13/01/2020
Why is having the titles to your property important?
The House Buyers Association’s advise to house buyers is to "get, keep and preserve" the strata titles to their high-rise apartment units for the following reasons:
As ultimate proof of their property ownership. When you say you own a car, you have the registration card to prove it and there is no need for you to get the consent of the carmaker when you need to refinance or to sell the car.
As a dealing instrument for instances of charging to banks for loans.
One need not obtain the consent of a third party (the developer) who imposed administrative charges of between one per cent to two per cent as their consent fees if and when you should decide to sell your property.
To form a management corporation (MC) by owners of the subdivided building to maintain and manage the building and to have their own by laws, usage or restrictions. Until then, owners usually do not have a say in the way the building is managed or maintained, the monies collected from maintenance charges, building funds etc.
As final proof of the built-up area of your unit and ultimately your apportionment of the share in the total aggregate units.
As long as the strata titles have not been transferred, the land and the common property are still owned by the developer. Should the developer company goes under liquidation or becomes insolvent before strata titles have been obtained, the unit owners will have to go through a lot of trouble or might eventually have to pay for the application of the strata titles themselves. (which by the grand scheme of things, should not have happened in the first place)
