Hi Sifu,

Question on Strata title.

This is a freehold property.
Developer inform that the strata title is ready. Lawyer has prepared the documentation and submitted it to land office.
How long will the land office take to issue the strata title?

Thanks

Thanks Dario and Hansel...

That means I have to go to the land office every week?
I guess that is the best I can do for now...

Thanks again..I'll update you once there is any progress on the title...

Hi,

would like to ask if strata title (submitted to land office to transfer the name from developer to the owner) is not out within say 6 months or 12 months. And the property is sold. Either vendor or purchaser would like to cancel the deal (due to the title issue) after say 12 month, will it consider vendor's default or purchaser's default?

Thanks

[quote=dariofoo,Nov 22 2010, 11:47 AM]
You have not provided us with much facts. However, I'm guessing that when the S&P was executed. the developer was in the process of getting the strata title issued in the name of the initial purchaser (now the vendor) - am I right?

Honestly, I don't think the issue of subdivision of the master title [from developer to owner] is a default which can nullify the agreement.

If the strata title is issued in the name of the initial owner (now the vendor), the vendor would surely have executed an undertaking to subsequently transfer ownership of the property to the subsequent purchaser. There is no issue there, really. The transaction can still be completed. The solicitor would have obtained the developer's letter of confirmation, where all details pertaining to application of the strata title would be stated therein.

So, to answer your question, there is no occurence of a default which would nullify the agreement.
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Thanks dariofoo...

To give more info The property is a freehold property. The developer is indeed in the process of getting the strata title issued in the name of initial purchaser (now vendor). The application has already submitted to land office for registration. However, in certain case, the registration can be long (ie 6 to 12 months).

Initial purchaser- vendor
subsequent purchaser - new purchaser

Subsequently after the submission of registration of strata title to the land office by the initial purchaser (now vendor), the property was sold. The new purchaser (purchaser in the subsale market) borrow loan from bank A to purchase the property. Will bank A release the full payment to the vendor by only taking the undertaking to subsequently transfer ownership of the property to the new purchaser? I was told by new purchaser's lawyer that bank A will not release full payment with vendor letter of undertaking.

The vendor will have to wait till the strata title issued in vendor's name then only the usual 3+1 period will take effect. Which means the full payment will only comes 3 months after the vendor gets the strata title under his/her name (earliest). If the strata title takes 12 months to register then the sales can only complete by 12 + 3 = 15 months.

Is there anyway the sale can be completed and bank release full payment without have to wait for the complete registration of strata title?

Thanks

This post has been edited by yummy12: Nov 22 2010, 08:36 PM

Hi Dariofoo,

RPGT period is between 2 SPA's dates OR their stamping dates?
Example:
1) Bought
Property bought and SPA dated 1 Aug 2006.
Stamped on 2 Sept 2006

2) Sell
Property was sold and SPA dated 2 Aug 2011.
Stamped on 9 Aug 2011.

Does the owner still need to pay RPGT considering SPA has been signed after 5 years (refer to SPA date)?
Or
the owner needs to pay RPGT because it was stamped within the 5 years?

Thanks Dariofoo