Procedure upon receipt of the redemption statement

1. (a) Upon receipt of the redemption statement cum undertaking from the vendor’s solicitor, the purchaser’s solicitor shall immediately forward it to the purchaser’s financier’s solicitor.
2. (b) The purchaser’s solicitor should also ensure at that point in time that the purchaser pays the differential sum to the vendor’s solicitor.
3. (c)Upon payment of the differential sum to the vendor’s solicitor, the purchaser’s solicitor shall request a written confirmation of receipt from the vendor’s solicitor, which is then given to the purchaser’s financier’s solicitor.
4. (d) Upon receiving confirmation from the purchaser’s financier’s solicitor that the redemption sum has been released to the vendor’s solicitor, and thereafter to the vendor’s financier to redeem the property, the purchaser’s solicitor shall then await the written confirmation from the vendor’s solicitor of the date of the deed of receipt and reassignment.
5. (e) Upon written confirmation of the date of the deed of receipt and reassignment, the deed of assignment must be dated and endorsed by the developer/proprietor (where applicable). Only then can the purchaser’s solicitor submit the deed of assignment for adjudication at the stamp office.
6. (f) Upon the deed of assignment being dated and sent for adjudication, the purchaser’s solicitor would then confirm the same with the purchaser’s financier’s solicitor so that they are able to date the deed of assignment between the purchaser and the financier and proceed to stamp it.
7. (g) After that the purchaser’s financier’s solicitor shall advise for the release of the balance loan sum.
8. (h) The purchaser’s solicitor should forward an undertaking to the purchaser’s financier’s solicitor to forward the original deed of assignment, duly executed and stamped, upon receipt.
9. (i) After all the above has been completed, the purchaser’s solicitor should be receiving the balance loan sum from the purchaser’s financier’s solicitor within a week thereof, and thereafter the same shall be forwarded to the vendor’s solicitor, as stakeholder, together with the pro-rated or apportioned outgoings in exchange for the vacant possession of the vendor’s property, usually by handing over the keys of the property.
10. (j) Within one to one and a half months into the completion date, the purchaser’s solicitor should receive the adjudicated stamp duty (Notis Taksiran) informing of the amount of the stamp duty that needs to be paid on the deed of assignment.
11. (k) It is to be noted that the deed of assignment must be stamped with full duty paid within thirty days from the date of the assessment notice (Notis Taksiran), failing which a penalty on the sum payable shall be imposed on the purchaser.
12. (l) Upon the original and duplicate copy of the deed of assignment being stamped, the original deed of assignment should be forwarded to the purchaser’s financier or its solicitor, and a duplicate copy forwarded to the vendor’s solicitor, and the purchaser, respectively. A stamped copy of the deed of assignment must be forwarded to the developer to update their records.
13. (m) Lastly, a purchaser’s solicitor must keep the matter in abeyance until the individual document of title has issued, or the strata title (whichever applicable). The purchaser’s solicitor should then prepare and perfect the memorandum of transfer (form 14A) to transfer the property from the developer/proprietor to the purchaser.
14. (n) The purchaser’s solicitor is also to liaise with the vendor’s solicitor to ensure the real property gains tax has been paid by the vendor or the vendor’s solicitor to protect the interest of the purchaser’s property.

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