34 terms
Property glossary
The words you'll meet in contracts and with lawyers and banks.
- Sale and Purchase Agreement
- The contract between buyer and seller; new launches use the Housing Development Act's statutory forms (Schedule G landed, H strata).
- Memorandum of Transfer
- The instrument transferring title to the buyer; transfer stamp duty is payable on it.
- Booking fee
- Paid when reserving a unit, usually part of the 10% deposit; get an official receipt and refund terms.
- Vacant Possession
- The developer hands over keys and the home can be occupied.
- Certificate of Completion and Compliance
- Certifies the building is complete and compliant; needed before handover.
- Defect Liability Period
- 24 months after handover in which the developer must fix defects.
- Liquidated Ascertained Damages
- Compensation for late delivery, generally 10% of the price per year.
- State consent
- Approval foreigners need from the Johor state to buy property.
- Bumiputera unit
- Units reserved for Bumiputera buyers; non-Bumi and foreigners can't buy them unless released.
- Malay Reserve Land
- Land that only Malays may hold.
- Freehold
- Ownership with no expiry.
- Leasehold
- Ownership for a fixed term (often 99 years), renewable.
- Strata title
- Individual title to a condo or strata landed unit.
- Joint Management Body / Management Corporation
- The bodies managing common property in strata developments.
- Sinking fund
- A reserve for major repairs, generally 10% of the maintenance fee.
- Quit rent (cukai tanah)
- Annual land tax to the land office, due by 31 May in Johor.
- Assessment tax (cukai pintu)
- Property tax to the city council, paid in two halves.
- Real Property Gains Tax
- Tax on gains from selling property, by holding period and status.
- Debt Service Ratio
- Monthly debt ÷ net monthly income, used by banks to assess loans.
- Central Credit Reference Information System
- Bank Negara's credit record of the last 12 months' repayments.
- CTOS
- A private credit bureau including litigation and bankruptcy records.
- Standardised Base Rate
- The home loan reference rate linked to the OPR.
- Overnight Policy Rate
- Bank Negara's policy rate, which moves home loan rates.
- Mortgage Reducing / Level Term Assurance
- Mortgage insurance: MRTA cover reduces, MLTA stays level.
- Lock-in period
- The period with an early-settlement penalty, usually 3–5 years.
- Subsale
- A home bought from an existing owner.
- Auction property
- Property sold at bank or court auction.
- Stakeholder sum
- Money held by a lawyer until conditions are met.
- Real Estate Negotiator / Agent
- Registered negotiator / estate agent, verifiable with LPPEH.
- TEDUH
- The housing ministry's project progress portal.
- Advertising and Sales Permit
- The permit developers need to advertise and sell.
- Malaysia My Second Home
- Malaysia's long-stay visa programme for foreigners.
- Johor–Singapore Special Economic Zone
- The Johor–Singapore Special Economic Zone (signed 2025).
- Rapid Transit System Link
- The cross-border rail between Bukit Chagar (JB) and Woodlands North (Singapore).