News & Articles 19,660 PKNS Property Buyers Have Yet To Transfer Ownership
19,660 PKNS Property Buyers Have Yet To Transfer Ownership
21 Jul 2015
SHAH ALAM, July 21 (Bernama) -- Some 19,660 people who bought property from the Selangor State Development Corporation (PKNS) have yet to transfer ownership to their own names.
PKNS public relations manager Ishak Hashim said the situation left PKNS with the burden of paying quit rent on the properties since 1980.
"Reasons cited include the death of buyers, failure to locate next-of-kin, high stamp duty and legal fees," he told Bernama here, today.
PKNS had launched a campaign in June which ends in October to accelerate ownership transfer of terraced houses, bungalows and industrial lots.
Ownership transfer is necessary to enable the buyers names to be registered on title deeds showing that they are the rightful owners of the properties.
Ishak said the move would allow the buyers to apply for housing loans, sell, buy, mortgage and transfer the properties to next-of-kin as contained in the National Land Code.
"There are owners who do not know the importance of this transfer. If the buyer dies and the property is not registered in his name, it will be difficult for next-of-kin to claim the property.
"This property is also an important asset if the buyer requires financial resources as it can be sold or leased," he added.
PKNS public relations manager Ishak Hashim said the situation left PKNS with the burden of paying quit rent on the properties since 1980.
"Reasons cited include the death of buyers, failure to locate next-of-kin, high stamp duty and legal fees," he told Bernama here, today.
PKNS had launched a campaign in June which ends in October to accelerate ownership transfer of terraced houses, bungalows and industrial lots.
Ownership transfer is necessary to enable the buyers names to be registered on title deeds showing that they are the rightful owners of the properties.
Ishak said the move would allow the buyers to apply for housing loans, sell, buy, mortgage and transfer the properties to next-of-kin as contained in the National Land Code.
"There are owners who do not know the importance of this transfer. If the buyer dies and the property is not registered in his name, it will be difficult for next-of-kin to claim the property.
"This property is also an important asset if the buyer requires financial resources as it can be sold or leased," he added.
Source: Bernama