Real Estate & Conveyancing
Real estate and conveyancing practice in Malaysia involves the legal process of transferring ownership of real property from one party to another. This process is crucial for buying, selling, or transferring properties, and it ensures that the rights and interests of all parties involved are protected.
real estate and conveyancing practice in Malaysia
- Due Diligence: Before proceeding with a real estate transaction, the conveyancing lawyer conducts due diligence to verify the legal status of the property. This involves examining land titles, land records, encumbrances, and other relevant documentation to confirm the ownership and legal status of the property.
- Sale and Purchase Agreement (SPA): The SPA is a legally binding contract between the buyer and seller. The conveyancing lawyer prepares the SPA, which outlines the terms and conditions of the property sale, including the purchase price, payment terms, and other relevant provisions. Both parties must sign the SPA to make the transaction legally valid.
- Transfer of Ownership: The conveyancing lawyer assists in the transfer of ownership from the seller to the buyer. This involves preparing the necessary documents and submitting them to the relevant authorities for registration.
- Stamp Duty and Taxes: In Malaysia, stamp duty and taxes are payable on property transactions. The conveyancing lawyer ensures that all required stamp duty and taxes are paid correctly and promptly.
- Title Search and Registration: The conveyancing lawyer conducts a title search to verify the property’s ownership and ensure that there are no outstanding charges or encumbrances. They then proceed with the registration of the transfer of ownership with the relevant land office.
- Financing and Loan Documentation: In cases where buyers require financing, the conveyancing lawyer assists in preparing loan documentation and liaises with financial institutions to facilitate the disbursement of funds.
- Property Disputes and Litigation: In some cases, disputes may arise during the real estate transaction process. The conveyancing lawyer may be involved in resolving disputes or, if necessary, representing their clients in property-related litigation.
- Strata Titles and Subdivision: For properties under the strata title system or properties undergoing subdivision, the conveyancing lawyer ensures compliance with the applicable regulations and facilitates the transfer of individual strata units.
- Finalization of the Transaction: Once all legal requirements are met, the conveyancing lawyer finalizes the transaction and hands over the relevant documents and keys to the new property owner.
Real estate and conveyancing practice in Malaysia is a complex legal process that requires expertise and attention to detail. Engaging a qualified and experienced conveyancing lawyer is essential to ensure a smooth and legally compliant real estate transaction.