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Roflmaoxz

Title And Bankruptcy Searches For Buyer

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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?

 

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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.

 

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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.

 

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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.

 

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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?

 

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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.

 

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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 by Rof|maoxz
 

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