to apply strata title.

My company doing the liquidation.

you can go to our website for more info : www.rimbun.com.my
princeehsan
post Oct 2 2019, 05:23 PM

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QUOTE(tmc @ Oct 1 2019, 10:10 AM)
Still don't understand. I supposed a surveyor is employed by somebody. In this case of bankrupt developer, rightfully the liquidator is the one employs the surveyor to apply for strata title, right ?

I would imagine that the liquidator isn't the  party most interested to see this through.

Would it be possible for the buyers to poll together money to hire surveyor to hasten the process ?

How can the process of applying for strata title be carried through ?
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Buyers should go to the liquidator....and seek liquidator proposal for this matter.

Yes liquidator should appoint surveyor to do the strata. Surveyor will do the documentation and plan signed by the liquidator.

Liquidator should have the detail of the land ex:
1. The land have charge or not.
2. Where is the master title
3. What are the quit rent amount.
4. If charge to bank how much the redemption cost.


princeehsan
post Oct 2 2019, 05:24 PM

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QUOTE(wayton @ Oct 1 2019, 11:21 AM)
Group up owners, appoint experienced or good lawyer, liquidator to do the job.

Apart from that, I do not think there is much can be done from buyer side.
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Yes im agreed to appoint experience liquidator to do the job.

 

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