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 strata tittle, how long to process

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TSmabaw
post Dec 6 2015, 11:18 PM, updated 10y ago

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we haven't begun processing the strata tittle for one of our flat
i wonder how long it take to process it?
we need to dispose the house quickly
aurora97
post Dec 6 2015, 11:59 PM

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QUOTE(mabaw @ Dec 6 2015, 11:18 PM)
we haven't begun processing the strata tittle for one of our flat
i wonder how long it take to process it?
we need to dispose the house quickly
*
it really depends on the land office, there's no saying how long strata title will be issued.

how long since VP btw?
TSmabaw
post Dec 7 2015, 08:07 AM

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QUOTE(aurora97 @ Dec 6 2015, 11:59 PM)
it really depends on the land office, there's no saying how long strata title will be issued.

how long since VP btw?
*
long enough that the land office issue us a letter urging to complete the process since early this year
so the choke point is the land office? other parties can do it swiftly?
jason1986
post Dec 7 2015, 07:20 PM

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QUOTE(mabaw @ Dec 6 2015, 11:18 PM)
we haven't begun processing the strata tittle for one of our flat
i wonder how long it take to process it?
we need to dispose the house quickly
*
I believe what you are trying to say is that the strata title has been issued for your flat but you have yet to proceed with the perfection of the transfer (i.e. getting the developer/proprietor to transfer the strata title to the your names).

There really is no fixed time frame for this. It will depend on the following:-

(1) how efficient the developer is (they will need to provide a copy of the title to the lawyer to prepare the transfer form and how fast will they be able to execute the transfer and have it released to your lawyers together with the title).
(2) whether quit rent promptly paid by management - the current duly paid receipt will be required by the land office when your lawyers present the transfer for registration);
(3) whether you have paid your assessment/maintenance (for assessment, the current duly paid receipt will be required by the land office when your lawyers present the transfer for registration and for maintenance, if there is outstanding, developer might not release the transfer and management might not provide the quit rent);
(4) if there is an existing loan, it will also depend on how fast your bank will be able to execute the charge. Charge will be presented together with the transfer.
(5) After presentation at the land office, how long it will take for the title to be registered and returned will depend on the land office. Some take 2 weeks while some up to a year or more.

If you intend to dispose the property quickly, get your lawyer to check with the developer whether they are agreeable to a direct transfer. If not agreeable, you can proceed by way of a double transfer, i.e. 2 transfers to be presented at the land office simultaneously, 1st transfer will from developer to you and 2nd transfer will be from you to the purchaser. There could however be problems with a double transfer if consent from the state authority is required. I have come across certain land office refusing to grant the consent by reason that the title has yet to be registered under your name. If this is the case, you will have to get the the title registered in your favour before you can proceed.
TSmabaw
post Dec 7 2015, 07:42 PM

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QUOTE(jason1986 @ Dec 7 2015, 07:20 PM)
I believe what you are trying to say is that the strata title has been issued for your flat but you have yet to proceed with the perfection of the transfer (i.e. getting the developer/proprietor to transfer the strata title to the your names).

There really is no fixed time frame for this. It will depend on the following:-

(1) how efficient the developer is (they will need to provide a copy of the title to the lawyer to prepare the transfer form and how fast will they be able to execute the transfer and have it released to your lawyers together with the title).
(2) whether quit rent promptly paid by management - the current duly paid receipt will be required by the land office when your lawyers present the transfer for registration);
(3) whether you have paid your assessment/maintenance (for assessment, the current duly paid receipt will be required by the land office when your lawyers present the transfer for registration and for maintenance, if there is outstanding, developer might not release the transfer and management might not provide the quit rent);
(4) if there is an existing loan, it will also depend on how fast your bank will be able to execute the charge. Charge will be presented together with the transfer.
(5) After presentation at the land office, how long it will take for the title to be registered and returned will depend on the land office. Some take 2 weeks while some up to a year or more.

If you intend to dispose the property quickly, get your lawyer to check with the developer whether they are agreeable to a direct transfer. If not agreeable, you can proceed by way of a double transfer, i.e. 2 transfers to be presented at the land office simultaneously, 1st transfer will from developer to you and 2nd transfer will be from you to the purchaser. There could however be problems with a double transfer if consent from the state authority is required. I have come across certain land office refusing to grant the consent by reason that the title has yet to be registered under your name. If this is the case, you will have to get the the title registered in your favour before you can proceed.
*
thank you. i hope mod will pin your reply

 

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