Hello,

I sold my property last year. Now waiting for the balance 90% payout.
May I know usually when will lawyer release the balance sum once buyer's bank has paid my bank on 08/03/2021?
both buyer and seller use the same lawyer.

thank you.

This post has been edited by cintamani83: Mar 13 2021, 02:19 PM

Buyer's bank paid your bank.
Bank to release title to the lawyer firm.
Balance will release to firm after title changed in Jabatan Tanah.
So this one maybe need another 2 to 4 weeks time, if Jabatan Tanah no delay.

Above is standard case. Not include court order (if necessary), if you taking LPPSA maybe will slightly delay on the title holder department with credir department.

This post has been edited by tsg_7: Mar 13 2021, 02:33 PM

Thanks for your input, but I thought bank only pay after Jab Tanah transfer complete. No?
I mean why would a bank pay out of it cant be register...

Example

1) property sold: RM500,000
2) your balance loan amount: RM350,000
3) buyer's bank to pay total amount RM350,000
4) your bank release title to lawyer firm
5) title changed in Jabatan Tanah
6) buyer's bank to release the balance to lawyer firm
7) after deduct necessary expenses, lawyer firm issue u a cheque.

ok thanks

Mind to ask where is your property sold n how much?
Just wanna do market survey.

By the way, to answer your question.
Your bank won't release title if there is still loan for this property.
Bank will always at the safe side.

And also, if it can't be registered, how come you able to purchase this property with title at the first place? So buyer's bank won't be worried too much about this.

To answer:
I bought that time is master title, sold during strata title issued. So buyer do the transfer from master to strata.

Cheras Ampang. bought 180k sold 296k.

Oh.. This one no much issue la... Lawyer go settle. Charged under buyer if not mistaken.

I see... Untung lar...

Yes I was hoping for faster processing time but now already 5 month and my HL just redeemed. Since the strata title is directly transfer to the new owner I thought it will be simpler.
No untung, just barely enough to cover the loan but I'm debt free.

Hahaha... Good for u...
Is ur master title is Freehold or lease hold?
If leasehold is about this time frame.

Is freehold

Then probably the master title to change to strata title takes time? U can actually check out with the buyer's lawyer la.

We both use the same lawyer ie. property agent's one...
Will do so tomorrow probably.

Oh.. Basically is their panel la... Anyway, still can contact one..no problem about that.

You need to refer to the Sale & Purchase Agreement. There is a clause stated when to release the balance purchase price.

all docs with lawyer