1. The developer cannot disallowed a transfer to a legitimate Purchaser prior to the issuance of a strata title as long as the developer is informed and their consent were sought on condition that an administrative fee and outstanding management fees are paid.
2. There is no pros and cons for the developer in this instance except that the developer is not allowed to do a direct transfer of the strata title to a new purchaser by law (if the strata tile is already in the process of being issued) to curb avoidance of paying stamp duty by the Vendor. the new rule now requires stamp duty to be paid upon signing of the Sale & Purchase Agreement instead of waiting for the strata title to be issued.
3. With the proof of your Sale & Purchase Agreement (SPA) and Assignment you may seek legal redress to compel the developer to do so (although there may be an oversight of obtaining the developer's consent as required under the Principal SPA with the developer). Your lawyer should be able to assist you professionally. If the property was auctioned off by the previous Vendor's bank financier whereas the previous Vendor was never available to sign the SPA but the sale was done via Proclamation of Sale then the bank financier of the previous Vendor shall play the role of the beneficial owner in view of having a Deed of Assignment done in the bank' financier's favour in the event of a loan default by the previous Vendor.
Please seek your lawyer's professional assistance
David Wong (License No. E2097)
Foreward Realty Sdn Bhd - E(1)1909
Mobile:
+60193330573
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