It's unfortunate that your previous purchase of the property by cash might not have followed the rightful process and documentation from the issue highlighted by you. Actually your lawyer who had represented you in the sale & purchase agreement would have followed the legal process and protect your interest before advising you on the release of full payment. The process would be:-
1. Signing a Sale & Purchase Agreement (SPA) Cum Assignment between the previous Vendor and you as the Purchaser if the strata title is not issued yet.
2. In the SPA, the previous Vendor shall undertake to get a consent in writing from the developer to transfer the property to you as the Purchaser by paying an administrative fee and update payment on all outstanding management fees. This will allow the developer to be informed of the new Purchaser to be registered in the strata title when it is issued.
3. Undertaking from the previous Vendor's bank financier, if any to release and discharged the property to you as the Purchaser or to your bank financier, if any when you redeemed the Vendor's outstanding loan. The previous Vendor's financier or their solicitor shall undertake to return or refund the amount paid by you as the Purchaser should the property title cannot be registered in your name for whatsoever reasons.
4. Only after getting those undertakings from the developer and the previous Vendor's financier, your lawyer will only advise you or your bank financier, if any to release the balance purchase price to the previous Vendor's lawyer.
You may want to check with your lawyer on what went wrong and seek their professional assistance as your would have paid for your lawyer's services to protect your interest therein.
David Wong (Licensed Agent E2097)
Foreward Realty Sdn Bhd - E(1)1909
Mobile:
+60193330573
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