Popular Property Management Terms You Need to Know in Malaysia
A Glossary of Strata property Management Terms
If you’re a strata property owner or a property manager, building a deep understanding of property management terms is the key to going from novice to pro. To help you get started and provide you with a solid reference point, here’s a look at the most common property management terms you should know. Have fun diving in to this glossary of terms. If we missed any, please contact us and send us your definitions via Whatapps.
If you would like to know more about Strata Management Act 2013, Strata Management (Maintenance and Management) Regulations 2015, Strata Management (Strata Management Tribunal) Regulations 2015 and the respective Federal Government Gazettes, kindly click the button below. You may download the respective details at our download section.
A
AGM
Annual General Meeting.
B
Boveap
Board of Valuers, Appraisers, Estate Agents and Property Managers.
By-Laws
The by-laws are made for the purpose of the control, management, administration, use and enjoyment of the the Common Property or the Limited Common Property. It is for the common benefit of all strata owners within the same development. All by-laws by the Management Body must be consistent with the by-laws stipulated in the Third Schedule of Strata Management (Maintenance and Management) Regulations 2015.
C
Charges
Charges is also known as service charges or maintenance fees. It is payment to be made by Strata Owners to the Management Body for the purpose of general expenses. For example, maintenance and management of the Common Property or the Limited Common Property.
COB
Commissioner of Buildings appointed under the Strata Management Act 2013. Deputy Commissioner and other officer can be appointed to exercise the powers or perform the duties imposed on the Commissioner.
Committee
Joint Management Committee (JMC), Management Committee (MC) or Sub Management Committee (Sub MC).
Common Property
The development area that is not comprised in any parcel or accessory parcel, and is capable of being used or enjoyed by 2 or more Strata Owners. For example, water pumps, corridors, meeting rooms, common area lighting fixtures, generator sets, boom gates and driveways to car park.
Comprehensive Resolution
A resolution which is considered at a duly convened general meeting of the MC of which at least 30 days notice specifying the resolution has been given and at the end of 60 days after the general meeting is convened. Voted by a poll where the total of the share units of the parcels for which valid votes are counted for the resolution is at least 2/3 of the aggregate share units of the parcels of all Proprietors who constitute the MC at the end of such period.
D
Damage to Party Wall
Any evidence of dampness, moisture or water penetration on the wall and/or any furnishing material attached to the wall that form part of the interior of a parcel, Common Property or Limited Common Property.
E
EGM
Extraordinary general meeting.
I
Inter Floor Leakage
Any evidence of dampness, moisture or water penetration on the ceiling and/or any furnishing material attached to the ceiling that form part of the interior of a parcel, Common Property or Limited Common Property.
J
JMB
Joint Management Body established under Strata Management Act 2013 that comprises of the Developer and Strata Owners.
JMC
The committee of Joint Management Body.
L
Limited Common Property
Part of a Common Property designated for the exclusive benefit of 2 or more but not all Strata Owners.
M
Management Body
The Developer, JMB, MC or Sub MC, as the case may be.
Managing Agent
Managing Agent is engaged to carry out the duties of Management Body. If managing agent is not a registered property manager with BOVAEP, they need to provide a bond to the Management Body.
Mc
Management Corporation which comes into existence under the Strata Title Act 1985.
O
Ordinary resolution
A resolution passed at a duly convened general meeting of which at least 14 days’ notice specifying the proposed resolution is given, and carried by a majority consisting of not less than 1/2 of the valid votes cast at the general meeting by a show of hands, or if a poll is demanded and taken, by a majority consisting of not less than 1/2 in number of the valid votes cast on such a poll.
P
Proprietor
A person or body for the time being registered as proprietor of a parcel or a provisional block.
Property Manager
A company or an individual who provides property maintenance and management services. They provide crucial expertise and experience to the Management Body in carrying out the duties of the Management Body.
s
Sinking Fund
Payment made by Strata Owners to the Management Body solely for the purpose of capital expenditure. For example, the painting or repainting walls, the acquisition of any moveable property or the renewal or replacement of any fixture or fitting comprised in any Common Property or the Limited Common Property.
SMA
Strata Management Act 2013.
SMR
Strata Management (Maintenance and Management) Regulations 2015.
SMT
Strata Management Tribunal established under Strata Management Act 2013.
Special resolution
A resolution passed at a duly convened general meeting of which at least 21 days notice specifying the proposed resolution is given, and carried by a majority consisting of not less than 3/4 of the valid votes cast at the general meeting by a show of hands, or if a poll is demanded and taken, by a majority consisting of not less than 3/4 in number of the valid votes cast on such a poll.
STA
Strata Title Act 1965.
Strata Owner
The Proprietor or the purchaser of a parcel and includes any person or body who has acquired interest as a purchaser in the parcel or any person or body for the time being registered as a parcel owner in the register of parcel owners.
