Baseline Study on Vendor's Disclosure and Owner's Title Assurance

BASELINE STUDY ON VENDOR'S DISCLOSURE AND OWNER'S TITLE ASSURANCE COMPENSATION LAW IN MALAYSIA

Assoc. Prof. Dr Nuraisyah Chua Abdullah

&

Dr. Ramzyzan  Ramly

Puan Azni Mohd Dian

Muhammad Izwan Ikhsan

(University Teknologi Mara (UiTM)]

ABSTRACT

The concept of "caveat emptor" (let the buyer  be aware) and bona fide purchaser for value are challenges faced by sub-sale residential landed property purchasers and original registered proprietor of real property in Malaysia. In considering the viability of introduction of vendor disclosure law, title insurance fund and title insurance in Malaysia, comparative study and interviews with stakeholders were also conducted. The research concludes that awareness  of information  disclosure should be highlighted and the jurisdiction of the tribunal should extend to include dispute on disclosure information in sub-sale property. The land registration process needs to be strengthened to avoid fraud in view of the complications and the challenges in the implementation of the title insurance fund and title insurance.