Read More: Security To Look at For Mix Developments in Singapore
Before you sign the strata title deed of your property, it is vital to know what you are signing. Generally, a Strata title deed for a property means that it is transferred by the strata corporation (the municipality that granted the land) directly from the owner of the land to the purchaser of the land. The purchaser then becomes the owner of all the assets on the land. This transfer of land can only take place if the strata landed property is developed. Otherwise, the owner of the strata landed property is said to have transferred his/her rights in the property only after the completion of the development on the land.
In fact, there are many cases where a strata title landed property is developed before the purchase takes place. And, it would be very difficult to claim ownership over the property until the strata title survey of the property has been completed. There are some other situations too in which it becomes difficult for an investor to claim ownership of a property. For example, a property is encumbered with debts and it is difficult for an investor to pay off the debts. In such cases, the owner of the land might sell the land to another person, thereby freeing the debt-ridden owner of his/her rights in the property. Please see the Belgravia Ace floor plan as an example of a landed property.
The landowner must ensure that the property he/she is trying to get developed is free from any sort of encroachments or encumbrances. If not, he/she can go to the court and ask the court to restrain the person who has refused to clear off the encumbrances. However, the court will not issue the orders. It is up to the concerned individual to ensure that the development process is not stalled due to lack of suitable permissions. It is important to protect one’s rights.
Strata Titled Landed Property Belgravia Ace
The legal title of the strata title property also contains the name of the person who is the owner of the property and the tenure of his/her possession. This will help the buyer understand his rights better. The strata title document should be physically present at the site of development so that the prospective buyer knows exactly what he is buying. The documents should also be clearly mentioned in the agreement.
As per the rules and regulations of the strata title authority, the landed property cannot be transferred or mortgaged. The rights of the individual holder of the strata title are protected and nobody can interfere or take away those rights without his consent. This makes the process of buying a strata title to land much easier than most other types of real estate transactions. Since the buyer has the rights, there is less risk involved and the entire deal goes smoother because of the intervention of the law.
Most of the states in the country lay down laws on how properties become strata titles and in what circumstances these properties become such. People buy properties as a result of the process called strata title search, where a detailed survey is carried out. In case of a positive identification of the property as a strata title, then this will go to a public auction in which the first bidder gets the right of first refusal. However, this is not the end of the process. You can carry out a second public auction and get the right of third or fourth refusal before reaching a conclusion.
There are many people who try to avoid this process by fooling the officials. They buy the property without carrying out a proper strata title search and are unable to pay the auctioned amount. These people pay the amount and take back the property but later realize that they have bought the wrong one. The process of cancellation of contract is the next step. If you are unable to fulfill the terms and conditions of the contract, then you need to cancel the agreement. However, you need to clarify all the doubts of the officials and prove that the strata title was canceled due to your inability to fulfill the conditions and terms.
The most common problems related to the strata title landed property is about the payment of taxes. A strata title landed property is subjected to the tax rate of the district. This rate varies from place to place and you need to pay the appropriate rate in order to be legally valid for buying and selling the property. Another major problem faced by the owner of the strata title landed property is about the transfer of ownership. If you own the property till the time of paying the taxes and then you transfer it to someone else, there is a possibility that you will lose your asset because you are no longer the owner of that asset. Therefore, before dealing with this sort of issues, you need to find a good firm who can help you in these aspects.
