Property Chat – Why you need lawyers in property transactions, unlike buying cars (Part 1)
“When we buy a luxury car for RM800,000, we can get our bank facility within two or three days without a lawyer, but when we buy a house for RM300,000, we are required to have a battery of lawyers to complete the transaction which takes an average of three to six months.”
So you think you have adequate risk management protection?
WHILE consulting with a client, I recently discovered that there was a gap in the client’s insurance coverage on his property loans. Basically, the client has a property loan for 30 years but it was paired with a mortgage reducing term takaful (MRTT) policy that only provided protection for 15 years.