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Selling Your Property A Legal Checklist
Buying and selling a property will always be one of the biggest financial and emotional transactions of our lives. As a seller, besides getting the property up and ready for prospects viewing, you have to be ready with the “legal” side of things as well. These are a few things to take note on:-
1. Proof of your Identity.
Are you the registered owner of the Property? Is your name registered under the Title Deed of the Property? If yes, you’re definitely eligible to sell the property. For Master Title cases, you’ll need to check on with the updated Developer’s record.
How about a proprietor who has passed away? Basically, the property cannot be sold unless a probate/letter of administration has firsts been granted by the High Court/Land Administrator.
2. Ownership Documentation.
Few documents needed to proceed with your sale, i.e. Principal/Current Sale and Purchase Agreement, Deed of Assignment, Court Orders (if any) and Power of Attorney. These are the proof of your ownership to the property.
Incentives for Property Sector Under the Short-Term Economic Recovery Plan
The world’s economy has changed dramatically in the last few months of the year 2020 due to a rare deadly disease, a coronavirus pandemic, which resulted in tragically multiple crises – a health crisis, financial crises and collapse in commodity prices faced by many countries. In taking an inclusive and holistic approach to propel forward the nation’s economic growth, our government has introduced a National Economic Recovery Plan which focuses on various sector.
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One of the incentives focuses on the property sector, which the Government has reintroduced the House Ownership Campaign (‘HOC’) as imposed in the year 2019. This incentive allows for property purchasers to enjoy an exemption for stamp duties on the instrument of transfer and loan agreement for any purchase of a residential property made between 1st June 2020 until 31st May 2021 under the HOC priced between RM300,000.00 to RM2.5 million and subject to at least 10% discounts provided by the developer.
Disclaimer
Articles and publications on this blog are not intended as legal advice. If you have specific queries or require legal advice, please contact us at general@antplaw.com / 012 743 6088
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