Guidebook on Registering Property in Malaysia.pdf

GUIDEBOOK on REGISTERING PROPERTY in MALAYSIAINTRODUCTIONRegistering PropertyThe speed of getting property registered is one of the elements that impact a country’scompetitiveness. Onerous processes and procedures for property registration affect the ease ofdoing business.4PEMUDAH’s Focus Group on Registering Property worked to improve the processes andenhance transparency in the procedures for registering property. This group comprised membersfrom the Stamp Office Division of the Inland Revenue Board of Malaysia, Valuation and PropertyServices Department of the Ministry of Finance and the Land Office / Registry under the StateGovernment.The improvements made include:• e-Stamping, an on-line stamping system involving agent and the Stamp Office or RevenueService Centre (RSC) which comprises:-• Sistem Taksiran Pindah Milik Harta Tanah (STPH)• Stamp Assessment and Payment System (STAMPS)• The valuation process by the Valuation and Property Services Department [Jabatan Penilaiandan Perkhidmatan Harta, (JPPH)];• Computerisation of the property registration system in the Land Office / Registry.Processes have been streamlined to the extent that it now generally takes 2 working days for aStandard Property to be registered in Peninsular Malaysia.The “Walking Through the System” in this guidebook provides an illustrated step-by-step guidewhich includes the time and costs involved, in a sample case.