Susan Lim@Ampang: I live in a condo and was recently told that the Master Strata Title would be transferred to individual unit owners. Could you please advise on the length of this process?
RED: Under the Strata Titles Act 1965, the developer is under a duty to execute the Memorandum of Transfer (MOT) within 12 months from the issuance of the strata title.
In practice, the purchaser is required to settle all the outstanding charges due to the developer and the management before they release the strata title to you or your appointed firm of solicitors.
The time required for the completion of perfection of transfer for the strata title will depend among others, on the following factors:
1) whether the property is leasehold or freehold;
2) whether the property is still charged to the purchaser’s financier;
3) time taken by the developer to execute the MOT and to release the strata title; and
4) time taken by the purchaser’s financier (if the same is still charged to the purchaser’s financier).
Generally, it will take 1–3 months for the parties to execute, adjudicate and stamp the MOT and to have the same presented at the Land Office for registration. Upon presentation, the strata title will take 6–9 months to be extracted from the Land Office. If the property is still charged to the purchaser’s financier, additional time will be required.