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What to prepare?

If it involves individual

1.
2.
3.

4.
5.
6.

Transfer
(with title)
SPA (4)
F14A (2)
CAVEAT
FORM (F19B &
F19G)
SD FOR
CAVEAT
CKHT
BILL OF COST

Transfer
(without title)
1. SPA (4)
2. DOA (4)
(TRANSFER)
3. CKHT
4. BILL OF COST

1.
2.

3.
4.

Loan
(with title)
F16A &
ANNEXURE (4)
LOAN /
FACILITY AGT
(4)
BORRS LU
BILL OF COST

1.

2.
3.
4.
5.

Loan
(without title)
DOA
(SECURITY) /
LACA (4)
POWER OF
ATTORNEY (4)
FACILITY AGT
(4)
BORROWERS
LU
BILL OF COST

Islamic Banking
(with Title)
1. F16A &
ANNEXURE (4)
2. PSA (3)
3. PPA (3)
4. BORRS LU
5. BILL OF COST

Islamic Banking
(without title)
1. DOA (4)
(SECURITY)
2. PA (4)
3. PPA (3)
4. PSA (3)
5. BORRS LU
6. BILL OF COST
7. DEVS LU

If it involves company
TRANSFER
1.
2.
3.
4.
5.
6.

M&A
FORM 24
FORM 49
BOARD OF DIRECTORS RESOLUTION
WINDING UP SEARCH
COMPANY SEARCH

LOAN
1.
2.
3.
4.
5.
6.
7.

M&A
FORM 24
FORM 49
BOARD OF DIRECTORS RESOLUTION
WINDING UP SEARCH
COMPANY SEARCH
FORM 34

SECURITY DOCUMENTS (LOAN)


o
o

Conventional Loan
Letter of Offer (Bank prepares)
Loan Document/Facility Agreement

Ada title (Title issued)


o F16A (Charge)
o SPA

No title issued
o DOA (Security)
o Power of Attorney
Principal SPA
o DOA (Transfer)

Islamic Banking
o
Letter of Offer (Bank prepares)
o
PPA
o
PSA
Ada title (Title issued)
No title issued
F16A (Charge)
o DOA (Security)
o Power of Attorney
o Principal SPA
o DOA (Transfer)

Why do we need the Power of Attorney?


PA allows the Bank to exercise its rights; remedies and interest over the charged or assigned land.
The Borrower irrevocably appoints the Bank as its attorney to do such acts and execute all documents
and instruments as may be necessary or expedient to enable the Bank to exercise rights, remedies and
powers conferred upon Bank in respect of the Charged or Assigned property or any acts expedient to
protect the interest of the bank to the security created etc.

What is Principal SPA? The Sale and Purchase Agreement between the Vendor and Developer (Schedule H)
Why do we need Principal SPA?
To prove where do the rights and interest of the Vendor (in case of Transfer) or Borrower (in case of assignment
(security)) derives from.

TRANSFER WITH TITLE TERMS TO USE


Transfer

It is called "Transfer"
Parties:
o Vendor = "Vendor"
o Purchaser = "Purchaser"

Charge
It is called "Charge"
Parties :
o Purchaser : "Borrower/Chargor"
o Bank : "Chargee/Financier"

TRANSFER WITHOUT TITLE TERMS TO USE

Transfer without Title


It is called "Assignment"
(term Transfer dah tak apply lagi!)
Security Doc :
o "Deed of Assignment (by way of Transfer)"
Parties:
o Vendor = "Assignor"
o Purchaser = "Assignee"

Charge / Assignment
It is called "Assignment"
Security Doc:
o "Deed of Assignment (by way of Security/Charge)"
Parties :
o Borrower : "Assignor"
o Bank : "Assignee"

Land with Title


(title is issued)
Landed property
(Terrace House)

Land Without
Title
Title not yet
issued (still under
Master Title)

Note that if the Developer has applied for


subdivision and strata title has been issued,
the Developer need to make transfer by Form
14A at their own cost!
In Sale and Purchase governed under the HDA, note that
the Developer and Proprietor of the Land may be
different persons.
If where there is Proprietor, both Proprietor and
Developer are the Vendors.
If there is no Proprietor, then the Developer is the
Vendor

Transfer

Use Form 14A

Strata Title house


(Flats,
Apartments)

Assignment

Use Deed of
Assignment (by
way of Transfer)

In cases where Title has not been issued, but the Vendor
wishes to sell the property to a sub-Purchaser through subsale,
then he is allowed to do so WITHOUT the need of obtaining
consent from the Developer.
The Vendor just needs to give notice to the Developer, so that
after the title is issued, the Developer can just straightaway
transfer the title to the new Purchaser.
Example: Ali bought a unit of apartment from ABC s/b. Strata
title has not been issued but he wants to sell his apartment to
Siti. Ali can do so through Assignment and he need to inform
ABC s/b that ABCs duty now is with Siti and not Ali
anymore. When the strata title is issued, ABC may just
transfer the property into Sitis name.

FLOW OF TRANSACTION COVERED UNDER NCLM

Sale and
Purchase
(Developer)
HDA:
Sch G (if
landed);
Sch H (if strata)

Charge/
Assignment
File 3 (if ada
title);
File 4 (if x title)
Loan:
Conventional
Islamic
Banking

IF IT INVOLVES BUILD AND SELL


TRANSACTION
SCHEDULE I (LANDED)
SCHEDULE J (STRATA)

Subsale

File 1 (if ada


title)
File 2 (if x title)

Redemption

Redemption
statement
(redemption
sum)

Discharge of
Charge /
R&R
Form 16N (if
ada title); or
Deed of Receipt
& Reassignment
(DRR) (if no
title)

Cukai Keuntungan Harta Tanah / Real Property Gain Tax


CKHT

Acquirer
(Purchaser)

Disposer (Vendor)

CKHT 1A

Submit within 60
days from
disposal
Kenaikan cukai
sebanyak 10% if
fail to pay tax
within 30 days
after valuation
notice

Copy of SPA /
F14A

CKHT 2A

2% of purchase
price
Copy of IDT

Copies of bills
and receipts for
expenses claimed

File within 60
days of
acquisition
Failure to pay
within 60 days tax naik 10%

Copy of SPA /
F14A

Copy of IDT

Property after 5
years

Exemption
(CKHT 3)

HOUSING DEVELOPMENT (CONTROL AND LICENSING) ACT 1966


Schedule G
Landed Property (Terrace, Semi-D, Bungalow)
Sell and build transaction
Liable to pay Vendor 1% of the purchase price
Upon issuance, Dev shall within 21 days execute valid
and registrable Mem. of Transfer & forward the same
together with separate doc of title to Purchaser
Clause 22 - Within 24 calendar month from date of SPA
Clause 23 Upon expiry of 14 days from date of notice
from Vendor, whether or not Purchase actually entered
into possession, the Purchaser shall be deemed to have
taken delivery.
Clause 25 within 24 months after date of taken
possession, Vendor shall repair any defects at its own
cost and expense.
The defects shall be repaired within 30 days of written
notice of defects by Purchaser
Purchaser may carry out repair himself, but at any
time before expiration of the 30 days, the Pur need to
first informed the Dev of the cost of repair that the
Purchaser intended to do.
Then, give second chance to Dev to repair the defects
within 14 days from notice above, failing which the
Purchaser shall repair the defects himself and claim
the cost from the Vendors stakeholders i.e. Lawyer.
Where did the money come? From the last 5% in the
3rd Schedule.

Similarities / Differences

Schedule H

Type of Property

Parcel in premises in a high rise buildings (Flats,


Apartments)
Sell and build transaction
Liable to pay Vendor 1% of the purchase price
Upon issuance, Dev shall within 21 days execute valid
and registrable Mem. of Transfer & forward the same
together with strata title to Purchaser
Clause 25 - Within 36 calendar months from sate of SPA

When?
Effect if fail to obtain loan (Clause 5)
Separate document/strata of title /
transfer of title (Clause 11)
Time for delivery of vacant possession
Manner of delivery of vacant
possession

Defect Liability Period

Failure to Remedy Defects

Clause 26 Upon expiry of 14 days from date of notice


from Vendor, whether or not Purchase actually entered
into possession, the Purchaser shall be deemed to have
taken delivery.
Clause 29 within 24 months after date of taken
possession, Vendor shall repair any defects at its own
cost and expense.
The defects shall be repaired within 30 days of written
notice of defects by Purchaser
Purchaser may carry out repair himself, but at any time
before expiration of the 30 days, the Pur need to first
informed the Dev of the cost of repair that the
Purchaser intended to do.
Then, give second chance to Dev to repair the defects
within 14 days from notice above, failing which the
Purchaser shall repair the defects himself and claim the
cost from the Vendors stakeholders i.e. Lawyer.
Where did the money come? From the last 5% in the
3rd Schedule.

SUBSALE
Terms under the Sale and
Purchase Agreement (Subsale)

Ada Particulars of Vendor, Purchaser


and Property

Deposit - 10%

Completion Period - 3 months from


the date of SPA
Release of Balance PP - within 14
days from the date of presentation of
F14A for registration
Delivery of vacant possession - Upon
payment of balance sum

Extension - 30 days + interest at 8%


per centum

LAND / TITLE SEARCH


2 types :
1. Private search
2. Official search
When?
1. Before signing of spa
2. Before presentation at land office
Why?
1. To found out whether land is
encumbered i.e. Ada charge ke
tak or ada restriction in interest
ke tak
2. To found out whether ada caveat
on land or not
3. To have particulars of the land

Bankruptcy Search
Respective lawyers will do. Vendors soli cannot
make search of Purchaser and vice versa
If Vendor bankrupt need to obtain approval to sell
the land from DGI
If Purchaser bankrupt cannot enter into any
contract

Conditional Contract
If the SPA is subjected
to consent from State
Authorities, then
failure to obtain the
consent will render the
SPA voidable and shall
be terminated.
REMEMBER!
A SOLICITOR CANNOT ACT
FOR BOTH PARTIES