The land on which the leasehold property stands is usually owned by the state government or other government authority. The lease sign gives the lessee the right to use, develop, and derive benefits from the land according to the terms and conditions stipulated in the lease agreement.
Leased properties in Malaysia are subject to certain rules and restrictions imposed by the authorities. For example, the lessee may need to obtain permission for any alteration, extension, or transfer of the property during the lease term. In addition, there are periodic payments, such as ground rent or lease renewal fees, that the leaseholder must meet.
It should be noted that leased properties have a limited period of ownership, and once the lease period expires, ownership reverts to the landowner. However, in some cases, leased properties can be extended or renewed, subject to policies and guidelines set by the government.
When considering a lease property in Malaysia, it is important for potential buyers to check the terms of the lease, including the remaining lease term and any specific conditions or restrictions associated with the property.
