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Malaysia Property Channel|Auction cancelled 20 minutes AFTER HAMMER DOWN Episode
In response to our article entitled "Can someone cancel the house I bought in an auction?", one of our website visitors is kind enough to share with us a personal experience: It happened to me 2 years ago. For my case, 20 minutes after the hammer down, the bank cancelled. I was not even given the chance to sign S&P. Nevertheless, I proceeded to sue the bank and won the case in KL High Court. The difficult tasks are finding a lawyer that is willing to sue and a valuator willing to prove your damage. My case is pending for the damage assessment.- S Ong Under the auction law, the property is declared sold upon hammer down, hence leaving no more rooms for withdrawal. So, I have no doubt that Mr. S Ong above has a solid cause of action against the bank and i'm happy that the KL High Court has further strenghten this principle. He pointed out a very practical problem however, i.e. getting a lawyer to sue the bank. With all due respect to all lawyers, they don't really "like" to sue banks simply because it might affect their relationship with the banks.I have also personally met with similar situation few years ago where many lawyers that we approached refused to represent my family member to sue the bank, for some, they worry that they might lose their bank panel ship, for others they worry that they may never get the chance to enter to the respective bank panel ship. In overseas, such problems are rare i believed simply because there is a clear distinction between an advocate and solicitor. Click here to play
[ Thu, 12 Jun 2008 03:03:00 +0000 ]
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