Overseas property investment always carries risks and prudent research does not guarantee risk free, including property in Leisure Farm. Yes, Leisure Farm. 4.5 years ago when I considered buying in Bayou Water Village, I found out there was an ongoing legal case between a precinct and LF on title deed. LF personnel assured me there won't be any such issue with the new BWV. I gave them my trust. True enough, about a year after collecting key, I received LF letters on application to state authority. last year I received LF notice to pay their law agent the full sum for title deed transfer and I duly did so. I was advised by the law firm xfer should be completed by January 2013. Then no more a word from LF and its law agent. When I enquired again last week, the law firm suggested might be I owed LF maintenance fund and the firm did not get the signal to release title deed. I personally chased after admin staff to notify LF law agent that I settle monthly bills duly and I owe nothing to LF. Then the lawer informed me that there is no title deed in her file of my property, she believed LF's developer, Mulpha, still hold on to the title deed. So the situation is I pay fully and on time, LF's law agent collected full payment to process title deed xfer, LF's developer holds on to title deed. I know that my neighbours also did not receive their title deeds.
Lack of title deed is a common problem in Malaysian property market. When a developer seems to do the right thing of applying to state govt with all the paperworks and convince an owner to pay and pay, it still holds on to the thing one is paying for, the title deed. Why developer wants to hold on? I could only speculate as LF never clarifies. Could it be developer can demand a cut in any transaction since the seller cannot produce a title deed in his/her name whenever a potential buyer ask for it?
