There are properties which you can't transfer to your name after buying them. In order to put the property under your name, you will need to wait for 3 years/5years. I am not sure what is the reason behind this. What I heard is that this rule was set by the Government.

Poll Question
Would you buy a property not under your name?

My Question:
What is the risk?
Why can't transfer immediately?
If I were to buy the property, what are the things I can do to secure the property?

Kindly advise. Urgent!

Thanks

why can't transfer the name? the way I see it the only problem is the goverment do their work soooo slow that it took them years to do it, give them coffee money and it will be done it weeks.

but if you can't wait...make a black and white statement that payment had been made and that property is belong to you, get the previous owner to sign it.

second to that.
you can have a lawyer make you both an agreement and both of you sign. settled.

Hmm probably its allocated for bumiputera, and thats why the property cant transfer name within 5 years

For whatever reason, buying a property with ur own money but the legal owner is some stranger is just stupid.

agree. Ownership is everything.

No no... no way. if they're not even being honest with you on the reasons why do you still bother?

harr? got to be able to transfer ler....else i cannot sleep at all manz. Better buy some other property.

This post has been edited by mIssfROGY: Aug 5 2008, 01:25 AM

even if you have a lawyer's letter, a sheet of paper isn't enough protection for a few hundred thousand ringgit. in desperate times, people are willing to run for even 50k, so the risk is always there.

they have the title, and all you have is a power of attorney. they can sell at any time without your knowledge. it is illegal, but then again they can always run.

Unless that person happens to be v trustworthy friend or relative, I wouldn't take the chance.

Just wanna know how can we make money from buying a property not under our name?

usually for this kind of scenario, the property will be sold at below its market value, due to the nature of the transaction.

when you buy below market, you are half way to making money.

I know BUMI lot need to wait for a couple of years. What if it's not a BUMI lot? Got such rule?

---

Added on August 5, 2008, 4:16 pmWhat's power of attorney? What if i keep his/her strata title after buying the property? Is that secure enough? What about geran?

This post has been edited by agape_ian: Aug 5 2008, 04:16 PM

@agape_ian,
Some developers do not allow the transfer to take place until the house is ready; this is to reduce speculators.

Nothing is secure unless ur name is on that piece of paper. Legally, the house will still belong to me if it's under MY name; doesn't matter who paid for it.

@muscaa,
You can't unless U intend to screw ur friend over.

The unit is ready. The owner is staying in the unit for at least 2 years already.

@agape_ian,
So what's the problem about this transfer of name?

Refer to my first post, I am eager to know why also.

There must be some hanky panky stuff going on, don't risk it! May be the property is selling at lower than average market price and you are tempted to buy... no such thing too good to be true...

like one of the property that i interested in.. it's so cheap with very big land... but the downturn is it's very near to electric transmission tower, which will have side effects to health like cancer if expose too much to electromagnetic wave...

you pay peanuts you get peanuts.

some properties do have restrictions such as the owner cannot dispose of it for the 1st 5 years etc. i suspect this could be the case here.

a power of attorney is basically the seller holding all the rights to the property, but giving to you the power to sign all documents on his behalf. to strengthen your position further, you could do a declaration of trust, where the seller declares that although the property is in his name, he is holding it on trust for you, and you are the true owner.

however, if the seller decides to go behind your back and sell the property off to a 3rd party, the 3rd party is not bound to do any form of investigation into whether the seller has given powers of attorney or declared trusts over the property.

the owner gets his money, runs, and you see a lawyer, sue him for breach of trust, get judgement in the court, and cant find the owner to get your money back.

then you might get depressed and start doing drugs, and listen to michael learns to rock. it doesn't get any worse than that.

could it be owner duwan to pay penalty to bankloan?? weird weird....y dun u ask the owner instead??