News & Articles What is a Master Title?
What is a Master Title?
20 Oct 2016
Before the existence of a Strata Title or Individual Title, the developer of a specific property will be the land holder in the Master Title. The developer has the right to control all the transactions of the land.
Once the units are sold out, the developer will apply for a transfer of ownership of the land. From thereon, each unit owner will have their individual Strata Titles, giving them ownership over their own homes.
According to government rules, a developer must transfer ownership of the land to the house owner within 6 months after the CF is approved. However, that is not always the case.
Setbacks of a Property Under a Master Title
1. All transactions such as sales and purchases need to be approved by the developer.
2. Transactions could possibly be delayed due to the extra parties involved.
3. If the property is under a Master Title and the developer is bankrupt, it is not recommended to buy the property. Do a background check before your purchase!
4. Tougher approvals for bank loans if the property is under a Master Title for almost 10 years.
5. No EPF withdrawals for house purchases under a Master Title.
Check the title of your desired property beforehand.
1. Titles, whether they’re a Strata Title or a Master Title will be indicated in any previous S&P
2. Housing grants will also indicated the current title status.
3. If a property is still under a Master Title, you can check with the developer on any updates if they’re working towards Individual or Strata Titles.
(中文版请看这里:http://www.durianproperty.com.my/blog/article/1090)
Once the units are sold out, the developer will apply for a transfer of ownership of the land. From thereon, each unit owner will have their individual Strata Titles, giving them ownership over their own homes.
According to government rules, a developer must transfer ownership of the land to the house owner within 6 months after the CF is approved. However, that is not always the case.
Setbacks of a Property Under a Master Title
1. All transactions such as sales and purchases need to be approved by the developer.
2. Transactions could possibly be delayed due to the extra parties involved.
3. If the property is under a Master Title and the developer is bankrupt, it is not recommended to buy the property. Do a background check before your purchase!
4. Tougher approvals for bank loans if the property is under a Master Title for almost 10 years.
5. No EPF withdrawals for house purchases under a Master Title.
Check the title of your desired property beforehand.
1. Titles, whether they’re a Strata Title or a Master Title will be indicated in any previous S&P
2. Housing grants will also indicated the current title status.
3. If a property is still under a Master Title, you can check with the developer on any updates if they’re working towards Individual or Strata Titles.
(中文版请看这里:http://www.durianproperty.com.my/blog/article/1090)
Source: DurianProperty.com
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