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Anyone dealt with a bankruptcy buyer purchasing above 500k? understand that they need to get approval from their officer. will an email stating the approval be enough or they need a formal letter and where do we submit to?
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3 Answers

Yes, I’ve come across this before. A bankrupt buyer must get written consent from the Official Assignee (OA) before entering into any property transaction, especially for purchases above $500k. An email might indicate intention, but in most cases, the lawyers and sellers would want a formal approval letter issued by the Insolvency Office — not just an informal email from the officer.

Usually, this letter needs to be submitted during the legal checks before exercising the Option to Purchase (OTP), and the buyer’s lawyer will handle the submission and due diligence.

If you want to make sure everything’s in order before proceeding, feel free to reach out — I’m Aren from PropNex, 9657 6701  . I can link you up with law firms experienced in such cases so you avoid any surprises. Read More
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The OA should know what kind of documentation they need to provide when they are satisfied with the conditions that you are able to purchase the property. Read More
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Here’s a refined and concise version of your message in a clearer structure:

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**For bankrupt buyers:**

1. **Written consent from the Official Assignee (OA)** is required **before entering any property transaction**, especially if the purchase exceeds **\$500,000**.

2. While an **email from the OA officer may show intent**, most lawyers and sellers will insist on a **formal approval letter** issued by the **Insolvency Office**, not just informal correspondence.

3. This formal letter is typically **required during legal due diligence**, **before exercising the OTP**. The buyer’s lawyer will usually handle the **submission and verification process**.

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