What is the legal procedure in purchasing a house in Malaysia? Would like a step by step process being explain to me.
Posted by Gladys on Mar 23, 2011 | Views 67350 | Category: Home Buying
Lucas Tan Kit Shih replied on Mar 24, 2011:
Simply put, after you have decided to purchase a specific unit it's as below:
1) Place booking of 2 to 3% (ONLY if its transaction with a real estate agent. NOT applicable to DIRECT OWNER deal)
2) You will have 14 days before signing sales & Purchase agreement. Hence you will have to obtain a loan approval from financier in this time frame. (You could actually obtain approval prior to booking if you are unsure of your loan eligibility. However without a booking the owner will sell the property to the next buyer that places booking)
3) You will have to appoint a solicitor to handle the sales & purchase agreement (SPA), do the necessary searches & place a private caveat on the property. On signing of SPA you will have to prepare the balance 10% down payment (deducting the initial 2-3%) for the purchase. In some cases you may need to pay the solicitor professional fees & stamp duty relevant to the purchase at this point (If you know the solicitor they may allow you to pay this after everything is done).
4) If you have acquired a loan then you will also have to sign a loan agreement (LA) once the SPA is signed by both parties & stamped. Take note the LA may be done by a different solicitor & legal charges do apply, unless otherwise specified.
5)At this point the solicitor/solicitors will take care of most of the transfer process. Depending on the property type/title & whether you are a Malaysia or foreigner the process duration may be less than 3 months or more than a year in complicated cases. My advice is to make sure you get a good solicitor that specializes in conveyancing, this is really critical as there are many lawyers around & not all are suitable even thou they can carry out the task.
6) At some point you may need to check on both SPA & LA solicitor or the banks to assure that you loan is drawdown on time as there are late payment penalty involve in the SPA.
7) Once full payment has been made you will have right to the vacant possession of t
Lucas Tan Kit Shih replied on Mar 24, 2011:
Sorry, seems like that is a bit too long for the reply section. Anyway hope that answers your question. There are some details in between, but that is the rough idea.
Me and my wife are looking at buying a condo in the KL area (Bangsar, Mont Kiara, KLCC) for investment / rental. We are Singaporeans, profs currently in the Middle East. Can please clear the foll: 1) Min entry price...
Posted by Mr. Shameen Ali on Oct 18, 2014 | Answer 1 | Category: Home Buying
Hello, I'm seeking 2-3 Acres Commercial land at Dengkil, Sepang, Semenyih to build shoplot. Please pm me if you have. tqvm.
Posted by Anonymous on Oct 17, 2014 | Answer 1 | Category: Home Buying
I am interested to buy a terrace house in Sunway PJS11. Any agent can help?
Posted by Mrs. Anne Lim on Oct 8, 2014 | Answer 1 | Category: Home Buying
I'm interested in buying a unit at Nilai Anggerik Court Aparment.
Posted by Wati Abdullah on Oct 8, 2014 | Answers No | Category: Home Buying
Hi, I am serious buyer looking for a unit at Kota Emas, Jelutong, Penang, price below 400 K. Seller/ agent please pm me
Posted by Anonymous on Sep 29, 2014 | Answers No | Category: Home Buying
Hi, I'm looking for Commercial land, Freehold at KL Town area. Prefer 5 Acres and above.
Posted by Anonymous on Sep 16, 2014 | Answers 4 | Category: Home Buying
Wanted freehold landed 2 storey property, size min 18 x 60, price not exceed RM 650k, around kepong, jinjang, selayang, Segambut,kepong, jln ipoh. Is there still any possibility? Thanks
Posted by Anonymous on Sep 15, 2014 | Answers 2 | Category: Home Buying
I have a serious buyer is looking a 2000acres to.3000oil palm land in west malaysia..any agent who is direct to owner and want to sell out the land can contact me.. If the buyer interest .. We can negotiate the...
Posted by Ms. wendy ng on Sep 11, 2014 | Answers 4 | Category: Home Buying
Hi, I just start working about 1 year n half. Now I and my husband looking for house to sale. maybe a new house suitable for use as looking first house. not to expensive maybe below 500k. where can i find it? maybe...
Posted by Anonymous on Sep 11, 2014 | Answers 13 | Category: Home Buying
Hi I'm looking at the following properties to purchase; Desa Alpha @ Taman Rainbow Or Condominium Megah @ Jln Ipoh Any pro/con's/suggestion on these two property is welcome. I'm leaning more towards alpha Desa but...
Posted by Dato bob Dylan makkau on Sep 9, 2014 | Answer 1 | Category: Home Buying