Sep 21 2016, 12:57 PM
QUOTE(jason1986 @ Sep 19 2016, 04:44 PM)
Normally, banks will need to see that the quit rent has been duly paid prior to drawdown.
This is because they want to ensure that upon issuance of title, the title can be transferred. Without quit rent being duly paid, the land is subject to forfeiture and transfer of strata titles cannot be done.
Hence, to put it simply, you probably can get the letter of offer issued but there will be a problem when it comes to drawdown of your loan.
As Jason said. Avoid this property especially if u are using bank loan. If the property need consent from Land Office, the Land Office also need quit rent to be fully paid...This is because they want to ensure that upon issuance of title, the title can be transferred. Without quit rent being duly paid, the land is subject to forfeiture and transfer of strata titles cannot be done.
Hence, to put it simply, you probably can get the letter of offer issued but there will be a problem when it comes to drawdown of your loan.
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