‘COME UP WITH SPECIFIC RENTAL ACT’
Association says law would solve conflicts between owner, tenant efficiently
THE government has been urged to come up with a specific act which deals with rental of property. Several laws are in use to govern property rental, including the Contracts Act 1950, the Distress Act 1951 and the Specific Relief Act 1950.
Association of Real Estate Lawyers Malaysia (HartaGuam) president Datuk Nazri Mustafa said such a law would make rental transactions more efficient and help solve any conflicts between the owner of a property and tenant.
He said a tribunal could be set up to help manage any issues arising from rental agreements without resorting to retaining legal counsel, which would be costly.“Most developed countries, such as the United Kingdom, have such acts.
“It would also help solve problems quicker as cases can be brought before a tribunal and not have to go to court,” he said after a talk at the New Straits Times Press MyRumah Property Showcase at SACC Mall here.
In the talk, Nazri spoke about the rights of both property owner and tenant.
Another speaker at the exhibition was Sublet Method cofounder Mohamad Amin Harith, who talked about subletting property.
He said the public needed to understand in more detail about investing in sublets, which allowed someone to invest in a property without having to buy it.
“In sublets, you don’t need to get a bank loan, so you are not bogged down with monthly instalments.
“The sublet strategy is perfect for those who want to pad up their investment profiles,” he said. Amin said the sublet “field” had long been in existence in Malaysia, but was not well known.
“Subletting property has become a business that is profitable and not just one that is ‘trending’. There are many developed countries like the United States which practise it. This is different from Malaysia, where subletting is seen as something foreign and negative,” he said.