In Malaysia, there are just 2 types of titles:
Freehold
Allows the owner of continuing ownership for unlimited years.
Leasehold
Allows the owner to stay in possession only for a specified period of years. When the lease expires, ownership will be reverting back the title issuer. However, extension will be granted upon application and payment of land premium.
In other words, a landed property will be issued a land title for the piece of land, which the property is erected. While non-landed property such as Condominium will be issued a strata title for the said unit on the said floor of the main building, where the condominium is erected.
Saturday, July 18, 2009
Friday, July 17, 2009
Buying A Property from....
In Malaysia, you can buy a property from either the Primary Market or the Secondary Market. All the terms and conditions of buying property from both market are as below.
Primary Market (Developer)
Purchase of residential property directly from developer is using the Schedule G (for landed property under construction) or the Schedule H (for non-landed building under construction), Schedule I (landed property under the build then sell scheme) or Schedule J (non-landed building under the build then sell scheme) respectively of the Housing Development (Control and Licensing) Act 1996 (HDA) as the Sale and Purchase Agreement (SPA).
Payment of the purchase price under the Schedules G & H is by payment of 10% upon of signing of SPA and the balance 90% to be paid progressively based on completion of work as certified by the Architects. Payment of the last 5 % of the purchase price will be held by a solicitor firm appointed as stakeholders for the defect liability period, which is currently 24 months from the delivery of vacant possession (VP).
Payment of the purchase price under the Schedules I & J is by payment of 10% upon signing of Sale and Purchase Agreement and the balance 90% to be paid upon completion. The 24 months defect liability period stays.
Secondary Market
There are no fixed rules on the form of agreement for purchases from existing house owners (commonly know as sub-sale). Normally 10% of the purchase price is payable upon signing of Sale and Purchase Agreement (SPA) and the balance 90% to be paid within 3 calendar months with an extension of 1 calendar month is the new buyer fails to settle the full purchase price within the given time. An interest of 10% per annum calculated on daily basis is normally being charged for the extended period. All the payments are usually made to the lawyers acting for the seller as stakeholders to ensure redemption of the house.
Primary Market (Developer)
Purchase of residential property directly from developer is using the Schedule G (for landed property under construction) or the Schedule H (for non-landed building under construction), Schedule I (landed property under the build then sell scheme) or Schedule J (non-landed building under the build then sell scheme) respectively of the Housing Development (Control and Licensing) Act 1996 (HDA) as the Sale and Purchase Agreement (SPA).
Payment of the purchase price under the Schedules G & H is by payment of 10% upon of signing of SPA and the balance 90% to be paid progressively based on completion of work as certified by the Architects. Payment of the last 5 % of the purchase price will be held by a solicitor firm appointed as stakeholders for the defect liability period, which is currently 24 months from the delivery of vacant possession (VP).
Payment of the purchase price under the Schedules I & J is by payment of 10% upon signing of Sale and Purchase Agreement and the balance 90% to be paid upon completion. The 24 months defect liability period stays.
Secondary Market
There are no fixed rules on the form of agreement for purchases from existing house owners (commonly know as sub-sale). Normally 10% of the purchase price is payable upon signing of Sale and Purchase Agreement (SPA) and the balance 90% to be paid within 3 calendar months with an extension of 1 calendar month is the new buyer fails to settle the full purchase price within the given time. An interest of 10% per annum calculated on daily basis is normally being charged for the extended period. All the payments are usually made to the lawyers acting for the seller as stakeholders to ensure redemption of the house.
Types of Properties in Malaysia
Landed Property
Semi-detached House
Semi-detached house (commonly known as "Semi-D") consists of pairs of houses built side by side as units sharing a party wall and usually in such a way that each house's layout is a mirror image of its twin. Semi-detached houses have front, rear and any one side open spaces, and individual detached houses have open spaces on all sides.
Bungalow
A bungalow (commonly know as "detached house") do not share side walls with the other units. Bungalow houses have open spaces on its surrounding.
Non-Landed Property
Condominium
A condominium (commonly known as "Condo") is individually owned while use of and access to common facilities in the piece such as hallways, elevators, recreational facilities and other exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.
Apartment
An Apartment the same as condominium, except for lack of recreational facilities.
Terraced House
It's a row of identical and mirror image houses sharing side walls. The first and last of these houses is called corner house, and is usually larger than those houses in the middle. Terraced housing is constituted by continuous row houses with open spaces at the front and back.
Semi-detached house (commonly known as "Semi-D") consists of pairs of houses built side by side as units sharing a party wall and usually in such a way that each house's layout is a mirror image of its twin. Semi-detached houses have front, rear and any one side open spaces, and individual detached houses have open spaces on all sides.
Bungalow
A bungalow (commonly know as "detached house") do not share side walls with the other units. Bungalow houses have open spaces on its surrounding.
Non-Landed Property
Condominium
A condominium (commonly known as "Condo") is individually owned while use of and access to common facilities in the piece such as hallways, elevators, recreational facilities and other exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.
Apartment
An Apartment the same as condominium, except for lack of recreational facilities.
Summary on Malaysia
Motto: “Bersekutu Bertambah Mutu” (“Unity Is Strength”)
Anthem: Negaraku (My Country)
Location: Center Southeastern Asian. The Peninsular linking Thailand and Singapore, while Sabah & Sarawak linking Brunei and Indonesia on the Borneo Island.
Climate: Tropical with annual monsoons. These hit the southwest from April to October and the northeast from October to February
Area: Malaysia covers 329,854km2 of land and 0.3% of water
Population:28,276,000 as per June 2009 estimation
Ethnic Group:Malay, Chinese, Indian, Indigenous & Others
Official Language: Malay
Other Languages: English, Mandarin, Cantonese, Hokkien, Hakka, Hainan, Foochow, Tamil, Telugu, Malayalam, Panjabi, Thai, Kadazan and Iban.
Government: Federal constitutional elective monarchy and Palimentary Democracy
Yang Di-Pertuan Agong: Tuanku Mizan Zainal Abidin
Prime Minister: Najib Tun Razak
Independence from the United Kingdom: 31st August 1957
Formation of Federation: 16th September 1963
GDP (PPP): $384,219billion (2008 estimate)
Currency: Ringgit (RM/MYR)
Time Zone: UTC+8 – Summer daylight savings time not observed
Vehicle: Right hand drive
Internet TLD: .my
Calling Code: +60
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