Property Strata Title Transfer Process

strata title transfer process

Last Saturday, I went to sign Form 14A to transfer master title of my apartment from PKNS (developer) to my name.

So I asked the appointed lawyer on the process. She diligently explained it to me the process, estimated timeline and estimated fee.

scrible that my lawyer did to explain the strata title change process
scribble that my lawyer did to explain the strata title change process

I redraw the scribble on paper for me to understand more the process. Here is the outcome.

strata title transfer process
strata title transfer process

Overall process to transfer the strata title will take around 17 months.
There are 2 payments to be made. One is during the POT and second during the POC.

What are POC & POT are explained below.

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There are 2 major processes:

  1.  Perfection of Transfer (POT) – to insert owner name into the strata title.  Estimated timeline is 9 – 10 months. The fee is calculated based on S&P price.
  2.  Perfection of Charge (POC) – to insert bank name into the strata title if the property still has loan on it. Estimated timeline is 4-5 months. The fee is calculated based on loan amount.

Required Documents

  1. S&P document
  2. DOA (deeds of assignment)
  3. Quit rents payment
  4. Owner’s IC

Required Clarification From Lawyer

After doing the process flow, I noticed few things that I don’t understand as listed below. I will get more clarification from the lawyer and will update my post accordingly.

  1.  From the process flow diagram – (7) / (8) bank direct to LHDN or via lawyer?
  2. From the process flow diagram – (9)/(10) LHDN direct to PTG or via Lawyer?
  3. From the process flow diagram – (9) what is adjudication for?
  4. Can use lawyer appointed by developer for bank to complete the POC?
  5. Fee calculation for POC & POT

Definitions:

POT: Perfection of Transfer
A process to insert owner name into the strata title.

POC: Perfection of Charge
A process to insert bank into the strata title if the property still has loan.

DRR: Deed of Receipt & Reassignment Process
A process to remove bank’s mortgage from the strata title

 

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