Guidebook on Registering Property in Malaysia.pdf

More documents

Recommendations

Info

GUIDEBOOK on REGISTERING PROPERTY in MALAYSIAA summary of Steps 1 to 5 is shown in Diagram 11.•••• Conduct Winding-Up Search• SPA - 4 copies•••(Johari)(Hakimi)• On the assumption that buyer’s loanhas been approved, sign SPA• Deed of Assignment• PDS 15• The latest Quit Rentreceipt• The latestAssessment paid tothe Local Authority33••Banker(Seller’s Bank)(Buyer’s Bank)• Obtain redemption statement and letterof undertaking from seller’s end financier(Bank)• Obtain letter of instruction from buyer’s endfinancier (Bank) for the amount approved.Pay to seller the Differential Sum• Redemption Statementaddressed directly tobuyer’s end financier(Bank)• Letter of Offer frombuyer’s end financier(Bank)• SPA Lawyer• Stamp Office /RSC• Request for stamping of Deed of Assignment- Notice of Assessment is extracted(Stamp Office / RSC)• Deed of Assignment• Form PDS 15• Photocopy of NRIC ofseller and buyer• Land search and copyof title• SPA Lawyer STEP 5• Extraction of Notice of Assessment for StampOffice / RSC• Payment of stamp duty according to theNotice of Assessment• Extraction of certificate of payment of stampduty on the Deed of Assignment• Form Deed ofAssignment• Original Notice ofAssessment• Payment of stampdutyDiagram 11 - The Procedures for Sub-Sales of Property without 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 180,000 2% RM 3,600Total RM 280,000 RM 4,60034The lawyer will be able to retrieve the Notice of Assessment online through STPH / STAMPS. Asample of 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 the original Deed of Receipt and Reassignment,the principle SPA, the original Security Documents and the Deed of Assignment (if subsequentsale).The normal duration for release of the above documents by a bank would be 5 working days fromthe date of receipt of the Redemption Sum as illustrated in Diagram 12.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 Deed of Receipt and Reassignment, Bankers Cheque;(ii) Principal SPA, Deed of Assignment and all otherrelevant documents, etc.Diagram 12 : Release of Original Documents in Straightforward Cases
Page 4 and 5: GUIDEBOOK on REGISTERING PROPERTY i
Page 6: GUIDEBOOK on REGISTERING PROPERTY i
Page 39 and 40: 38GUIDEBOOK on REGISTERING PROPERTY
Page 84 and 85:
GUIDEBOOK on REGISTERING PROPERTY i
show all

Guidebook on Registering Property in Malaysia.pdf

Create successful ePaper yourself

Delete template?

Save as template?