Buying a property in Malaysia is the same as owning a freehold property in Malaysia. It is a thing of joy to have a property on your own. There so many advantages attached to it such as prestige, privacy, investment, achievement and so on. It is better to have something on your own than to rent from others which might not give you rest of mind. Though it is a joyful thing the beginning of the journey might be somehow rough one base on the disadvantages like the legality, huge sum of money and so on. However, it will be better to make enough findings on the type of property you want to own and the title on it. Tan who has contributed to Berjaya Development
Here are the four major types of land title in Malaysia:
The master title:
The master title is compared as a bigger piece of land whereby more than one unit of property can be constructed and it is usually registered in the developer’s name.
These types of properties such as the freehold condo, office lots and apartments are usually constructed on lands with master titles. Though these properties are usually constructed on the master title, each unit will be given a title called strata title. People living in freehold luxury condo in kualalumpur will hold this land title.
In any case of these properties, the facilities built with the property will be covered under the master title.
This is a type of land title is the breakdown of the master title. This means it is a kind of title where each unit of the properties covered with the master title will hold. Strata title is can be traced to strata title act 1985 the act which backs the issuance of strata title. As stated earlier, it will be issued after the completion of the property under a master title which will be allocated per unit. Examples of the kind of properties are shops or offices, luxury condo in Malaysia and any other type of properties which can subdivide into units. This is the type of title currently trending in Malaysia. Properties with fence and gates are usually high demand in Malaysia. These types of properties are the kind of properties with the strata title.
This type of title can be issued to properties such as commercial properties, residential properties or lands. In another word, it can be issued to properties which are not multi-story buildings. Examples are bungalows. This title is backed by the national land code 1965 that empowers the issuance of individual title.
This title is a smaller part of the master title. Block title is not really a constant one in Malaysia. It is a type of land title which can be issued to block of property consisting of not many units. Example of block title property is a 5 story block of the flat where different individuals own a story the land title that will be issued to such is called a block title.
The owner of a block title is usually on the ground floor or there are some cases where all owners will appoint a law firm as stakeholders of the title.