There are some land holdings that you need to know before buying a home.
Freehold or freehold property refers to a permanent ownership interest. This property belongs to you forever and it is easily transferable from one individual to another. You do not need to get permission from an authority such as the state government to transfer ownership.
Leasehold or leasehold property refers to you leasing or renting the property from the government. Usually the lease term is 99 years. If the lease term of the property is reduced to like only 10 years left, then you can make a lease extension by paying the lease premium.
The lease will be renewed to maximize it to 99 years again. If you fail to renew it, it is impossible for your property to be taken back by the government. As for the transfer period, it takes quite a long time, less than 18 months or 18 months maximum. It all depends on the situation.
The land is reserved only for the Malays or called Bumi Lot. It does not matter if the property is freehold or leasehold , this property designated for sale in the indigenous Malays.
After approval is given to the developer to develop a piece of land, the land office will grant the master title or Master Title to the developer for the entire housing project.
Once the houses are handed over to the buyer, the developer will apply to the land office to transfer ownership of the property from Master Title to individual ownership. Most individually owned properties consist of landed houses such as Semi D houses and terraces. As for strata ownership, most of them consist of high rise houses such as condominiums and apartments.
If you buy a Master Title property , it will take a long time to be transferred by the developer due to the many procedures that need to be followed. It will be a problem for you during the sale of the house. But, if you buy an individually owned property, it is easier to sell.
That is one of the ownership or holding of real estate in Malaysia. Hopefully, with this brief information, it can guide you in choosing a suitable property and make things easier.
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