Conveyancing
Conveyancing involves the legal process of transferring ownership or interests in real property. It covers a range of documentation and procedures to ensure that property transactions are valid, properly registered, and compliant with Malaysian land law. This area of practice often includes sale and purchase agreements, property transfers, and loan-related documentation.
1. Sale & Purchase Agreements
A sale and purchase agreement (SPA) sets out the terms and conditions under which property is bought and sold. It records the agreed price, payment schedule, and completion conditions. In Malaysia, SPAs must comply with the National Land Code 1965 and, in the case of housing developments, the Housing Development (Control and Licensing) Act 1966.
2. Transfer of Property
The transfer of property is the formal process of conveying ownership from one party to another. This includes preparing the instrument of transfer, ensuring all taxes and duties are settled, and registering the transaction with the Land Office. Proper execution ensures that ownership rights are lawfully and effectively transferred.
3. Tenancy Agreements
Tenancy agreements outline the rights and obligations of landlords and tenants in respect of rented property. They typically cover rent, duration, maintenance, and termination conditions. A well-drafted tenancy agreement provides legal clarity and can assist in resolving disputes should they arise under Malaysian tenancy law.
4. Loan Agreements
Loan agreements document the terms under which financial institutions or individuals provide funding for property purchases or other purposes. They set out repayment obligations, interest rates, and security arrangements. In Malaysia, these agreements are commonly accompanied by charge or debenture instruments to secure repayment.
5. Discharge of Loan
A discharge of loan occurs when a borrower has fully settled a housing or commercial loan. The process includes executing and registering a Discharge of Charge or Deed of Receipt and Reassignment with the relevant authority. This step is necessary to remove the lender’s charge over the property title.
6. Perfection of Title
Perfection of title refers to the process of registering the property in the name of the purchaser after the completion of a transaction. This includes stamping and lodging all relevant documents with the Land Office. The process ensures that the purchaser becomes the registered proprietor under the National Land Code 1965.
