What is Memorandum of Transfer (MOT)? The last step of house purchase!
Memorandum of Transfer, or we just call MOT in general, is one of the most important documents when it comes to buy a house.
In Malaysia, Memorandum of Transfer (MOT) is a legal document that the buyer signs to transfer ownership from the seller to the buyer.
The completion of signing MOT represents the Land Title will be transferred from the developer or previous owner's name to yours.
After we've understand what is the Memorandum of Transfer, these is the progress of house purchasing:
Step 1: Booking & House Loan Apply
Step 2: Loan Approve & Letter of Offer (LO) signing (From Banker)
Step 3: Sales & Purchase Agreement (SPA) & Loan Agreement (LA) signing (From Lawyer)
Step 4: Memorandum of Transfer (MOT) signing
For Sales & Purchase Agreement (SPA) & Loan Agreement (LA) explanation, please click the link below for more information:
What is Sales & Purchase Agreement? when buying a house? Why is it so important?
What is LOAN AGREEMENT? How does it Affect you from Buying a House?
Once you've finished the steps above, now you can wait for your new house key.
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