When lawyer will release balance sum?
|
|
 Mar 13 2021, 02:18 PM, updated 5y ago
Return to original view | Post
#1
|
 
Junior Member
177 posts Joined: Sep 2015 
|
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 |
|
|
|
|
|
Mar 13 2021, 02:32 PM
Return to original view | Post
#2
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(tsg_7 @ Mar 13 2021, 02:28 PM) Buyer's bank paid your bank. Thanks for your input, but I thought bank only pay after Jab Tanah transfer complete. No? 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.  I mean why would a bank pay out of it cant be register... |
|
|
Mar 13 2021, 02:39 PM
Return to original view | Post
#3
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(tsg_7 @ Mar 13 2021, 02:38 PM) Example ok thanks 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.  |
|
|
Mar 13 2021, 02:52 PM
Return to original view | Post
#4
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(tsg_7 @ Mar 13 2021, 02:47 PM) 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. I bought that time is master title, sold during strata title issued. So buyer do the transfer from master to strata. |
|
|
Mar 13 2021, 02:56 PM
Return to original view | Post
#5
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(tsg_7 @ Mar 13 2021, 02:44 PM) Mind to ask where is your property sold n how much? Cheras Ampang. bought 180k sold 296k.Just wanna do market survey. |
|
|
Mar 13 2021, 10:42 PM
Return to original view | Post
#6
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(tsg_7 @ Mar 13 2021, 03:16 PM) Oh.. This one no much issue la... Lawyer go settle. Charged under buyer if not mistaken. 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.I see... Untung lar... No untung, just barely enough to cover the loan but I'm debt free.  |
|
|
|
|
|
Mar 14 2021, 10:48 AM
Return to original view | Post
#7
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(tsg_7 @ Mar 13 2021, 11:15 PM) Hahaha... Good for u... Is freehold Is ur master title is Freehold or lease hold? If leasehold is about this time frame.  |
|
|
Mar 14 2021, 11:10 AM
Return to original view | Post
#8
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(tsg_7 @ Mar 14 2021, 11:06 AM) 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. |
|
|
Mar 15 2021, 11:37 AM
Return to original view | Post
#9
|
|
Junior Member
177 posts Joined: Sep 2015
|
QUOTE(okgun @ Mar 14 2021, 11:25 PM) 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  |
| Change to: |  0.0194sec
 0.11
 6 queries
 GZIP Disabled
Time is now: 6th December 2025 - 03:48 AM |
Quote