Guidebook on Registering Property in Malaysia.pdf
Guidebook on Registering Property in Malaysia.pdf
Guidebook on Registering Property in Malaysia.pdf
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GUIDEBOOK <strong>on</strong> REGISTERING PROPERTY <strong>in</strong> MALAYSIAGLOSSARYAdjudicati<strong>on</strong>The process of valuati<strong>on</strong> carried out to determ<strong>in</strong>e the chargeable amount of stamp duty for anytransfer of property.Adm<strong>in</strong>istratorThe officer of the Land Office <strong>in</strong> charge of the affairs of a particular district <strong>in</strong> a state.72Deed of AssignmentA Deed of Assignment is a document or agreement which an assignor (the Seller) states hispromise that from the date of the assignment or any date stipulated there<strong>in</strong>, the assignor assignshis ownership <strong>in</strong> that property to the assignee (the Buyer).Differential SumThe difference between the Purchase Price and the loan amount less deposit / payment.FreeholdLand held <strong>in</strong> perpetuity without any restricti<strong>on</strong>s.Issue Document of Title (IDT)The duplicate copy of the Register Documents of Title issued to the owner of the property.Land OfficeAn office which is <strong>in</strong> charge of the affairs of properties <strong>in</strong> a particular district of a state.Land RegistryThe office which is <strong>in</strong> charge for the entire affairs of properties <strong>in</strong> a state.LeaseholdThe act or c<strong>on</strong>diti<strong>on</strong> of hold<strong>in</strong>g by lease e.g. houses may be sold through a leasehold, which givesthe purchaser the legal right to occupy property for a specific period of time, such as 99 years.N<strong>on</strong>-Standard <strong>Property</strong>Properties other than those def<strong>in</strong>ed as Standard <strong>Property</strong>.Quit RentC<strong>on</strong>siderati<strong>on</strong> of payment of a nom<strong>in</strong>al sum of an annual rent to be paid to the respective state forthe land which is alienated by the said state either <strong>in</strong> perpetuity or for a term of years.Redempti<strong>on</strong> StatementA statement issued by the seller’s bank addressed <strong>in</strong> favour of the party request<strong>in</strong>g it (usually thepurchaser’s bank), stat<strong>in</strong>g there<strong>in</strong> the total balance of outstand<strong>in</strong>g debt of the seller at a certa<strong>in</strong>future specified date. In anticipati<strong>on</strong> of payment, the statement normally has 3 future dates ofpayment with the corresp<strong>on</strong>d<strong>in</strong>g outstand<strong>in</strong>g department.