Guidebook on Registering Property in Malaysia.pdf

GUIDEBOOK on REGISTERING PROPERTY in MALAYSIAGLOSSARYAdjudicationThe process of valuation carried out to determine the chargeable amount of stamp duty for anytransfer of property.AdministratorThe officer of the Land Office in charge of the affairs of a particular district in 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 therein, the assignor assignshis ownership in that property to the assignee (the Buyer).Differential SumThe difference between the Purchase Price and the loan amount less deposit / payment.FreeholdLand held in perpetuity without any restrictions.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 in charge of the affairs of properties in a particular district of a state.Land RegistryThe office which is in charge for the entire affairs of properties in a state.LeaseholdThe act or condition of holding 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.Non-Standard PropertyProperties other than those defined as Standard Property.Quit RentConsideration of payment of a nominal sum of an annual rent to be paid to the respective state forthe land which is alienated by the said state either in perpetuity or for a term of years.Redemption StatementA statement issued by the seller’s bank addressed in favour of the party requesting it (usually thepurchaser’s bank), stating therein the total balance of outstanding debt of the seller at a certainfuture specified date. In anticipation of payment, the statement normally has 3 future dates ofpayment with the corresponding outstanding department.