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 Bumi Lot

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TSxngjn
post Jul 7 2015, 04:04 PM, updated 11y ago

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I looking for 1st house. But most of the 2nd hand house within my budget was bumi lot.
Is it ok to go for it? what are the different between bumi lot and non bumi lot?
Transfer name will have issue? Will be extra fees for it?
Thank you
TSxngjn
post Jul 8 2015, 02:06 PM

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QUOTE(wild_card_my @ Jul 8 2015, 11:57 AM)
Is it leasehold of freehold? Is it in Selangor and WP?

If it is freehold, then no issue at all as bumi lot in these states are just for the discount quota. Once owned by a bumi it can be freely transferred to another person without any issue.

For freehold, on the other hand, is a little tricky. Regardless of the "Bumi lot" status of the property, once a leasehold is owned by a Bumiputra, it can be difficult to transfer it to a non-bumi, as per what I was told. This is because leasehold properties require state consent, and it is up to their discredion to allow the transfer or not.

In states like JB and Negeri9, the "bumi lot" is part of the title. Hence bumi lot properties in these areas have a 20% deduction in MV based on what my valuers tell me.

Correct me if I am wrong, as no one is 100% right.
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It was freehold in KL area.
TSxngjn
post Jul 8 2015, 02:11 PM

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QUOTE(wild_card_my @ Jul 8 2015, 02:09 PM)
Then no problem. Once bought, even by a bumi as a bumi lot (for the bumi discount), the bumi owner can let it go to anyone, bumi or otherwise
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what worry me is after few years i want sell and it only can sell to bumi. Please correct if im wrong:-
based on what i understand from yours statement. If it was bumi-lot for freehold then i can sell to anyone without problem.
If it was bumi-lot leasehold then it need state consent which might be not approve.
TSxngjn
post Jul 8 2015, 02:47 PM

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QUOTE(Alvinyeo @ Jul 8 2015, 02:46 PM)
wild_card_my, your advice only applicable if the strata title been issued by the developer. If master title non-bumi can't purchase bumi lot.
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strata is for condo/ apartment? My was landed.
TSxngjn
post Jul 8 2015, 02:59 PM

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QUOTE(wild_card_my @ Jul 8 2015, 02:56 PM)
Thanks for the correction. Are you referring to Master title Leasehold or Freehold or both? So if Master title, bought as Bumi lot with Bumi quota... bumi owners can't transfer to non bumi until the master title has been sub-divided? I will have to learn more about this.

Perhaps this apply to mastertitle units which have not been subdivided into individual titles as well. Is that correct, Alvinyeo?
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so my landed was ok right?
TSxngjn
post Jul 8 2015, 05:32 PM

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QUOTE(wild_card_my @ Jul 8 2015, 04:40 PM)
Understood, thanks for the update. I learned something new today.
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My was individual title. so will it ok?

 

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