I'm in the process of buying an apartment (freehold). During loan application and SPA drafting, the unit is still under a master title.

I was supposed to sign my SPA today but suddenly the apartment management place a notice to inform all owners that the strata title has been issued by land office. The developer will give the full details by 6 Aug 2009.

I have informed my lawyer and he said he will confirm with the developer and let me know again. So the signing of SPA is postponed.

Anybody have this kind of issue before? What is normal procedure taken by lawyer? Will it delay the whole sale and purchase process?


Thanks!

Are you buying a sub-sale unit?..since u mention process of SPA drafting.
If buying from developer, the standard SPA will be used.

Will be in better position to comment after above answered.

Yes, it is a subsale unit. I'm not buying from second owner. I believe the title is issued to the name of second owner since he already own it for 5 years.

So in this case, the title will go to second owner then to me right?
Any idea what is the cost involve?

Thanks!

This post has been edited by lara_: Aug 2 2009, 09:38 AM

Actually, now that the Strata Title is already issued, it is better for you.
This will save you time and money, as you will not need to do a deed of assignment from seller to you and also another assigment from you to your end financier.

Depending on the valuation depertment and the developer, the transfer may be effected directly from developer to you or from developer to your seller and simultatenously from seller to you.

Your loan will then be secured by way of charge.

Total legal cost for your SPA and loan documentations will be as per scale cost and whatever discount you can get, altho lawyers are not supposed to extent any discount by the bar council.

Thanks for you advice and clarification.

i am no expert but i believe its quite lucky coz u save urself from paying stamp duty twice and legal fees also...

once you pay for purchasing the property by way of assignment
second once title is issued to transfer the property by way of transfer

Try to imagine the horror if you purchased the unit now and the title is issued few motnhs after that...

i believe there is two option one where the buyer must complete the perfection

or

two they will write to the developer and request consent for a direct transfer to you rather than the owner..this will save cost and time...but you better check out with your lawyer....

This post has been edited by falcon867: Aug 3 2009, 11:44 PM