News & Articles Arm Yourself with These Property Tips Before Purchasing Your Dream House
Arm Yourself with These Property Tips Before Purchasing Your Dream House
16 Jun 2016
Property rights in each state is governed by Land Authority and the Land and Mines Department, with TORRENS SYSTEM.
Malaysian Property Rights
1. Permanent Ownership:
Ownership is permanent
2. Temporary Occupation Of Land:
Owns the land for 99 years, but the rights to the land belong to the state government. Within the 99 years, the land can be sold and transferred. After 99 years, the land is returned to the state government. However, the contract can be renewed with a fee.
Property Rights
1. Total equity: When a developer gets permit to develop a piece of land, the Land Office gives the developer rights develop the whole piece of land. Upon completion, individual units are sold to buyers. Developers will then begin to apply to the Land Office for individual property rights.
2. Personal property: Generally used for landed property, and issued based on the National Land Code 1965.
3. Strata title: Used for multi-storey buildings such as apartments, commercial buildings, and have extended to private fences/ gates.
The three property rights have the same legal effect, and all owners enjoy the same protection.
Foreign company
a) Defined based on 1965 Companies Act Section 4 (1) Definitions of the company.
b) Based on the Companies Act 1965, acquisition activity or signing of documents requires 50% and above of non-Malaysian citizens or (a) foreign company, or both.
Foreign equity:
Refers to any benefits, rights and interests of relevant institutions:
a) Non-Malaysian citizens
b) A permanent resident: Refers to non-Malaysian citizens but granted permanent resident status and identity
c) Foreign company or institution
d) Local company or institution, with more than 50% shares
Real estates that available to Non Malaysian citizens
A non-Malaysian citizen is allowed to buy any type of property in Malaysia, except the following:
1. Property with price lower than the lowest price set by state government
2. Low-cost residential units
3. Properties belonging to Malays and indigenous people
4. Properties that prioritise the Malay and indigenous people
(中文版请看这里: http://goo.gl/HXjUkf)
Malaysian Property Rights
1. Permanent Ownership:
Ownership is permanent
2. Temporary Occupation Of Land:
Owns the land for 99 years, but the rights to the land belong to the state government. Within the 99 years, the land can be sold and transferred. After 99 years, the land is returned to the state government. However, the contract can be renewed with a fee.
Property Rights
1. Total equity: When a developer gets permit to develop a piece of land, the Land Office gives the developer rights develop the whole piece of land. Upon completion, individual units are sold to buyers. Developers will then begin to apply to the Land Office for individual property rights.
2. Personal property: Generally used for landed property, and issued based on the National Land Code 1965.
3. Strata title: Used for multi-storey buildings such as apartments, commercial buildings, and have extended to private fences/ gates.
The three property rights have the same legal effect, and all owners enjoy the same protection.
Foreign company
a) Defined based on 1965 Companies Act Section 4 (1) Definitions of the company.
b) Based on the Companies Act 1965, acquisition activity or signing of documents requires 50% and above of non-Malaysian citizens or (a) foreign company, or both.
Foreign equity:
Refers to any benefits, rights and interests of relevant institutions:
a) Non-Malaysian citizens
b) A permanent resident: Refers to non-Malaysian citizens but granted permanent resident status and identity
c) Foreign company or institution
d) Local company or institution, with more than 50% shares
Real estates that available to Non Malaysian citizens
A non-Malaysian citizen is allowed to buy any type of property in Malaysia, except the following:
1. Property with price lower than the lowest price set by state government
2. Low-cost residential units
3. Properties belonging to Malays and indigenous people
4. Properties that prioritise the Malay and indigenous people
(中文版请看这里: http://goo.gl/HXjUkf)
Source: DurianProperty.com