Oct 27 2019, 09:10 PM
QUOTE(BillCollector @ Oct 27 2019, 08:52 PM)
OK.... am trying to get an idea on this situation.
Basically my MIL wants a divorce and she has made up her mind that it is what she wants to do as she finds her husband becoming more and more unreasonable. I told my wife we should adopt a non-intervention, non-intermeddling and strict neutrality policy which she understands but somewhat disagrees.
Her husband used to be a very wealthy man but is essentially broke right now through his own doing.
During their better times they bought a condo for RM550,000 and today it is worth around RM1,100,000 thereabouts though in this market she'd be lucky to get RM900,000 for it considering the condition. He paid the entire price for it and on the title it only has her name on it. They are now living in that condo as it is their last property.
She wants to sell the condo to her 2 daughters for RM600,000 and upon the disbursement she would park that RM600,000 into a joint account in both their names.
After the divorce they are to return that RM600,000 to her less any expenses and her plan is she will put 1/3 the money into the mortgage upfront then will pay them RM700 per month as "rental" or she will buy it back from them for RM600,000 and all fees borne by her.
Daughter 1 aka Mrs BillCollector : No income and "leaches off" her darling husband not that he minds.
Daughter 2 : Earns RM4,000 nett per month. RM0 in commitments. Only thing is she has only been working for 7 months in a job that pays her KWSP and issues a payslip.
Therefore am guessing most likely I will need to sign as a guarantor as the loan will be repaid jointly by the 2 sisters.
Any idea if this type of arrangements are legal? Any implications? Sounds fraudulent to me.
Just take note that just because ONLY her name is on the title doesn't mean the Husband cannot protest/stop the "sale" to her two daughters (assuming your SILs).Basically my MIL wants a divorce and she has made up her mind that it is what she wants to do as she finds her husband becoming more and more unreasonable. I told my wife we should adopt a non-intervention, non-intermeddling and strict neutrality policy which she understands but somewhat disagrees.
Her husband used to be a very wealthy man but is essentially broke right now through his own doing.
During their better times they bought a condo for RM550,000 and today it is worth around RM1,100,000 thereabouts though in this market she'd be lucky to get RM900,000 for it considering the condition. He paid the entire price for it and on the title it only has her name on it. They are now living in that condo as it is their last property.
She wants to sell the condo to her 2 daughters for RM600,000 and upon the disbursement she would park that RM600,000 into a joint account in both their names.
After the divorce they are to return that RM600,000 to her less any expenses and her plan is she will put 1/3 the money into the mortgage upfront then will pay them RM700 per month as "rental" or she will buy it back from them for RM600,000 and all fees borne by her.
Daughter 1 aka Mrs BillCollector : No income and "leaches off" her darling husband not that he minds.
Daughter 2 : Earns RM4,000 nett per month. RM0 in commitments. Only thing is she has only been working for 7 months in a job that pays her KWSP and issues a payslip.
Therefore am guessing most likely I will need to sign as a guarantor as the loan will be repaid jointly by the 2 sisters.
Any idea if this type of arrangements are legal? Any implications? Sounds fraudulent to me.
It's quite unclear, but I assume that your MIL wants to sell the condo so that she does not need to split with her husband, at least, she THINKS that would work, am I correct?
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