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 Bumi Lot Freehold, transfer to non bumi

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ecin
post Apr 17 2012, 03:14 PM

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QUOTE(michaellee @ Apr 17 2012, 11:45 AM)

Not 100% accurate. Yes, developer will need to go through those steps to prove that the units are not sellable. But I don't think they need to pay any of the discount foregone to anyone. So you will see a lot of developers actually extremely happy to do up the bumi lots so that they can sell it for a higher price later. The developer will sell the units at non-bumi price once opened up and with current trends, more expensive.

For sub sales and 2nd hand unit, your appeal starts from land office but ends with MB office. There is no premium but a minimal penalty sum payable. The approval is not from datuk bandar as it has nothing to do with Majlis or Dewan people with bumi status. I have done way too many bumi to non bumi transactions before to safely say it is quite easily done.


Added on April 17, 2012, 11:48 am

I believe they meant they have opened up the unit to non-bumi purchasers with consent from the relevant authorities. If it is the developer that is selling you the unit you need to check the reputation of the developer. If it is of reputation, then you need not worry. For them to sign the SPA with you would mean that they are confident of transferring the property to your name.

Not sure if it applies to all states in Malaysia but I do know in most of my residential land titles, they will put in a win all clause which says if the property ever falls into the hand of a bumi, it will automatically be a bumi lot. And you will need consent to sell it to a non  bumi in future. As long as transactions are between non-bumis then the above do not applies.
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Good sharing, michaellee thumbup.gif

Added on
Hi Vincent, I tumpang tongue.gif your this thread for something related (bumi-lot thing)

Okay michaellee, something to confirm here (I understand that it's sometimes varies from project to project, but in most cases, what is?):
One thing that people said that for a Leasehold high-rise property in KL, under Master Title and is not more than a "certain period(nr. of years)" from the SPA signed date, the chances to transfer the bumi-lot to non-bumi purchaser is very minimal, the case is likely need to be dragged until it's over the "certain period(nr. of years)" (I knew this it was before the State Consent thing abolished, under Master Title), & we put aside first the Stata Title application thing, any inputs?

What about Freehold?
ecin
post Apr 20 2012, 10:19 AM

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QUOTE(michaellee @ Apr 20 2012, 12:20 AM)
As per above, yes with consent.
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"Yes with consent", "Yes" is the answer, subject to meet the "if with consent" prerequisite/requiremnt.

In KL+Selangor (I've no clue about other states), it can be "Consent of the particular case can take *years to issue, thus the answer is No". It depends, from case to case, from project to project, from time to time, Land Title, etc.

*years - 1 year? 2 years? 5 years? 10 years? 30 years? All are possible. Good luck!
ecin
post Apr 21 2012, 12:40 AM

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2-sided, no absolute bad or not bad.
Subject to prerequisite(s) met, Freehold in KL can also be done in 3 months.

Added on
For TS's question, direct from developer is simpler, they deal with those works; Like others shared, if the developer side can clear your doubt(s), no issue, just go ahead.
ecin
post Apr 21 2012, 03:34 PM

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QUOTE(azadsan @ Apr 21 2012, 02:48 PM)
when you guys mentioned there is a minimal penalty/premium to be paid on the conversion, how much is it?
for example a 300k condo in Selangor. how much to convert? thx
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Hi azadsan, you can't convert it like that, it's after signing SPA, your lawyer will handle that for you (Subject to you and/or your agent can convince ("Not con") the purchaser).
If you've time and want to clear all your doubts, you proceed to Land Office directly to check all in one shot is better

 

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