Bumi lot

This is an entry i shall dedicated on how i plan to dispose of one of  my bumi units i bought in Horizon Hills to a foreigner.

So, this is the current state of my bumi units:

1. Status: VP February 2015.
2. Title: Individual (Adely Bin Kassim), previously Master Title (Horizon Hills Dev Sdn Bhd)
3. Date of purchase: SPA signed on 6 Sept 2013.

Summary of procedure:

So now, what we have to do is to sign a conditional SPA* and to apply for consent to transfer by providing compelling enough reasons (i.e. there is no demand for the lots following a year of advertising) to the Land Office.

Strategy:
If the buyer still wants our unit, even after explanation about bumi units and the consent to apply, we can propose to the buyer of renting the unit first in waiting for the application to be approved because the consent application can take a long time.

Current steps to be taken:

1. Advertisement on newspaper. DONE - 1/9/2014 to 6/9/2014
1. Made by lawfirm, fee is around RM150.
2. Sign conditional SPA
1. Fee is RM6000 to lawfirm - paid after consent approved, usually borne by seller.
2. The validity of the SPA is one year to which the buyer cant back off during this period. After a year, if the buyer still wants to continue with the application, a new SPA can be signed.
3. Apply consent to Land Office
1. Total cost is RM13000 to lawfirm - usually borne by seller, but can also be made from both sides.
2. Initial payment is RM2000
1. RM1000 lawfirm fee + RM1000 for registration at Land office
2. To be made when signing the SPA.
3. The rest RM11000, to be paid once the consent approved.
4. The fastest period to get the result is 6 months and it can go to more than a year.

* conditional SPA is SPA with special clauses since we have yet to receive consent from Land Office.