Master Deed For A Condominium In Kings
Description
Form popularity
FAQ
There are three types of land titles in Malaysia: Master title. Individual title. Strata title.
The laws relating to buying property in Malaysia are largely captured in the National Land Code of 19652 and state that foreign individuals and companies can acquire properties and land with the approval of the state authority.
The Master Title is the single most important document relating to ownership of a development. It's issued during the construction and development stage of a property's life cycle.
A master title is an ownership document issued during the construction and development stage of a property. It is usually registered under the name of the proprietor and/or developer. Separate units under this development will then be divided and sold into individual titles or strata titles.
Inium is a Latin word that means "Owning property together." That's what it is like when someone buys a condo unit. They have an "interest" in the land beneath the building, but the building's association owns the actual land.
With regular iniums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold inium the owner owns the land and building and the corporation owns common shared roadways and amenities.
When a common interest development deteriorates to the point that basic safety and habitability are called into question, the local government authority must act to either force the owners to repair it, or failing that, to close it down.
The ownership of these condos might differ; they might be leasehold or freehold. One of the main differences between these types is that in leasehold condos, you only own the right to operate your unit for a specific period. In freehold condos, you have full ownership rights forever.
Your inium doesn't have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your inium ownership does not necessarily end at that point.
