As a real estate investor or homebuyer in Malaysia, you should know there are various types of property title (individual title, master title, strata title, commercial title, bumiputera title, and residential title). But do you know what they actually are?
Property Title
A property's title deed is the ultimate proof of ownership. Titles are important because they ensure your right to own the property and to sell it in the future.
Master Title
A Master Title, also known as Developer Title, is a document of a single ownership (Hakmilik) and is usually listed under the name of the developer, a related company, or the actual landowner. The entire project or land is put under one single title and it has not split into smaller separate lots. Upon completion of the project, the developer will apply and divide the master title into numerous smaller strata or individual titles for the individual owner.
Strata Title
Strata title is a sub-divided title meant for individual units of a stratified development. Examples of properties with strata titles are condominiums and apartments, where all unit owners jointly own the common facilities and spaces such as lift, staircase, carpark building, swimming pool, gym room, sauna room, and other leisure facilities.
Other than that, landed properties such as townhouse, shares common facilities with the other owners, such as club house, leisure park and gated and guarded facility.
Individual Title
This is the deed of ownership over each land plot divided from the master title, and each document carries an ownership (Hakmilik) number. It is typically issued for landed property that you are the only owner of the whole piece of land which includes bungalows, terrace homes, shophouses and semi-detached residences. Unlike strata title where you need the consent from all other owners of the land, you are free to make any decision on the property.
So, without a legal title relating to your specific property, transactions can become somewhat complicated.
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