What is a Memorandum of Transfer (MOT)?

A Memorandum of Transfer (MOT) is a transfer of ownership procedure of a property for the price agreed between the buyer and seller. It is used to transfer ownership of the property from the developer to buyer, or in the case of secondary market purchases, transfer ownership of the property from the seller to buyer. The property can be transferred to a family, boyfriend, girlfriend, friend or any stranger. The cost of a MOT borne by the buyer will include professional legal fees, stamp duty, disbursement fees as well as sales and service tax.

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Components of a MOT

1. Company letterhead
2. List of parties involved in the transfer of property
3. Description of and valuation of items in the transfer

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Documents needed prior to transfer of property

1. a) Copies of all present and previous SPAs
2. b) Copies of present and previous Loan Agreement, Deed of Assignment, Deed of Receipt

and Re-assignment (if any).

1. c) Strata Title (from the developer)
2. d) Current year quit rent receipt
3. e) Current year assessment receipt
4. f) Facility Agreement

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Stamp duty charge on the MOT
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Stamp duty waived: Between husband and wife by way of love and affection
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Stamp duty exemptions

First-time homebuyers will be exempted from stamp duty on the first RM300,000 of the property price on any instrument of transfer and the loan agreement, for SPA completed between 1 January 2019 and 31 December 2020.

Process developer and buyer will sign the MOT (Form 14A) which indicates who is the owner and who is the transferor, transferee, and how much shares the transferor wants to transfer.

https://www.instagram.com/p/B3YvuLqJG0p/?utm_source=ig_web_button_share_sheet

 

Conversation between Preeta and Adam (developer’s agent) discussing about a property transaction worth RM400, 000. Adam is finalising the MOT with the developer.

 

Adam: Hi Preeta, are all the documents in order for us to finalise the MOT?

Preeta: Yes, I have all the relevant documents ready.

Adam: I will calculate the stamp duty for the MOT.

The first RM100,000, stamp duty is 1%

RM100,000 x1% = RM1,000

From RM100,001 to RM500,000, stamp duty is 2%

RM300,000 x 2 = RM6,000. So, the total Stamp Duty that I need to pay is RM7,000

Preeta: Let’s sign this MOT and complete the transaction and the property will be transferred to your

name officially.

 

Untuk Siaran Segera

LBS SARAN INISIATIF STRATEGIK

BANTU MEMPERKASA PEMBELI RUMAH

Petaling Jaya, 5 Oktober 2020 – LBS Bina Group Berhad berharap pelanjutan Kempen Pemilikan Rumah (HOC), skim pembiayaan akhir khas untuk pembeli rumah pertama, insentif kepada pemaju perbandaran dalam membantu keberkesanan rancangan infrastruktur dan juga faedah tambahan untuk menggalakkan penggunaan Sistem Binaan Berindustri (IBS) secara meluas akan dimasukkan ke dalam Belanjawan 2021.

“Kami berhasrat cadangan ini bagi Belanjawan 2021 kerana kami yakin pelaksanaan ini mampu membantu pemaju memperkasa pembeli rumah di samping membantu negara menambah baik kadar pemilikan rumah dalam kalangan rakyat Malaysia,” kata Pengarah Urusan Kumpulan LBS, Tan Sri Lim Hock San.

“Sebagai Pemaju Perumahan Rakyat’, LBS kekal komited menyokong agenda perumahan Kerajaan, dan mengesyorkan beberapa cadangan utama untuk menggalakkan pemilikan rumah dan meningkatkan pemasaran hartanah:

(1) Harga rumah yang mampu dimilikikekal menjadi cabaran utama kepada majoriti masyarakat di Malaysia, terutamanya bagi pembeli rumah pertama. LBS menyarankan pihak Kerajaan untuk melanjutkan HOC sebagai insentif bagi membantu untuk mengurangkan bebanan pembeli rumah.

(2) Bagi membolehkan lebih ramai pembeli rumah mendapat pinjaman perumahan, LBS mengusulkan Kerajaan untuk memperkenalkan kadar faedah khas yang rendah khusus bagi pembeli rumah pertama terutamanya kepada golongan generasi muda.

(3) Selain itu, LBS berpendapat bahawa Kerajaan perlu memperluaskan insentif kepada pemaju yang menggunakan teknologi IBS berbanding sistem pembinaan tradisional. Sistem IBS melibatkan teknologi moden yang dapat membantu mengurangkan kebergantungan terhadap pekerja asing kurang mahir, mengurangkan kos pembinaan, meningkatkan produktiviti sekaligus menyumbang kepada penurunan harga rumah.

(4) LBS berharap Kerajaan akan memberikan lebih insentif kepada pemaju perbandaran kerana ia akan membantu negara dalam perancangan bandar.

“Dengan strategi yang tepat dan sokongan daripada polisi Kerajaan, keadaan ini pasti akan dapat meningkatkan pasaran hartanah dan menyumbang kepada perkembangan ekonomi negara,” ulas Tan Sri Lim.

-Tamat-