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.
I redraw the scribble on paper for me to understand more the process. Here is the outcome.
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.
There are 2 major processes:
- 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.
- 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.
- S&P document
- DOA (deeds of assignment)
- Quit rents payment
- 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.
- From the process flow diagram – (7) / (8) bank direct to LHDN or via lawyer?
- From the process flow diagram – (9)/(10) LHDN direct to PTG or via Lawyer?
- From the process flow diagram – (9) what is adjudication for?
- Can use lawyer appointed by developer for bank to complete the POC?
- Fee calculation for POC & POT
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