Bankruptcy searches
Vendor (Individual)
Bankruptcy searches are to be conducted to ascertain whether the vendor is a bankrupt and therefore unable to sell the property. This is because the official assignee steps into the vendor’s shoes as the proprietor of the property and all proprietary rights of the vendor cease to have effect.
Vendor (Company)
Where the vendor is a company, a winding-up search must be done on the company. As in the case of an individual, if the company has been wound up, the liquidators are the ones empowered to sell the property.
It is also prudent to conduct a search of the company with the Companies Commission of Malaysia to ascertain who are its directors and shareholders and its registered business address.
This preview is an excerpt from the following publication. this publication for access to all the commentary and precedents.
Purchase of Real Property - Step by Step Guide & Precedents
by By Lawyers For Lawyers author - Jayadeep Hari & Jamil
Overview
This Purchase Step-by-Step Legal Practice Guide and Precedents contains extensive precedents and guidance to enable a lawyer to complete a purchase of property matter including guidance on:
- Sale and purchase agreement with title
- Sale and purchase agreement without title
- Purchase by foreigner
- Caveats
- Real Property Gains Tax
- Strata Titles Act 1985
A wide range of precedent forms and letters used through the course of the transaction are also included. As with all Step-by-Step Guides this guide takes you sequentially through a Purchase matter from getting the matter underway and taking instructions, right through to finalisation.