Introduction In the realm of property ownership and financing, ensuring proper legal documentation is vital for protecting the rights of both borrowers and lenders. Two key legal documents – Discharge of Charge and Deed of Receipt and Reassignment are integral to confirming the release of the lender’s interest in the property and ensuring the borrower…
Q: Who is classified as a “foreigner”? A: As defined under the Sarawak Land Code, a foreigner is: – a) any person who is not a Malaysian citizen and not permanently resident in Sarawak; b) any foreign company, corporation, society, association or other body which is not registered in Malaysia under any written law applicable…
Joint name property means ‘joint ownership’ or ‘co-proprietorship’ of a property. It simply refers to two people (or more) who each have a share of the same property. This could include cohabiting couples or friends or family members who own a property together. Whether you are a joint owner with your partner, a family member,…
1. By Way of Transfer & Transmission • Transmission between Deceased to Executor/Administrator and the transfer between Executor/Administrator to the Beneficiary is deemed no loss or gain. • In this event, no RPGT will be imposed. 2. Transfer of Deceased’s Property in Sub-sales Situation • Transfer of Deceased’s property in sub-sales situation is depending on…
Individual Title Master Title Concept Had undergone subdivided process and issuance of separate issue document of title for each unit of property has been done. Yet to undergo sub-divided and separate issue document of title for each parcel of property yet to be obtained. Land Search Owner’s name will be showed on the land search….
In the Malaysian real estate market, there are two (2) common types of property transactions, which are stated below:- Developer Sales: Developer Sales are the purchase of properties directly from the Developer. These properties are usually brand new or under construction, whereby the buyers are the first owners. Sub-Sales: Sub-Sales, also called secondary sales. Sub-Sales…
The definition of ‘matrimonial assets’ under the Law Reform (Marriage and Divorce) Act 1976 The interpretation and definition of the term ‘matrimonial assets’ under the Malaysian Law is rather wide and straightforward. Section 76 of the Law Reform (Marriage and Divorce) Act 1976 (Act 164) empowers the court to order division of assets between parties…
Upon confirmation from the bank that your housing loan has been fully settled, your first step will be appointing a qualified lawyer to assist you with the next procedure, of which there are two types, which are MODC which is for the property with individual strata title and the DRR which is for the property…
Have you ever thought of transferring your property during your lifetime to your family members? If you’ve been worried about legal costs and stamp duty associated with transferring your property to your family members, there’s good news, our government has recently announced a stamp duty waiver. How much do you save if you transfer the…
What is Power of Attorney? Power of Attorney (“PA”) is a legal instrument where the Donor confers the authority to the Donee to act on behalf of him in the performance of specific acts. In order to create a valid PA, it must be executed before an advocate and solicitor or such other person as…
