Outline ·
[ Standard ] ·
Linear+
Bumiputra Property Ownership
TSSarah Ismi P
|
May 9 2019, 03:05 PM, updated 5y ago
|
New Member
|
I am a bumiputra and own a condominium in Cyberjaya. I would like to dispose this property. However, I was informed by the developer that it must be sold to a bumiputra as the master title has a restiction and they have not met the bumiputra quota allocation. Although this is not stipulated in the SPA. Kindly advise on this issue.
|
|
|
|
spacebee
|
May 9 2019, 03:08 PM
|
New Member
|
bumi lot must sell to bumi lah
|
|
|
|
badabing1337 P
|
May 9 2019, 05:24 PM
|
New Member
|
QUOTE(Sarah Ismi @ May 9 2019, 03:05 PM) I am a bumiputra and own a condominium in Cyberjaya. I would like to dispose this property. However, I was informed by the developer that it must be sold to a bumiputra as the master title has a restiction and they have not met the bumiputra quota allocation. Although this is not stipulated in the SPA. Kindly advise on this issue. for condo under master title, there's nothing the developer can do from you selling the unit to anyone u want. Sell condo under master title does not require developer's consent. you can sell to anyone and upon completion of the sale, your lawyer will issue a notice to developer abt update the new owner bumi lot and bumi quota are totally different things.
|
|
|
|
AskarPerang
|
May 10 2019, 02:41 AM
|
|
QUOTE(badabing1337 @ May 9 2019, 05:24 PM) for condo under master title, there's nothing the developer can do from you selling the unit to anyone u want. Sell condo under master title does not require developer's consent. you can sell to anyone and upon completion of the sale, your lawyer will issue a notice to developer abt update the new owner bumi lot and bumi quota are totally different things. Totally incorrect info. For property still under master title, developer hold absolute right during buy/sell transaction. For limited freehold property such as in Cyberjaya, you need to go through developer and also state authority, 2 party your lawyer need to correspond. Dont be surprise for some project still under master title. A bumiputera buyer bought from non bumi owner via subsale. Developer can convert the unit into bumi lot if they fail to meet the quota or they oversell the bumi allocation last time.
|
|
|
|
hanhanhan
|
May 11 2019, 07:37 PM
|
|
QUOTE(AskarPerang @ May 10 2019, 02:41 AM) Totally incorrect info. For property still under master title, developer hold absolute right during buy/sell transaction. For limited freehold property such as in Cyberjaya, you need to go through developer and also state authority, 2 party your lawyer need to correspond. Dont be surprise for some project still under master title. A bumiputera buyer bought from non bumi owner via subsale. Developer can convert the unit into bumi lot if they fail to meet the quota or they oversell the bumi allocation last time. for residential property under master title, developer cannot impose conditions actually..
|
|
|
|
Jay_AX
|
May 12 2019, 10:12 PM
|
Getting Started
|
Hi, sorry I want to tumpang some question too,
For subsale / lelong market, is it possible if a: - 1. Non Bumi buy Bumi lot 2. Bumi buy Non Bumi lot
I google already but all messed up so i hope anybody able to clarify here? tq!
|
|
|
|
AskarPerang
|
May 13 2019, 12:04 AM
|
|
QUOTE(Jay_AX @ May 12 2019, 10:12 PM) Hi, sorry I want to tumpang some question too, For subsale / lelong market, is it possible if a: - 1. Non Bumi buy Bumi lot 2. Bumi buy Non Bumi lot I google already but all messed up so i hope anybody able to clarify here? tq! 1. Lelong definitely cant. Normal subsale need to appeal to state authority. Heard is a long process. Will take 1 year plus. 2. Yes. But the unit may not remain as non bumi lot after the transaction completed.
|
|
|
|
hanhanhan
|
May 15 2019, 01:48 AM
|
|
QUOTE(AskarPerang @ May 13 2019, 12:04 AM) 1. Lelong definitely cant. Normal subsale need to appeal to state authority. Heard is a long process. Will take 1 year plus. 2. Yes. But the unit may not remain as non bumi lot after the transaction completed. bumi lot =/= bumi quota. bumi lot will have restriction in interest expressly stating that the tanah cannot pindahmilik melainkan kpd bumiputra. so bumi buy non bumi lot will not affect that.
|
|
|
|