What is MOT (Memorandum of Transfer)?
A Memorandum of Transfer (MOT) is a document that the buyer signs to transfer ownership from the seller to the buyer. In signing the MOT, the Land Title will be transferred from the developer or previous proprietors’ name to yours.
Note: The MOT is not issued if the property in question doesn’t have its Land Title yet.
Relationship between Master Titles and Strata Titles and The Memorandum of Transfer (MOT)?
Only properties which have the relevant master title will have their ownership transferred using an MOT.
The MOT will not be used as a transfer method for properties without the relevant master, individual, or strata title.
This sort of situation would usually relate to strata properties where developers have not yet properly registered the individual properties.
Stamp Duty have and the Memorandum of Transfer (MOT)?
Generally, when acquiring a property, you can expect plenty of legal documents, plus stamp duty tax on each document to top it off.
The MOT is no different, and in fact is one of the heftiest when it comes to stamp duty costs. MOT stamp duty varies between 1% – 4% of the property sale price. Scroll down to check out the detailed tiers.
