28 September, 2006

Without Strata Title

Notice some of the high-rise building have not obtain their strata title under the stipulated time. Actually, the developer/landowner must submit the strata title application within six months after the CF was issued, or six months after the SPA if the agreement was signed after the CF was issued.

Failing which, developer/landowner is subject to fine btw RM10,000 - RM100,000 under Section 8 (5) of the Strata Title Act 1985. Besides that, daily fine of Rm100 or RM 1,000 could be imposed for the each day of the offences.

However, slow processing of the National Land Council causes most of the delay of issuance of strata title.

Bear in mind, Without strata title there would be problems related to the selling and buying of the property, transfer of titles, mortgage and estate distribution.

I would say don’t buy property without title as to avoid unnecessary headache.