1.4.1 Checklist - Lecture notes 1 PDF

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MULTIMEDIA UNIVERSITY CONVEYANCING PRACTICE UCY4612: T1 2018/Prepared by Gita Radhakrishna 11 Stages in the S&PA1.4 Checklist:-Acting for Vendor Acting for Purchaser 1 of instructions 2. Particulars of parties- names, NRIC, address, tel. etc 3. Particulars of agents if any. 4. Is property occupi...

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MULTIMEDIA UNIVERSITY CONVEYANCING PRACTICE UCY4612: T1 2018/19

1.4 Stages in the S&PA 1.4.1 Checklist:Acting for Vendor Acting for Purchaser 1.Date of instructions 1. Date of instructions. 2. Particulars of parties- names, NRIC, 2. Particulars of parties- names, NRIC, address, tel. etc. citizenship – EPU address, tel. etc.citizenship Guidelines – non – citizen or foreign 3. Particulars of agents if any. company. 4. Is property occupied – vacant possession? 3. Minimum Threshold of Property 5. Particulars of Purchaser’s Solicitors/ Acquisition by Foreigners raised to RM1 representatives. Million w.e.f.1 March 2014. But this 6. Particulars of property – title, address, does not apply to purchasers under encumbrances/ restrictions on title if any. ‘Malaysia My Second Home’ Land Tenurefreehold/ leasehold/ assignment. 4. Particulars of agents if any. 5. Is property occupied – vacant possession? 7. Selling Price 6. Particulars of Vendor’s Solicitors/ 8. Deposit – paid? 9. Any correspondence between parties? representatives. 7. Particulars of property – title, address, 10. Preparation of draft S&PA for approval by encumbrances/ charge / restrictions on Purchaser’s Solicitors. title if any. Land Tenure- freehold/ 11. If property charged – redemption sum – bank, Solicitors. Letter of Authority from leasehold/ assignment. Vendor to request redemption sum from 8. Selling Price Chargee bank. 9. Do a 1st. search on title, [advise client on additional town planning search – any 12. Payment of redemption sum and Discharge of Charge compulsory acquisition / zoning etc.* this is not compulsory] 13. Completion date 14. Real Property Gains Tax (RPGT) CKHT 10. Deposit – paid? When deposit has been forms to be filed. To advise client whether paid it is prudent to lodge a caveat on the title to safeguard the purchaser’s interest they are entitled to any exemptions under the RPGT Act 1976 Sch. 3 para 9 until completion. This will prevent the Vendor from dealing with the property to Real Property Gains Tax (Exemption) the prejudice of the purchaser. 11. Any correspondence between parties? Order 2009 12. Collect current quit rent and assessment receipt 15. Both Solicitors have to ensure that all documentation have been correctly 13. Peruse draft S&PA from Vendor’s executed Solicitors and take instructions from client. Terms for payment of balance of purchase price. Real Property Gains Tax (Exemption) 14. Execution of approved S&PA Order In order to curb property speculation 15. Purchaser to apply for loan. Solicitors activities, the RPGT rates have been revised continuously. See Table below* acting on the loan if not the same Solicitor. 16. Submit application for valuation of Stamp Duty exemption for Skim property and assessment of Stamp duty Perumahan Rakyat 1Malaysia 17. Prepare Form 14A for execution by both parties. Send S&PA and the Form 14A to 100% stamp duty exemption will be given Prepared by Gita Radhakrishna

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MULTIMEDIA UNIVERSITY CONVEYANCING PRACTICE UCY4612: T1 2018/19

on loan agreements for the purchase of residential properties priced up to RM300,000 under the Skim Perumahan Rakyat 1Malaysia (for sale and purchase agreements executed from 1 January 2012 to 31December 2016). Latest development?

the Stamp Office for Adjudication – i.e. assessment of stamp duty. Present transfer for registration together with S&PA, stamp duty assessment and fee, charge Form 16A together with stamp duty fee and quit rent receipts. 18. Real Property Gains Tax (RPGT) CKHT forms to be filed.

Prepared by Gita Radhakrishna

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