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 Strata title for subsale, Process?

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TSilovestitch
post May 6 2017, 10:40 PM, updated 9y ago

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I have decided to go for a subsale condo unit. Current owner has made the strata title registration, and is currently in progress (According to the lawyer).

What i heard from lawyer:

1. Strata title registration usually take 2 to 3 months
2. After the strata title successfully transferred to owner's name (probably after i have signed the S & P), they will proceed to make a transfer to be under my name, and this service has been charged as legal fee.

My concern:
After i have signed the S & P, and has paid all the fees to lawyer, will the lawyer still bother to help me transfer the strata title? or will they delay or hanky panky, as payment dy received by them?

This post has been edited by ilovestitch: May 6 2017, 10:42 PM
TSilovestitch
post May 7 2017, 12:53 PM

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QUOTE(nookie188 @ May 7 2017, 09:04 AM)
was the lawyer hired by you ? I would presume so since you are the buyer..

to a certain degree you have to trust the lawyer to do the job for you that is why its essential you get a reliable one.

Are you taking a loan?  if you are , its probably "safer" that way as the bank will ensure all documentation are in order before disbursement.
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Ok, thanks

TSilovestitch
post May 8 2017, 02:21 PM

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QUOTE(AskarPerang @ May 7 2017, 03:03 PM)
You mean the condo is still under master title and now in the process of getting the strata title?

If yes, then you are in luck. Well, unless you really want to get the unit ASAP.
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but i have already pay the legal fee all that, which suppose to include helping me to transfer the title. if in the end (after i signed the s & p) , i realize that the title is not transfered to my name, i can make a complain is it?

1 more question,

If the lawyer did not help to transfer the title under my name in the end, and i have already sign the S & P, means property under my name, but title under current owner name?

This post has been edited by ilovestitch: May 8 2017, 02:23 PM
TSilovestitch
post May 8 2017, 02:30 PM

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QUOTE(hanhanhan @ May 8 2017, 02:27 PM)
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u sign the S&P doesnt mean property under ur name..

u need to fulfill the T&C in the SPA = payment of purchase price

once u paid full purchase price, then only the lawyer will go and do the title transfer to your name.

what ur lawyer said is correct, strata title sometimes 2-3 months and some places up to 6-9 months.

once u paid ur balance purchase price, ask the lawyer to give u a copy of the presentation receipt (which evidences the lawyer submitting the title to land office to transfer to ur name). From that presentation receipt u should be able to track the progress online. If the lawyer doesn't do that u can lodge report at bar council (of course u need to give the lawyer approx 1-2wks to go and do the registration la).
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"once u paid ur balance purchase price", means 10% downpayment + lawyer fee?
TSilovestitch
post May 8 2017, 02:37 PM

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QUOTE(hanhanhan @ May 8 2017, 02:35 PM)
100% + lawyer fee, stamp duty, disbursements
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u mean bank pay the other 90% + lawyer fee (my own pocket). is it?
TSilovestitch
post May 8 2017, 02:42 PM

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QUOTE(AskarPerang @ May 7 2017, 03:03 PM)
You mean the condo is still under master title and now in the process of getting the strata title?

If yes, then you are in luck. Well, unless you really want to get the unit ASAP.
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i mean the strata title dy publish by land office, and owner has submitted the registration, and the registration is in progress now.
TSilovestitch
post May 8 2017, 02:49 PM

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QUOTE(hanhanhan @ May 8 2017, 02:41 PM)
the lawyer will only do the title transfer to your name after the whole purchase price has been paid to the lawyer as stakeholder

eg property price is 500k

the whole 500k (whether from ur pocket or from ur bank loan) must be paid to the lawyer as stakeholder

AND u must pay the lawyer legal fees and stamp duty

THEN ONLY he will do the title transfer to u.

why would you think after u pay deposit the lawyer must transfer title to you? u're not yet the owner of the property until u pay the whole purchase price ma.
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yes i know, my main point is let say I have signed the S & P and pay all what i need to pay. and lawyer need to start his job to process the S & P dy, but during that time, the current strata title registration (by the current owner) is still in progress (I assume the processing of S&P can be completed before the current pending strata title acquisition), Do i need to pay another MOT for strata title ownership transfer to my name.
TSilovestitch
post May 8 2017, 03:01 PM

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QUOTE(hanhanhan @ May 8 2017, 02:54 PM)
1. pay all u need to pay = pls elaborate

2. what do u mean by 'processing of S&P can be completed"

if ur concerned whether u need to pay additional legal fees for preparing the MOT, then no. the legal fees they charge u for preparing SPA does include preparing the MOT as well.
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1. 100 % + lawyer fee
2. Transfer property ownership

From my understanding,

Example:
1. Like the case of current owner, he need to get the strata title, he needs pay MOT.
2. Like my case, i need to pay MOT to transfer the ownership of the property.

So MOT need to be paid when:
1. u want to transfer property ownership
2. or change title from master to strata

Let say:
MOT dy paid, lawyer dy done his job to transfer the property ownership to myself. Later strata title acquisition success (but under owner name, cos owner register one).
Then i need to pay a fee to transfer the strata title which is currently under the owner name to become my name?

I am not sure if my understanding is correct, pls englighten me if i am wrong. Thanks

This post has been edited by ilovestitch: May 8 2017, 03:02 PM
TSilovestitch
post May 8 2017, 04:38 PM

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QUOTE(hanhanhan @ May 8 2017, 04:23 PM)
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you're making me confused as well. the bolded parts are my explanation, hope it helps.

Example:
1. Like the case of current owner, he need to get the strata title, he needs pay stamp duty to transfer the title from developer to him
2. Like my case, i need to pay stamp duty on the MOT to transfer the ownership of the property from the owner's name to your name.

So MOT need to be paid when:
1. u want to transfer property ownership. YES
2. or change title from master to strata (technically change title from master to strata IS a transfer property ownership same like #1)

Let say:
MOT dy paid, lawyer must get the title transferred to the seller/owner's name first. Once title is extracted from land office with the seller/owner's name written there, then only can do the 2nd transfer (yes u pay the stamp duty on the MOT, but there shouldn't be a separate 'legal fee' chargeable on preparing the MOT if you use the same SPA lawyer lah) - to transfer to your name as the purchaser, provided that you have paid the seller the full purchase price.
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I understand what u mean now, but what makes me confuse is the lawyer said i can request to put a sentence there say, once the strata title has been received, only process or something. (but the seller must consent on this)

But it seems like it is a must to get strata title first before transfer ownership to my name (Based on what u r explaining here). But from what the lawyer said, it seems like a choice (up to me) whether to wait for seller to get the strata title first. (Based upon ur explaination to me it is a MUST). Really confusing here
TSilovestitch
post May 8 2017, 05:29 PM

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QUOTE(hanhanhan @ May 8 2017, 04:44 PM)
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either

1. lawyer say sign the booking form now, then wait until title registered under owner name, only sign SPA

2. lawyer say sign SPA first, but wait until title registered under owner name, then only the time for u to pay the balance purchase price start to run (usually 3 months + 1 month extension subject to interest)

either way also can, as long u can lock in ur purchase price now and tie the owner down to sell this property to u.

maybe u misunderstand what ur lawyer say - u must wait for title to be under owner's name first only can transfer to ur name (assuming direct transfer is not allowed).

direct transfer means, from developer name direct to ur name. so the seller/owner save on his stamp duty on MOT (cos skip the 1st transfer to him)
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direct transfer is allowed or not ? not fix dy? not set by authority meh?
TSilovestitch
post May 8 2017, 05:31 PM

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QUOTE(hanhanhan @ May 8 2017, 05:30 PM)
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depends on developer mood.
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means this rule specify in s & p between owner and the developer?
TSilovestitch
post May 8 2017, 06:51 PM

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QUOTE(hanhanhan @ May 8 2017, 05:32 PM)
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it is never specified. ultimately depend on developer mood.
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thanks for your information.
TSilovestitch
post May 8 2017, 11:25 PM

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QUOTE(hanhanhan @ May 8 2017, 05:32 PM)
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it is never specified. ultimately depend on developer mood.
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The lawyer told me that the owner has already apply the strata title, and is now in progress, so after i sign the s&p, lawyer will still wait the owner to get the strata title first, only proceed with ownership transfer at once? Is this correct? If my assumption is correct, then why i read some posts saying that condo that is still under the master title can be sold to the buyer as well? that is called direct transfer?

This post has been edited by ilovestitch: May 8 2017, 11:44 PM
TSilovestitch
post May 9 2017, 08:44 PM

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QUOTE(yiyi87 @ May 9 2017, 08:38 AM)
if the condo still under master title means the developer hasn't subdivide the units yet, no strata title yet
if strata title has been issued and current owner has yet to get the strata title transferred to him/her, and if he/she wants to sell the property, then will need consent from the developer for direct transfer
if the owner has already applied for the strata title and in the midst of obtaining it, then this process has to be completed, no half way
you can put a condition precedent in the s&p  - receipt of the copy of strata title duly registered in the name of the seller, so your 3 months will only start after this condition has been fulfilled..
bear in mind your waiting time to get the place will likely cross 3 months (including the waiting time for seller's strata title)
this happened to me smile.gif all the best
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"the obtaining process has to be completed"? From what i know, the seller can cancel the transfer anytime and get the refund to save cost.

I have check with the developer, they indeed allow for direct transfer, my concern is now the owner already found the buyer(me). If he really cancel the transfer of strata title, does the MOT i paid for SNP include the transfer of strata title as well? If this is the case, i dont need to worry even if the current owner cancel the strata transfer?

This post has been edited by ilovestitch: May 9 2017, 08:45 PM
TSilovestitch
post May 11 2017, 12:47 AM

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May i know the direct transfer takes how long? Will it be good to put a clause in SNP said after get the letter from developer only start the 3 + 1 for safety purpose

 

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