When property transaction is shortened to 3 days, can you do without the lawyer and estate agent?
You might just do it like selling a car, entirely up to yourself – by going to UTC! BUT, can it be done?
Let us compare with selling a car. What could likely happen is:
You advertise in mudah.my. A prospect come forward. He likes your car when you demo the car to him at a meeting point. He agrees to buy and the below steps be followed:
He pays you 50% of the money and you go to JPJ (Jabatan Pengangkutan Jalanraya) for transfer of name.
After the name transfer is done – he gets the car registration card, you still hold the keys and he pays you the remaining 50%.
You hand over the car and the key when 50% is paid to you.
Now, if he does not pay you the second 50%, of course, you would still hold the keys and the car without handing over to him. Can he then say you are illegally holding his ownership of the car? This is the tricky part.
If he has paid you all the 100%, and you still do NOT want to hand over the car and key, what can he do?
Now, think of it being a property. Isn’t it the same? So, you still need a lawyer and an estate agent. Because the lawyer and estate agent hold the money in transition as stakeholders. 3 days? Well, when it is not about time but lots of TRUST, it really does NOT matter much with 3 days or 30 days.