It is common that you finance the purchase of their properties by way of the mortgage loan. The loan may be settled within 20 to 30 years.

After you settle your loan repayment, what do you need to do next?

You should seek lawyers’ assistance to redeem your property and discharge the charge registered over the property from your bank.

In master title situations, you shall redeem your property by way of Deed of Receipt and Reassignment.

In individual title situations, you shall redeem your property by way of Discharge of Charge. The Discharge of Charge shall be registered in the relevant land office with a prescribed fee.

In master title situations, the strata titles have been issued and you have redeemed your property by way of Deed of Receipt and Reassignment, you may proceed to apply for the perfection of the transfer. This is to transfer ownership of your property from the Developer’s name to your name.

The contents of this article do not constitute legal or other professional advice or an opinion of any kind. It is provided for general information purposes only.

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By Chloe Lim & Carmen Leong