The sale agreement is in the form of a Sale & Purchase agreement (SPA). These are fairly standard but it is best to have a lawyer representing your interests before signing any agreements.
A memorandum of transfer also has to be signed to transfer the title from the seller to the purchaser. In the case of a new development where the developer does not yet have full title the seller will state in the SPA that this will be given as soon as they have proper title.
Special Note: If you are planning to move here under the Malaysia My Second Home programme and are placing a Fixed Deposit to qualify for the MM2H visa then the date you purchase a property is important. You will only be permitted to withdraw part of your fixed deposit (after it has been on deposit for one year) towards the purchase of your property if the S&P is dated after the issuance of your visa.
Saturday, March 15, 2008
Sales & Purchase agreement
Sales & Purchase agreement
Title
Title
There are two categories of title in Malaysia. Freehold which gives the owner full, permanent ownership of the property and leasehold which allows the owner to stay in possession for a limited period. Most leaseholds titles are for 99 years and can be extended on paying a further sum.
A house receives a title and an apartment or condominium is given a strata title. In the case of new apartment buildings the strata title may not be issued for some time after the building is completed.
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