• What is this Instrument of Transfer (IOT)?

     

    What is this Instrument of Transfer (IOT)?

     

     

    Instrument of Transfer (IOT)for Transfer of Strata Title

    TO share with you on the importance to execute the Instrument of Transfer (collectively named as ‘IOT’) for the strata title that has been issued by the Land Office, i.e. Pejabat Tanah dan Galian (PTG).

    1. IOT is for the transfer the strata title to your name, and the strata title is a proof of ownership of your property besides your Sales and Purchase Agreement.
    2. If you have plan to sell your property after the strata title has been issued by PTG, you will have to execute the IOT first to facilitate the sub-sale process.
    3. Under the Strata Titles Act 1985 Section 40A:
      1. Purchasers are required to execute all IOT within twelve (12) months from the date of the Developer’s notice, or the date of purchase of the property, whichever is the later.
      2. If you fail to execute the IOT within the said 12 months period, you are liable to a fine of RM1, 000 – RM10, 000 per property imposed by PTG.

    Note:

    1.       All IOT includes the Memorandum of Transfer(MOT), stamping proforma-PDS form, consent form if any etc. Please check with your S&P Solicitor for details.

    2.       Developer’s notice is a notice that delivered to purchasers informing that the strata title has been issued. Therefore, purchasers are required to execute the IOT within 12 months period from the date of this notice.

    Find out from your developer the status of your property on regular interval, to check Strata Title has been issued by PTG and developer’s notice to the solicitor to prepare IOT for your execution.

    If you have not completed your IOT. Our advice you should act immediately.

    1. To contact your Sales & Purchase Agreement (S&P) solicitor to sign the Memorandum of Transfer (MOT).
    2. To settle the stamp duty and legal fees with your solicitor.
    3. To settle all outstanding payments if any, such as maintenance charges (SC) , sinking fund (SF) , quit rent, insurance premium etc.to your Joint-Management-Body(JMB) /  Management  Corporation (MC) or Developer.

    How do I get more information?
    You can find the answer to your question anywhere in our blog

    httpww://w.gmssolutions.com.my/blog

    If not; please don’t hesitate to contact us via email gmsssb@gmail.com

    DISCLAIMER: The article is solely the experts’ opinions and act as a guide only for internal use. GMSSSB will not be liable for any losses arising out of reliance on the advice here.

    Posted by GMSSSB

    Term of reference 2002-2049

    Dated: 24-5-2013