Guidebook on Registering Property in Malaysia.pdf

GUIDEBOOK on REGISTERING PROPERTY in MALAYSIAThe documents involved are as listed in Diagram 9.Property with Title28Fully paid• Individual Title underSeller’s name1. SPA2. Form 14A3. Original IDT4. Form PDS 155. New Form 16ADocuments InvolvedVendor still owes bank• Title is under Seller’s name but is stillcharged with the Bank• Title must be redeemed from the Seller’sBank• Property must be free from encumbranceto be charged by Buyer’s BankAll the forms stated in 1-5 together withthe forms below:6. Form 16N7. Entry of Caveat by Buyer’s Financier(Caveat Form)Diagram 9 - Type of Transactions in Property Sale and Purchase5. Registration of Property• Form 14A will pass through all the processes involved as set out in the flowchart in Diagrams3 and 4.• The IDT will be ready for collection by Hakimi’s lawyer within 1 working day.Handing Over Property• Hakimi’s bank will release the balance purchase price after a Charge has been created inits favour.• Johari will receive payment of the balance purchase price from Hakimi’s bank.• Payment is normally made 3 days before exchange of keys and apportionment of outgoingsfor the Property.