If your property was purchased using a CIMB housing loan or CIMB Islamic property financing before the individual or strata title was issued, you may subsequently need to complete the Perfection of Transfer (POT) and Perfection of Charge (POC) once the separate title becomes available.
This may happen several years after you originally purchased the property.
When the individual or strata title is issued, further legal documentation is usually required to register the property into the purchaser’s name and, where financing remains outstanding, to register the financier’s security over the property.
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What Is Perfection of Charge?
Perfection of Charge is the process of registering the financier’s security interest over the individual or strata title after the title has been issued.
Where the property was originally purchased before a separate title existed, the purchaser would not yet have been registered as the proprietor of that individual or strata title.
Once the title is issued:
Perfection of Transfer (POT) registers the property ownership in the purchaser’s name.
Perfection of Charge (POC) registers the financier’s charge or security interest over the property.
Where the CIMB financing remains outstanding, both processes are commonly coordinated as part of the same perfection exercise.
Further reading: Perfection of Transfer & Perfection of Charge in Malaysia
I Have a CIMB Housing Loan. Do I Need Perfection of Charge?
If your property remains subject to CIMB financing when the individual or strata title is issued, Perfection of Charge may be required so that the bank’s security can be registered against the newly issued title.
The precise documentation will depend on the financing facility and CIMB’s applicable requirements.
Accordingly, Perfection of Charge should be attended to in accordance with the bank’s applicable documentation and appointment requirements.
Are Perfection of Transfer and Charge Usually Handled Together?
Where there is an outstanding housing loan or property financing facility, Perfection of Transfer and Perfection of Charge are commonly coordinated together.
The process may generally involve:
- Reviewing the newly issued individual or strata title;
- Preparing the transfer documentation;
- Obtaining and preparing the relevant bank documentation;
- Arranging execution of the transfer and charge documents;
- Attending to the applicable stamping; and
- Presenting the transfer and charge for registration.
Upon completion, the purchaser becomes the registered proprietor and the financier’s security interest is registered against the title.
Can TEH & YU Assist With CIMB Perfection of Charge?
If your property is financed by CIMB and your individual or strata title has been issued, you may contact TEH & YU for assistance with the perfection process.
We can review the property and financing documents and advise on the steps required for Perfection of Transfer and, where applicable, Perfection of Charge.
Where CIMB documentation is required, our ability to act in relation to the financing and charge documentation will remain subject to the bank’s applicable requirements and appointment procedures.
What If Another Lawyer Handled My Original SPA?
You may still contact us even if another solicitor handled your original Sale and Purchase Agreement or housing loan documentation.
This is particularly relevant where the title is issued many years after the original purchase.
You may provide us with the documents currently available so that we can review the status of the property and advise on the next steps.
Where financing remains outstanding, the Perfection of Charge will remain subject to the financier’s applicable requirements.
What Documents Should I Prepare?
Common documents may include:
- Developer’s letter informing you that the individual or strata title has been issued;
- Copy of the individual or strata title, if available;
- Sale and Purchase Agreement;
- CIMB Loan Agreement or financing documents;
- Letter of Offer, if available;
- Correspondence relating to the financing or title;
- NRIC or passport; and
- Previous correspondence relating to Perfection of Transfer or Charge.
You do not necessarily need to locate every document before contacting us. The available documents can first be reviewed to determine what else may be required.
How Long Does Perfection of Transfer and Charge Take?
As a general guide, the process may take approximately 3 to 6 months.
The actual timeframe depends on matters such as:
- execution of the relevant documents;
- bank documentation and processing;
- stamping;
- developer documentation;
- Land Office or Land Registry processing; and
- any particular issue affecting the property or title.
The timeframe is therefore an estimate and may differ from one transaction to another.
What If My CIMB Housing Loan Has Already Been Fully Settled?
If your CIMB financing has already been fully settled, Perfection of Transfer may nevertheless still be required because ownership of the property must still be registered into your name.
The position concerning Perfection of Charge will depend on the status of the financing and the existing security documentation.
You should therefore inform your solicitor that the financing has been settled and provide any available redemption or settlement documents.
Further reading: Housing Loan Fully Settled in Malaysia: What Should You Do Next?
Need Assistance With CIMB Perfection of Transfer & Charge?
If your property is financed by CIMB and your individual or strata title has been issued, you may contact TEH & YU for assistance.
To help us review the matter and provide a quotation, you may provide:
- SPA purchase price;
- loan or financing amount;
- name of the property or development;
- whether an individual or strata title has been issued;
- details of your CIMB financing; and
- any letter received from the developer, solicitor or bank.
TEH & YU assists with Perfection of Transfer, Perfection of Charge and related conveyancing matters in Kuala Lumpur and Selangor, Malaysia.
Frequently Asked Questions
What is CIMB Perfection of Charge?
It refers to the registration of CIMB’s security interest over the individual or strata title where the property remains subject to the bank’s financing.
Are Perfection of Transfer and Perfection of Charge usually handled together?
Where financing remains outstanding, both processes are commonly coordinated as part of the same perfection exercise.
Can TEH & YU assist if another lawyer handled my original purchase?
Yes. You may contact us for a review even if another solicitor handled the original SPA or financing documentation. Any work relating to CIMB’s charge remains subject to the financier’s applicable appointment requirements.
My title was issued some time ago but I have not completed POT or POC. What should I do?
You should have the existing documents and current title position reviewed to determine what remains outstanding.
Need Assistance With a Perfection of Charge?
If the individual or strata title has been issued and your bank requires the charge to be perfected, contact us to discuss the documentation and next steps.