Property Hunter Magazine Issue 63- February 2015 | Page 41

It may take several months depending on the land
office, before the physical title is returned by the Land
Registry/Office to the purchaser.
The financier (if any) would only release the balance
loan sum after the presentation takes place.
Tip: If property is held under individual title, the
purchaser’s lawyer can enter a caveat to freeze the
property from any dealings until the transfer is registered.
Trap: Be prepared to pay the cost of stamp duty in
addition to the purchase price. There is a fixed scale and
generally the stamp duty is based on purchase price or
market value, whichever higher. (See diagram below.)

PROPERTY
VALUE

STAMP DUTY
PAYABLE

First RM100,000

1%

Next RM400,000

2%

In excess of RM500,000

3%

STAGE 7: APPORTIONMENT &
FOLLOW UP
It is the duty of the vendor to pay the outgoings such
as quit rent, assessment and utilities charges prior
to handing over possession to the purchaser. The
outgoings are normally apportioned from the date
of delivery of possession. Your lawyer should check if
all payments have been made by asking for copies of
the receipts from the vendor. If you have paid for the
outgoings instead, insist that the vendor reimburse
you for his share of the payments made.
Finally, ask your lawyer to follow up with the Land
Registry/Office on the extraction of the title.

CONCLUSION
The legal process in ensuring the completion of the
sale and purchase is a complicated process. Maximize
the service of your appointed solicitor!! Stop thinking
of your lawyer as the toll gate, they are your highway
to your destination

While the author makes reasonable
efforts to present information which he
believes to be reliable, the author makes
no representation that the information
or opinions contained in this article is
accurate and complete. Readers are
advised to seek specific professional
advice before acting on the views.

www.PropertyHunter.com.my

41