Aug 17 2008, 07:02 PM
QUOTE(cherroy @ Aug 14 2008, 05:51 PM)
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 $$ also with the owner "MIA".
It is very dangerous and risky game to buy on your own money then put others stranger name into it.
trustee only applicable when you and the ownes is IMMEDIATE family..Yes, by law, the ultimate owner of the property is the name written on the 'Geran' or "Strata title".
So the owner of the properties has the right to sell off the properties. If you and the owner has signed a trustee contract or whatever you name it, then it is between you and the owner. Properties sold is not re-claimable. You only can reclaim the money proceed from the properties sold from the owner, so if the owner 'missing in action' then nothing much you can do on the property side, so $$ 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.
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 
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