Can an owner sell out his property the moment he receive the Key to his unit. I have seen many owners selling their property the moment they receive their key.

Is it legal to do that? Many real estate agents are displaying their signages in the property that is not even a year yet or the settlement of strata title to the individual.

i thought gomen discourage people from buying than sell in less than 3 or 5 years property?

can...u can even sell the very next day u bought the property if u wan.
strata title or individual title can take a long time to get sometimes depending on developers. If they sell be4 strata title is out better la...coz the transfer title cost a bomb! Btw....the gomen oredi canx the property tax mer.....

Govt trying to move transaction in the real estate. That's why they exempt Real Property Gains Tax

You mean after strata title is recieve, there's a high transfer fee ??

For residential unit, the law now says admin charge is ltd to RM500 only

ya...high stamp duty to be paid more like it.....but depending on the cost of your house. The higher the cost, the higher the stamp duty.

The RPGT's main aim was to curb property speculation.
But it also make investors think twice b4 signing their cheques.

Now, in order to push sales (due to overbuilt), the Govt lifted RPGT. Hoping that would stimulate the property market.

Whether property sales would push forward? I don't know. But share prices of property companies jumped quite a huge margin since the announcement.

Note: When there's property transaction, the Govt benefit from the stamp duty collection (on Agreements & Transfer).

Are you sure that owner can sell the unit without Strata titile approval. Its illegal am i right ?I read somewhere in a book that its illegal leh?

Yes can sell la. U can buy and sell on the spot also if u wan and its not illegal. But u must get consent from the developer when u sell. Btw..strata title is meant for condos/apartments. For landed properties, its called individual title, correct me if wrong.

Have to be careful coz I heard some developers charge ahem ahem... processing fees to grant this approval

On the other hand if you have your individual strata title you don't need such ahem ahem... processing fees

not some....its all also will charge. Its a consent fees.
If u r planning to sell be4 your title, its better to pay the fees than getting the title 1st becos the title is gonna cost u a bomb. DUnno about u guys....but if i get my title now, its gonna cost me an extra rm7k for the stamp duty. So i hold the transfer 1st becoz i wanna sell off my place 1st. Someone told me if havent get the title yet, need to pay up to 1% of the house sale price, but my agent told me i only need to pay rm500 to the developer for their consent. But either way.....its cheaper than getting my title 1st if i sell the house.

Hmm...anyone know if its a 1% or a RM500 if sell house be4 getting the title?

I stand corrected all developers will charge a processing fee...

Wouldn't getting the strata title issued for your unit contribute to better pricing in the secondary market...? Just asking here...

As opposed to not having a strata title... but I still feel its unjust to pay developers because its the reason why some unscrupulous developers delay in getting the strata title so they can profit from collecting approval fees...

Anyway if it was me I'd refused to pay on principal... but then if it's me in the first place I'd usually avoid buying a high-rise...

This post has been edited by aaronpang: Apr 20 2007, 04:33 PM

haha...tat highrise i am staying ler. I choose highrise coz i wanted to stay in one I am refering to another house for this. The ind title doesnt make any difference on the value of the house as the price is very much fixed....so getting the transfer will only burden me. But for other houses, i would have to agree wif u.

To my understanding, property with strata title would fetch a higher selling price compared to similar property at similar location without strata.

Anyway, sheepskin originate from the sheep itself.

This post has been edited by scorgio: Apr 20 2007, 08:07 PM

Nothing wrong with selling property without strata title. I know some of the properties after 8 years still doesn't have strata title! Like what the others have said here, you only need to get developer consent.

Why we need to get Developer consent and pay them Processing Fee? Did anybody ask why? We bought the property and we have to ask them whether we can or cannot sell off the property? What kind of LAW is this. what sort of Processing Fee are we talking here? Does it cost so much to prepare simple document? Why RM 500 or 1 percent.. Do we have to pay a limo service to fetch the Director to give a consent signature ?

This post has been edited by hackwire: Apr 20 2007, 10:55 PM

hahah...coz without the title, its under the developer master title loo...u duwan to pay them the consent fees, they duwan to agree to u selling yer property loo....afterall, the title is still under them. Something like tat la....i guess only.....hahaha..

Strata usually take 10 years.
That's the kind of efficiency our land office & govt agencies possess.

Before ST is issued, the developer has to keep the register of ownership of the individual parcels. In a way, they are like doing the job of the land office in the interim. It's an onerous duty to ensure that the actual ownership are properly recorded and registered. Better be careful if the developer chin chai allow transfer of ownership...just imagine the mess and the risks involved if you're the parcel owner.

Anyway, previously, there's no std amount that developer can charge for this function. Then the amendment came and limit the amount to RM500. (for residential units only) .With the recent amendement to the Housing Act wef 12/4/07, consent from developer is no longer required...so can save the RM500. There is a $100 charge for confirmation and stuff like that which you will still need from the developer.

My view is that buyers have to exercise more caution now, as we have to ensure our interest is properly registered. Truth is, developers are very happy to be free of this function ,,,they are not bothered with the $500 fees.

This post has been edited by ??!!: Apr 21 2007, 02:01 PM

Thanks for the explanation
Now i know y.....