Roflmaoxz 0 Report post Posted September 14, 2010 Sorry, don't know whether this Qn has been posted before or not. Understand that once the buyer obtains an option to purchase, the buyer’s lawyer will make both the title and bankruptcy searches of the legal owners. May I know what is the purpose of the bankruptcy search? From the HDB Website, bankrupt sellers (who are singapore citizens) does not require approval before selling his/her HDB property. So what will happen if the buyer or his solicitor found out that the buyer is an undischarged bankrupt? Share this post Link to post Share on other sites
yoongf 11 Report post Posted September 14, 2010 Undischarged bankrupts are not allowed to sign any contracts, and must seek permission from OA. Sales proceeds must also be handed over to the OA, instead of the person. Share this post Link to post Share on other sites
sff 0 Report post Posted September 14, 2010 Bankrupt sellers can sell 5rm or smaller without OA permission. Proceeds also can keep, no need to go to OA. However, some bankrupt sellers may have many caveats lodged on the flat making the selling part complicated. So actually, even if genuine seller is undischarged bankrupt also not a problem. Procedure as normal. Those who want to play play and be funny then I don't know lah. Share this post Link to post Share on other sites
Roflmaoxz 0 Report post Posted September 15, 2010 Undischarged bankrupts are not allowed to sign any contracts, and must seek permission from OA. Sales proceeds must also be handed over to the OA, instead of the person. I know that bankrupts are limited of a legal capacity to enter into a contract, but can't the other of his/her joint owner do so in order to complete the sale? I don't think that the sales proceeds is handed over to the OA because the HDB property is not vested with the OA if the household nucleus is singaporean, so he/she can keep it. But of course he/she is encouraged to pay part of the proceeds for the benefits of his/her creditors. Share this post Link to post Share on other sites
Roflmaoxz 0 Report post Posted September 15, 2010 Bankrupt sellers can sell 5rm or smaller without OA permission. Proceeds also can keep, no need to go to OA. However, some bankrupt sellers may have many caveats lodged on the flat making the selling part complicated. So actually, even if genuine seller is undischarged bankrupt also not a problem. Procedure as normal. Those who want to play play and be funny then I don't know lah. Hi sff, how do I check that if there is any caveat being lodged on the buyer's property? After the OTP I can ask the agent to check? Share this post Link to post Share on other sites
yoongf 11 Report post Posted September 15, 2010 Hi sff, how do I check that if there is any caveat being lodged on the buyer's property? After the OTP I can ask the agent to check? http://www.inlis.gov.sg/LINNS/LINNS-WLR.as...;strProduct=WLR Dun need wait for OTP, anyone can check anytime. Share this post Link to post Share on other sites
yoongf 11 Report post Posted September 15, 2010 I know that bankrupts are limited of a legal capacity to enter into a contract, but can't the other of his/her joint owner do so in order to complete the sale? I don't think that the sales proceeds is handed over to the OA because the HDB property is not vested with the OA if the household nucleus is singaporean, so he/she can keep it. But of course he/she is encouraged to pay part of the proceeds for the benefits of his/her creditors. Whether is truly bankrupt or not, still need to check mah. Check = effort = $ lor. Put it this way, no one wants to be accused of collusion with a bankrupt to divert $ to avoid creditor repayment. Sometimes some lawyers kiasu want to cc everything to the OA. Share this post Link to post Share on other sites
Roflmaoxz 0 Report post Posted September 15, 2010 (edited) http://www.inlis.gov.sg/LINNS/LINNS-WLR.as...;strProduct=WLR Dun need wait for OTP, anyone can check anytime. Thanks. Just asking, May I know whether if HDB acts for buyer in the purchase only, will they assist to search for us? Whether is truly bankrupt or not, still need to check mah. Check = effort = $ lor. Put it this way, no one wants to be accused of collusion with a bankrupt to divert $ to avoid creditor repayment. Sometimes some lawyers kiasu want to cc everything to the OA. Yap, agree with your reasoning. Thanks. Edited September 15, 2010 by Rof|maoxz Share this post Link to post Share on other sites