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

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.

@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.

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

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.

If not mistaken, don't take my word as correct, seek professional lawyer for advice if really want to do.

Yes, by law, the ultimate owner of the property is the name written on the 'Geran' or "Strata title".

So the owner of the properties has the right to sell off the properties. If you and the owner has signed a trustee contract or whatever you name it, then it is between you and the owner. Properties sold is not re-claimable. You only can reclaim the money proceed from the properties sold from the owner, so if the owner 'missing in action' then nothing much you can do on the property side, so $$ also with the owner "MIA".

It is very dangerous and risky game to buy on your own money then put others stranger name into it.

Yes, if strate title has not been released, then all are according to S&P agreement signed as the name of owner of the strate title is according to the S&P.

it's like this - if there is a master title, meaning the developer has not subdivided the titles yet, the registered owner of the big piece of land will be the developer. developers are under a duty to apply for subdivision, and once that is done, they will get the individual/strata titles out, and give them to the owners (the person who signed the s&p) or their banks.

there is no situation where the strata title is out but the developer holds on to it.

if you are the owner in the s&p or title, and you declare a trust for someone else, that person in law becomes the owner. however, in practice, the person whose name if on the s&p or title can still go out and sell the property off.

trustee only applicable when you and the ownes is IMMEDIATE family..

the best thing you can do if that's the case,

Put Absolute Deed of Assignment

Which means, the owner has transfer the RIGHT and POWER to make decision upon the property to you.

Absolute deed of assignment can be done by any of lawyer, but need to inform the BANK also..!

because, you need to get the STAMPED/CHOP and SIGNATURE from the BANK.

both of you sign, plus witness, then will be alright.

BTW, the STAMP DUTY For Deed of Assignment is only RM10.. dont get CONNED and MISLEAD by LAWYER, need to pay RM1K ++ or RM100+.. REMEMBER, only RM10!!!!!!

even so, u can do it by your own , no need lawyer

the deed of assignment is sufficient to protect your interest. it protects the interests of many people. however, this is where the developer has been given notice of the deed of assignment. if there is a restriction against the transfer of the property, it will be an invalid assignment, and it will be pointless.

it all depends on the reason behind the inability to assign the property.

agape_ian, assuming the proclamation of sale is in order, and the bank has not lost any of their security documents, then it shouldn't be a problem. however, you should also note the restrictions on the title to the property.