Dear John,
If you are a foreigner, you need to purchase a property priced above RM500,000 in KL or Selangor and an application to the Land Office for consent to purchase by foreigner is required.You can either purchase from a developer or the secondary resale market.
If from a developer, you pay a booking fee, within 14 days from developer's notice to pay 10% upon signing S&PA and then follow the schedule of payments throughout the construction period (2 or 3 years) stated in the S&PA.
If from secondary market, you pay earnest deposit of 2% to 3% of selling price with Seller's Agent, 14 days to sign S&PA and pay 10% of purchase price(inclusive of earnest deposit), 3 months + 1 month extension to pay balance 90%. Handing over within 7 days after full payment is done.
If borrowing loan, the bank will disbursed payments according to S&PA.
If leasehold property in the secondary market, consent to transfer from Local Authority is required which may take a longer time to complete the transaction than a freehold property. For further advise and detailing, please email me at davidwong@quantumrealestate.com.my Thank you
David Wong
QUANTUM real estate
Licensed Agent E2097
Mobile:+60193330573
Tel:+60377289108
www.quantumrealestate.com.my
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