QUOTE(contestchris @ Aug 31 2023, 01:32 AM)
Hi all,
I'm trying to understand the various costs to be factored in when buying an under-construction property, and there's something that confuses me.
I've come across Perfection of Transfer / Perfection of Charge (POT & POC), as well as Memorandum of Transfer / Memorandum of Charge (MOT & MOC).
Are these ultimately referring to the same thing? If no, when exactly will these be due/applicable?
POT is the process to formalize the change from Master Title to Strata/Individual title using MOT (Form 14A), so that the buyer is recognized as the new owner of their unit/property that's issued on the strata/individual title.I'm trying to understand the various costs to be factored in when buying an under-construction property, and there's something that confuses me.
I've come across Perfection of Transfer / Perfection of Charge (POT & POC), as well as Memorandum of Transfer / Memorandum of Charge (MOT & MOC).
Are these ultimately referring to the same thing? If no, when exactly will these be due/applicable?
POC is to transfer ownership for an Individual or Strata Title using the MOC (Form 16A), to the bank who supplied the home loan to purchase the property, so that the bank is the owner of the property until the borrower has paid off the loan.
To simplify it:
POT/POC = the process/action taken
MOT/MOC = a specific legal document involved in POT/POC
But when tossing around the abbreviation in fees, POT/POC = the legal fees involved, while MOT/MOC = stamp duty for the documents
Sep 1 2023, 01:00 PM

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