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I am discussing with an agent about buying a property. The agent is helpful, no problems so far but somebody told me that this agent is involved in a court case, something with property-related bankruptcy. I am not sure about the details, but I think it could be that:
- property agent has bought property and is going bankrup as he is unable to pay loan or
- property agent sold property to a buyer but seller was bankrup/dishonest or some other problem so buyer has paid money but cannot get property or some poblem like that

Is it safe to do business with this property agent? Can I trust this property agent? Can property agent hold license if he is bankrup?
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3 Answers

Elvie Ho
Replied
the best thing to do in this circumstances is talk to the agent your concern.Not fair for the agent if you just listen to one side.you got to her him out too.By the way,my name is elvie ho.I am attached to Reapfield Properties KL branch.If you need my service,I can be contactable at 012-3033788  Read More
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Fong Esther
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hi, this is esther from simon realty, as i know, if u r buying the property thru an legal agent, all the payment is pay to the agency account, not to that agent pesonal account, u should always ask for offical receipt when u make any payment.. for the seller bankrup issue, before u signing spa, your lawyer will do land search for the property, if no caveat or others problem then only ask u to sign spa & pay the balance, so u need to find a responsibility lawyer.. bare in mind, even the agent got license, u should not pay cash direct to the agent to avoid any unhappy things happened.. tq correct me if i'm wrong Read More
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David Wong Lai Kwong
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First and foremost, you need to know whether the person is a registered and licensed real estate agent or a registered real estate negotiator with a REN TAG. The difference is that a licensed real estate agent can register a licensed agency firm and hire real estate negotiators under the firm whereas the negotiator can't do so even if he/she is registered with a REN tag number. You may check the registry under this government website www.lppeh.gov.my on the licensed and registered persons.
To answer your questions:-
1. to trust or to do business with a bankrupt is at your own choice and discretion. I know of people who are made bankrupt not because of their dishonesty but due to a failed business, poor financial management or being third party guarantor etc. Bankrupts are not allowed to receive income nor collect monies as stakeholders. They may still be good advisers based on their experience.
2. Bankrupts are not allowed to practice nor be a licensed real estate agent or negotiator. The Board of Valuers, Appraisers, Estate Agents and Property Managers will remove any practicing or registered real estate agents or negotiators from their register if found to be a bankrupt.
David Wong E2097
Principal Licensed Agent E2097
QUANTUM REAL ESTATE - E(3)1320 Read More
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