Do you as the proprietor of the land (owner of property) have absolute decision for its dealings?
We know that the property transaction is lengthy and messy in some instances. Hence, it is kind of “out of your hand” to say if it is transacted or not. There are at least 2 parties to say yes or no, despite that you are the owner of the property. Even if you are a perpetuity title owner, the transfer still needs to go through the Land Office.
This is because of the ownership of the land – which is the ultimate proof of possession, is not really in your hand. You are called the “proprietor” of the land, and whether it is yours depends on the State Authority. If it is a leasehold title, it is definitely not yours. The State decides how it should be leased (State owns the land). The speed of processing the paperwork depends on the officer in the State Office. You cannot rush them…
The other party is the Developer (if it is without title). Therefore, the developer can say “NO” for the transaction of property to another buyer when it is still within their control – like when it is under construction.or when the title is not subdivided. This is because it is still under their ownership. You have not legally become its owner yet until it is transferred to you. So, you cannot decide to sell to a third party entirely by yourself.
How long usually those two things will take to “yes” your sale or purchase? Can it be done within 3 days? For certain cases (in other countries), may be.
If it could be done within 3 days, do you still need a lawyer or an estate agent? You might just do it like selling a car, entirely up to yourself – by going to UTC! BUT, can it be done?
We continue this discussion tomorrow.