What is this Instrument of Transfer (IOT)? Instrument of Transfer (IOT)for Transfer of Strata Title TO share with you on the importance to execute the Instrument of Transfer (collectively named as ‘IOT’) for the strata title that has been issued by the Land Office, i.e. Pejabat Tanah dan Galian (PTG). IOT is for the transfer the strata title to your name, and the strata title is a proof of ownership of your property besides your Sales and Purchase Agreement. If you have plans to sell your property after the strata title has been issued by PTG, you will have to execute the IOT first to facilitate the sub-sale process. Under the Strata Titles Act 1985 Section 40A: Purchasers are required to execute all IOT within twelve (12) months from the date of the Developer’s notice, or the date of purchase of the property, whichever is the later. If you fail to execute the IOT within the said 12 month period, you are liable to a fine of RM1, 000 – RM10, 000 per property imposed by PTG. Note: 1. All IOT includes the Memorandum of Transfer(MOT), stamping proforma-PDS form, consent form if any etc. Please check with your S&P Solicitor for details. 2. Developer’s notice is a notice that delivered to purchasers informing that the strata title has been issued. Therefore, purchasers are required to execute the IOT within a 12 month period from the date of this notice. Find out from your developer the status of your property on a regular interval, to check Strata Title has been issued with PTG and developer’s notice to the solicitor to prepare IOT for your execution. If you have not completed your IOT. We advise you, should act immediately. To contact your Sales & Purchase Agreement (S&P) lawyer to sign the Memorandum of Transfer (MOT). To settle the stamp duty and legal fees with your solicitor. To settle all outstanding payments, if any, such as maintenance charges (SC) , sinking fund (SF) , quit rent, insurance premium etc. to your Joint-Management-Body(JMB) / Management Corporation (MC) or Developer. Writen by; Joseph Wong More articles in FB Group MCL-FAQ 大马高楼居住问题多多 (Join this group) Term of reference 2002-2049 Dated: 22-1-2015
Posted on: Thu, 22 Jan 2015 07:48:37 +0000
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