Guidebook on Registering Property in Malaysia.pdf

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GUIDEBOOK on REGISTERING PROPERTY in MALAYSIAResponsibilityProcedures For TransferDocument• SPA Lawyer• Financier’sLawyerSTEP 5• Payment of Stamp Duty according to theNotice of Assessment (within 30 days fromthe date of the Notice, failing which,penalty will be imposed by the Stamp Office/ RSC)• Payment of Stamp Duty according to theNotice of Assessment• Pay Redemption Amount to Seller’sFinancier• Stamp Form 16A and send forendorsement• Withdraw Caveat• Do land search• Present Form 14A• Present Form 16ALand Office / Registry• Form 14A• Original Notice ofAssessment• Payment: Bank DraftClient’s Account / PostalOrder / Money Order/ Cash. Payment bySetem Hasil which shallnot exceed RM 500.00• Original IDT obtained• Original Form 16N• Duplicate of Form 16Afrom Seller’s Financier• Quit Rent receipt• Assessment receipt• Form 16A• Discharge of Charge -Form 16N25Diagram 7 - The Procedures for Sub-Sale of Properties with Title(Freehold or Leasehold) from buyer’s point of view
GUIDEBOOK on REGISTERING PROPERTY in MALAYSIA1. Payment of Chargeable Stamp DutyIn Hakimi’s case, the chargeable stamp duty can be determined from the rates specified in theStamp Act, 1949 as follows:Purchase Price Rates Chargeable DutyRM 100,000 1% RM 1,000RM 400,000 2% RM 8,000RM 80,000 3% RM 2,400Total RM 580,000 RM 11,40026The lawyer will be able to retrieve the Notice of Assessment online through STPH / STAMPS. Asample of the Notice of Assessment is attached in Appendix 6.2. Payment of Redemption SumHakimi’s bank will release the Redemption Sum to Johari’s bank, after :• exchange of Letters of Undertakings between the banks and Hakimi’s lawyer;• presentation of a Private Caveat by Hakimi’s bank at the prescribed fee; and• confirmation that Hakimi has paid the Differential Sum.Johari’s bank will then provide Hakimi’s lawyer Form 16N (Appendix 7), the original IDT and othersupporting documents.The normal duration for the IDT to be released by a bank would be 5 working days from the dateof receipt of the Redemption Sum, as illustrated in Diagram 8.PartiesProcessReceives cheque• Credits account• Sends cheque for clearanceBankAfter cheque clearance• Closes the term loan / term financing account (debit interest / profit due, earlysettlement fees, etc)• Prepares Bankers Cheque (refund excess to seller if any)• Informs seller• To forward to lawyers the following:(i) Executed Discharge of Charge Form 16N, Bankers Cheque;(ii) IDT and Duplicate Charge Form 16N and all other relevant documents, etc.Diagram 8 : Release of Original Title in Straightforward Cases
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Guidebook on Registering Property in Malaysia.pdf

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