Asked by Bao Ying
Question (21 July): Me and my boyfriend applied for a joint loan to purchase a property in Malaysia and bank approved. But the property ownership is under my boyfriend ONLY as Rumawip is only allowed for one owner. What should I do if I wish to have ownership?
Answer(25 July): There are certain restrictions on owing a Rumawip property. One of the restrictions is to restrict the selling/transferring of the Rumahwip property within 10 years of its purchase unless it involves transferring of ownership to a family member.
However, due to your current relationship with your boyfriend which is not equivalent to a married couple that entitles joint ownership of the Rumawip property, in the meantime you can do a trust deed between you and your boyfriend that he will hold ½ share of the property on trust on your behalf pending the 10 years’ restriction period in order to protect your proprietary interest on the Rumawip property.
Question (26 July): If we are married in between these 10 years, will I own the 1/2 ownership automatically in the reason of married couple? or it should go through the legal process of transferring the 1/2 ownership? With this trust deed, will it restrict me for 10 years on the ownership transferring although we are married?
Answer(25 July): There are certain restrictions on owing a Rumawip property. One of the restrictions is to restrict the selling/transferring of the Rumahwip property within 10 years of its purchase unless it involves transferring of ownership to a family member.
However, due to your current relationship with your boyfriend which is not equivalent to a married couple that entitles joint ownership of the Rumawip property, in the meantime you can do a trust deed between you and your boyfriend that he will hold ½ share of the property on trust on your behalf pending the 10 years’ restriction period in order to protect your proprietary interest on the Rumawip property.
Question (26 July): If we are married in between these 10 years, will I own the 1/2 ownership automatically in the reason of married couple? or it should go through the legal process of transferring the 1/2 ownership? With this trust deed, will it restrict me for 10 years on the ownership transferring although we are married?
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