What are the general steps of pot in Malaysia?
In Malaysia, the process of perfection of transfer varies depending on the type of property being transferred.
Here are the general steps involved in the process:
- Preparation of transfer documents: The transfer documents are prepared by the solicitors. This includes the transfer form (also known as Form 14A) and the consent forms from relevant authorities (if applicable).
- Signing of the MOT: The second step in the transfer of property is the signing of the transfer documents (MOT).
- Payment of legal fee and stamp duty on transfer: The owner is then required to pay the legal fee and stamp duty on transfer. The stamp duty is calculated based on the SPA purchase price and is paid to the Inland Revenue Board on behalf of the purchaser(s) by the appointed solicitors.
- Submission of transfer documents: Once the stamp duty has been paid, the transfer documents are submitted to the Land Office or Registry for registration. The Land Office will then process the transfer and issue a new title deed in the name of the buyer and charged to the relevant financial institution (if any).
- Collection of new title deed: The solicitors will then collect the new title deed from the Land Office or Land Registry and contact the purchaser(s) for collection of the same.
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