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iExpert is a Q & A platform that allows iProperty.com members to connect and find answers to their questions. Whether you're buying, selling, renting or a real estate professional, if you want an answer to that burning property question from our resident iExperts, or would like to become an iExpert yourself, this is the place for you

 

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Q : Can I sell a leasehold property which is under construction ?
Category : Selling property in Malaysia       Location : Selangor
I understand the 2 main parties which I have to deal with are the developer and my financing bank. What are the problems that I might encounter, and how can it be solved ?
By Michael Lim, 21-Mar-2011.

 
Aziz Hajiz answered : 22-Mar-2011.
Hi Michael...in "normal circumstances" you are not allowed to sell the property you bought under construction from developer. However, if you have just bought it and still under looking for financial institution loan approval you can still request bank to reject your application. With that letter, developer will cancel your purchased, which is still consider under booking perhaps with some deductions or charges. If S&P already signed and financing already obtained then it is "difficult" to cancel especially if the bank's already disbursed their part of financing. Your legally option is to wait until the completion of the property with CF issued before you can sell. The developer concern here is not to delay their submission for individual or strata titles to the authorities. You may also take the risk by signing undated S&P to intended purchaser and complete the transaction upon CF obtained. You may check for further clarification direct to the developer and bank concern for "other ways of doing it".
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