Home / Malaysia Real Estate Law / Buy/Sell a House, Landlord/Tenant, Mortgage & Commercial Matters Buying a Property from a bankrupt owner Buying a Property from a bankrupt owner

Buying a Property from a bankrupt owner (modified 0 times) MKKG Dear all Me & hubby are in the midst of buying a terrace house owned by a bankrupt lady. We booked the house by paying earnest deposit to her lawyer. Both our lawyers are currently finalizing some matters before we can sign the S & P. These are some of the issues sorted out: 1. Her lawyer has applied to the court for removal of one caveat (there is a caveat placed by a licensed money lender in Year 2000) 2. The Official Assignee (OA) has given a letter to the Existing Chargee (CIMB Bank) saying that as an existing Chargee of the property, the bank has the right to sell the property, and the OA will not interfere or get involved in this private arrangement. 3. Me and hubby managed to secure a loan to finance balance 90% of this property, coincidentally from the same bank, i.e. CIMB Bank 4. We are currently waiting for a reply from CIMB Bank, on their consent, and who is authorized to sign the S & P on owner’s behalf. Given all the information above, are we heading towards the right direction? Are there any other problems that you foresee? For your info, she was made bankrupt by another bank, EON Bank. Thanks in advance for your guide! Regards MK 02 Jun, 2008 09:54:26

RE:Buying a Property from a bankrupt owner (modified 0 times) chris you will have to check whether the bankrupt is after the Adjudication Order (AO). As far as I am concern, upon receiving AO, it meant that he/she is a bankrupt. And as you said she was made bankrupt by EON bank, so EON Bank should be the Official Assignee. She has to get the OA's permission before she can sell. Just my personal Opinion. 09 Aug, 2008 21:02:40

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