This is a question posted to me by one of our Tiram blog reader. Apparently, she came across a Proclamation of Sale (P.O.S) of a property in Kuala Lumpur which she's interested in buying. It so happened that the property has been caveated. She then sought advice from few registered estate agents on the issues on caveat, nevertheless she couldn't seem to obtain a satisfactory answer.
This is what i would do should i come across any caveated properties in auction:
(1) Talk to the P.O.S lawyer on the nature of the caveat in questioned, and the possibility of removing the caveat,
(2) Obtain second opinion from my panel lawyer on the possibility of removing the caveat,
(3) Should i get both negative answers from both lawyers, i won't even market the property to any of my client at the first place
(4) Should i get conflicting answers from both lawyers (and yes, lawyers do differ in their opinions sometime), i will also advise my client not to bid for the property.
I've always told my client that buying properties is a happy thing to do, but it may turn out to be some not so delightful event should you get yourself caught up with some legal predicament.
Always make sure that you know what you are buying.
Over 30 years of experience in Iskandar Malaysia's property market, Johor Bahru -based registered estate agency, Tiram Realty, offers FREE tips and info on the selling, buying, renting and auction of properties in Iskandar Malaysia through the blog.
3 comments:
Keep up the good work with your post - very informative!
Dear sir, could you enlighten me on auction issue. is it mandatory to put-up auction notice/poster at the property to be auctioned? i've been trying to buy a property next door to my shop and struggled to get hold of the owner.
however, recently i was told by neighbor that property was auctioned within less then an hour with a ready buyer waiting. none of us(neighboring shop owners) were aware of the auction before it happened.
is this legal?
thx for your time.
best regards,
Munir Kasman
012-2675474
Your post is really informative. I had a great time with this. A lot of thanks for sharing. Keep sharing.
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