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Flowcharts - Subsale With Title (Encumbrance)

This document outlines the steps and procedures involved in a sale and purchase of property with individual title that is encumbered to a financial institution, where there are no restrictions on interests and the purchaser is obtaining a loan. It includes 15 key steps from preparing documents like the sale and purchase agreement to redemption of the property and discharge of the charge. It also provides sample documents that would be used, such as the sale agreement, Form 14A, statutory declarations, undertakings and invoices.

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Adhariah
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914 views31 pages

Flowcharts - Subsale With Title (Encumbrance)

This document outlines the steps and procedures involved in a sale and purchase of property with individual title that is encumbered to a financial institution, where there are no restrictions on interests and the purchaser is obtaining a loan. It includes 15 key steps from preparing documents like the sale and purchase agreement to redemption of the property and discharge of the charge. It also provides sample documents that would be used, such as the sale agreement, Form 14A, statutory declarations, undertakings and invoices.

Uploaded by

Adhariah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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LLB 40403

CONVEYANCING
PRACTICE
Agenda

FLOWCHARTS

SALE AND PURCHASE AGREEMENT - SUB-SALE of


Property with Individual Title (where Property is
encumbered/charged to a Financial Institution, No
Restriction in Interests and the Purchaser is
obtaining a Loan)
SALE AND PURCHASE AGREEMENT
(SUBSALE - WITH INDIVIDUAL TITLE,
SUBJECT TO ENCUMBRANCE, NO RII,
PURCHASER APPLIES A LOAN)
Pre Formation of Contract - Details
1 of Parties - Documents - etc

2 Conduct search on Title

3 Prepare Sale and Purchase


Agreement, Form 14A , RPGT
Forms, Invoice - etc

4 Purchaser's loan approved


Execution of SPA, Form 14A, etc and
Payment of Balance Deposit by
5 Purchaser + Settlement of Legal Fees and
Disbursement by parties

6 Stamping of SPA

7 Solicitors to Issue letter requesting a


Redemption Statement and Undertaking
from the Vendor's Financier

8 Solicitors to Issue letter of


confirmations and undertaking to Loan
Solicitors upon request and forward the
Original Redemption Statement to Loan
Solicitors for the purpose of advise of
release of the Purchaser's loan to settle
the redemption sum owed by the Vendor
to the Vendor's Financier
9 REDEMPTION of Property.

10 Upon settlement of redemption


sum to the Vendor's Financier,
Solicitors are to forward to the
Vendor's Financier notification on
redemption sum settled and
Memorandum of Discharge of
Charge (Form 16N KTN) for
execution

11 Vendor's Financier shall return the


duly executed Form 16N and
security documents held in their
custody to the Solicitors

12 Stamping of Form 16N


13 Adjudication of Form 14A

14 Pay stamp duty on MOT upon


issuance of notice of assessment

Forward duly adjudicated and


15 stamped Form 14A, duly stamped
Form 16N together with Original
Title and relevant registration fees
to Loan Sols

16 Registration of Form 16N


Discharge of Charge by the
Vendor's Financier, Form 14A
Transfer in favor of Purchaser and
Form 16A Charge in favor of
Purchaser's Financier at relevant
land office/land registry
17 Release of Balance Purchase Price
to Vendor

18 Delivery of Vacant Posession by


the Vendor to the Purchaser

19 Completion
Preparation of
Documents
Sample
SALE AND PURCHASE
AGREEMENT
Sample
FORM 14A
('MEMORANDUM
OF TRANSFER')
Sample
FORM 14A
('MEMORANDUM
OF TRANSFER')
Sample
LETTER OF
APPOINTMENT OF
SOLICITORS
Sample
STATUTORY
DECLARATION FOR
EXEMPTION ON
STAMP DUTY UNDER
PU(A)53/2021 FOR
FIRST HOUSE
PURCHASER (IF
APPLICABLE)
Sample
CONFIRMATION ON
NON-REPRESENTATION
BY VENDOR
Sample
STATUTORY
DECLARATION OF
NON BANKCRUPTCY
Sample
VENDOR'S
LETTER OF
UNDERTAKING
TO REFUND
Sample
VENDOR’S LETTER
OF
AUTHORISATION
ADDRESSED TO
VENDOR’S
BANK/CHARGEE
FOR REDEMPTION
OF PROPERTY
Sample
FORM 16N
('MEMORANDUM
OF DISCHARGE
OF CHARGE')
Sample
FORM 16N
('MEMORANDUM
OF DISCHARGE
OF CHARGE')
Sample
VENDOR'S
CONFIRMATION ON
SETTLEMENT OF
DIFFERENTIAL SUM
BETWEEN LOAN
FACILITY AND
PURCHASE PRICE BY
THE PURCHASER
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
RPGT FORM
(REAL
PROPERTY
GAINS TAX)
Sample
BILL OF
CHARGES/
INVOICES -
PURCHASER
Sample
BILL OF
CHARGES/
INVOICES -
VENDOR
Thank You

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