Situation : Owners do not collect the titles because they are already enjoying the property and see no reason to fork out additional money to do the necessary to procure them, despite they being proof of ownership. —Bloomberg
Hence ,below will be a part of the consequence occurs from the above thoughtless action of the property owner.
- Residents of Siantan Apartment in Putra Perdana are unhappy that they need to pay the liquidator’s service fees as the developer who built their homes had become bankrupt.- Edge Prop
- As long as strata titles have not been transferred, the land and common property are still owned by the developer- Chan ,Edge Prop
- In the event that it falls into dishonest hands, another person can apply for a loan using that document, or lay claim to the property due to uncollected Strata Title from the Developer – The Star
- Owners not collecting their strata titles, which involve stamp duty payments and registration fees, the government is not receiving revenue, which may run into millions of ringgit, in a timely manner. They have to pay stamp duty to the Inland Revenue Department according to a scale. For the first RM100,000 it is 1% or RM1,000 per parcel. If the property is more than RM1mil, it is 4% or RM40,000. Which means the government is deprived of the stamp duty revenue. The tax is based on the purchase price as stated in the sales and purchase agreement. – The Star
5 reasons why you need the Strata Title :
- As ultimate proof of ownership.
- As a dealing instrument for instances of charging to banks for the loan.
- To facilitate disposal of property, should you wish to sell it, so that you don’t have to pay the consent fee to the developer.
- To be able to get involved in JMB, for subdivide building in contribution of maintaining and and manage the property.
- As final proof of the built-up area of your unit and ultimately your apportionment of the share in the total aggregate unit. This enables the calculation of the maintenance fees by the Management Committee.
Check Your Status Online now at : https://ptg.selangor.gov.my/index.php/pages/view/66