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Acting For Purchaser Buying Property With Title From Vendor (Non-Developer)

This document outlines the process and documentation required for a property purchase transaction with a non-developer vendor in Malaysia. Key points include: 1) The purchaser pays a 10% deposit upon signing the sale and purchase agreement and must pay the balance within 3 months, with a grace period if needed. Vacant possession is given once fully paid. 2) Both the purchaser and vendor will engage their own solicitors. The vendor's solicitor will prepare the sale and purchase agreement. 3) Due diligence includes obtaining copies of prior agreements, land searches, and bankruptcy checks. The vendor may be selling with power of attorney. 4) Real property gain tax may be owed if the property

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Akmal Safwan
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44 views3 pages

Acting For Purchaser Buying Property With Title From Vendor (Non-Developer)

This document outlines the process and documentation required for a property purchase transaction with a non-developer vendor in Malaysia. Key points include: 1) The purchaser pays a 10% deposit upon signing the sale and purchase agreement and must pay the balance within 3 months, with a grace period if needed. Vacant possession is given once fully paid. 2) Both the purchaser and vendor will engage their own solicitors. The vendor's solicitor will prepare the sale and purchase agreement. 3) Due diligence includes obtaining copies of prior agreements, land searches, and bankruptcy checks. The vendor may be selling with power of attorney. 4) Real property gain tax may be owed if the property

Uploaded by

Akmal Safwan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Note Convey 19/10/2020

Acting for purchaser buying property with title from vendor (non- Developer)

Term and condition not prescribe by statue

 Paying 10% purchase price upon signing SNP


 Paying balance price within 3 month from the date of signing SNP
 If balance not paid within 3 month grace period will be givem
 Vacant possession given when fully paid
 Apportiontment of quit rent, assessement and other outgoings
 Restriction in interest- Condition precedent

Purchase through an estate broker (agent)

 Required 10% deposit sometimes have form if SNP not sign btw 2 week the deposit will
forfeited

Purchaser and vendor to engage own solicitor

 Solicitor to act for one party only


 Vendor solicitor to prepare Sale and Purchase Agreement

Get particular of the property

 A copy of SNP when the vendor first obtain the property (contain all particular of the
property-first SNP)
 Land search
 Bankruptcy and company liquidation
 Vendor sell by the power of attorney

Preparation of SNP

 Particular of property
 IC party
 The acquisition date
 Purchase price

Drafting the SNP

 Recital part
1. To introduce the background and reason as to why the agreement came about.
 Operative part ( consideration, time to pay)

Real Property Gain Tax (RPGT)

 Cukai Keuntungan Hasil Tanah 2A to pay% to the IRB within 60 days


 Vendor sell property within 5 years and make a gain the vendor has to pay RPGT
 Using 21B RPGT ACT 1972(10% deposit-the purchaser pays 8%, the 2% being retained to pay
RPGT) (purchaser solicitor liabilities)
 CKHT 2A kena bayar CKHT3 x kena bayar

Private Caveat
 Entry
i) Form 19B
ii) Statutory Declaration
 Withdrawal
i) Form 19G

Document to get from Purchaser

 IC
 10% purchase price and fees
 Company (a copy of the board resolution to buy the property)

Document ready for execution

 Four copies of SNP


 Two copies of MOT. Only one is needed for registration.
 One copy of CKHT
 Section for purchaser’s execution on state consent application.
 A private caveat form
 Withdrawal of private caveat

When to Submit MOT for adjudication to the stamp office to the market value of the property
assessed so the proper stamp duty ad valorem can be calculated

 Date on the MOT


(1) accessor will access the market value of the property based on that date
(2) Within 3 months from the date on the MOT, MOT has to be presented to the Land
Office for the registration or penalty will be imposed for late registration.

Particular NEEDED for Adjudication

 SNP
 A copy of IDT
 Form 14A
 Other supporting documents

Payment of stamp duty

 Upon receiving the Notice of Assessment from the stamp office as to the amount of payable
stamp duty, pay within 14 days. If there is delay, penalty will be imposed.
 Payment over counter via Solicitor Client account cheque. PDS 1

Registration

Document needed

 Adjudicated and stamped MOT


 Original document of title free from encumbrances
 A copy of purchaser’s identity card
 A copy of the vendor’s identity card
 A copy of quit rent for the current year (borne by the vendor)
 A copy of the assessment for the current year
 The discharge of Charge and Duplicate Charge if the title is encumbered by the vendor’s
lender
 A cheque for the registration fee (borne by purchaser).

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