I'm selling my house to my ex-wife (we getting divorce)


the house is in joint name so I selling half of my share to her (she buying the house), we agree of 50/50 split let say I will get 200k after settle the remaining house loan together, but in S&P it stated the vendor (me) have to settle the sum in redemption statement, If I am the sole person to settle the sum in redemption statement I will get nothing. [join borrower for the loan as well]

SPA Statement
In the event the redemption sum stated in the Redemption Statement should exceed the Balance Purchase Price, the Vendor shall deposit the differential sum between the redemption sum and the said Loan (hereinafter referred to as “the Top-Up Sum”)

This is my assumption.
House selling price 800k
Remaining Loan 400k
split 2 = (800 - 400) / 2 = 200k (she need to folk out 200k to settle the loan and 200k for me or borrow from bank)


But now with the statement above and agreement in SPA
House selling price 400k
Remaining Loan 400k
I settle the 400k loan mean I get 0?


but in divorce agreement said I selling my share to her with 200k.


Anyone with similar experience?

This post has been edited by mcloudteo: Aug 25 2020, 07:04 PM

1. How much can you sell the house for? (RM800k)?
2. How much is your total loan amount? (RM800k)?
3. How much is your remaining loan settlement amount? (RM400k)?
4. How much have your ex-wife contributed to the loan amount?

----

Looks like your ex-wife short-changed you...

Housing Bank Loan total RM800,000.
You've paid RM600,000 for the house.
Your ex-wife top-up RM200,000 for the house, in the divorce settlement.
--- Your ex-wife gets a RM800,000 house for RM200,000.

This post has been edited by LarryPizzaGuy: Aug 25 2020, 07:12 PM

1） 800k
2) 600k
3) 400k
4) 200k



actually 800k house 400k still owe bank so we only pay 400k all these years (just ignore the interest this is just estimated amount) so each of us contribute 200k to the house, I just want to get back 200k which is all I paid all these years for the down payment and the loan, I definitely lost a lot of money in this process but the important thing is I just want to get back the agreed 200k that's all.

if both are not in rush, dont sell.

Hahaha, who is your SPA lawyer & divorce lawyer. Scold kau them.

Sorry but unless you can amend your SPA, your SPA is the contract

SP .... RM800k
CP .... RM ?
DP .... Wife ? You ?
Profit / Loss .... Wife ? You ?

Profit / Loss from sale and Loan Settlement are two different calculation.

This post has been edited by mini orchard: Aug 26 2020, 06:44 AM

She need to apply refinance loan from her bank. Then once the loan has been approved, the bank will disburse the money to her then u may ask her to pay u back the money.

how long has the house been purchased? Take note on the taxes (RPGT)

BTW there is no selling half. Better sell the house to her with a clean-cut else it is only possible with side agreement which is messy too.

She needs to purchase the house with new refinance under her name.

Yes .. is provided under the NLC.

No side agreement. Formal SnP to be signed for sale of half share.