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 Transfer of ownership & expiry of land title

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edyek
post Oct 18 2016, 01:32 PM

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QUOTE(plumberly @ Oct 17 2016, 12:44 PM)
AA  Transfer of ownership

Suppose there are 5 names in a plot of land title (A, B, C, D & E).

A wants to sell to the other 4.

1. Just go a law firm and change the names after the required papers are signed?

Cost?

Need a property valuation report?

2. Does it make any difference whether it is "sell" or "give" in (1) above?

3. Any other simpler way of doing this?
*
1. No need valuation report. Just sign in lawyer firm to sell A undivide share to the other 4 with X price.

2. Difference is if all the 5 are not direct related, "gift" will still be subject to stamp duty.

3. If all agree, Use "gift" and pay stamp duty. Unless A wanted some money, then use "sell".


QUOTE(plumberly @ Oct 17 2016, 12:44 PM)
BB  Expiry of land title

Understand that on expiration of a land title, the council has the right to take back the land with a small compensation. Like to know whether the compensation is at market price or x% of the market price?

What is the current success rate in renewal the land title? Better than 50%? I am from Sarawak.

The land has 10 years to go. Better to sell it now as the price will drop due to the expiration. How true is this?

Thanks.
*
1. Based on Land office valuation which is always lower than market price.

2. Depends on area and is there any future planning for that area.

3. If can renew, no issue lah. If confirm cannot renew, u sell now also sell at low price. Its hard to determine actually.
edyek
post Oct 19 2016, 10:42 PM

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From: Land of the Hornbills & Land Below the Wind
QUOTE(plumberly @ Oct 18 2016, 02:11 PM)
***  All brothers and sisters. I guess then state as gift and pay stamp duty.
      Stamp duty is x% of the land value, right? How do they then estimate the land value?
*
Yes. Correct. Can refer to the link below. The land will be value by JPPH department.
http://www.jpph.gov.my/V2/kira_dutisetem.php?versi=1

QUOTE(plumberly @ Oct 18 2016, 02:11 PM)
***  Roughly how many % of the market value? 1-30%, 31-60%, 61-100%? Just wondering. If 61-100%, then should still be ok for me.
*
No specific %. They value according to area and other factors.

QUOTE(plumberly @ Oct 18 2016, 02:11 PM)
***  Some housing in that area, stone throw away. Only problem is, it is closer to the chinese burial area.
*
If there are no proposed government project in the future, should be able to renew. Unless government say want to develop low cost housing scheme, then it will not be renew after expiration (if left only a few years). Or government will issue notice for acquisition for X value.

QUOTE(plumberly @ Oct 18 2016, 02:11 PM)
***  10 more years to go. Can ask for renewal now?
*
Can try to apply. nod.gif

Cheers. thumbsup.gif
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