For secondary market subsale properties:-
1. Make an earnest deposit to the licensed and registered real estate agency (company) and sign a Letter of Offer To Purchase (LO) to be accepted and signed by the Vendor (Seller). Earnest deposit is usually 2% or 3% of the purchase price. Buyers do not usually pay any fee to the real estate agent who are usually appointed by the sellers/owners. Unless the buyer engages the services of the agent and agree on a fee to find a very selected property perhaps off the open market. The estate agents can charge up to 3% of the transacted price in accordance with our professional board guidelines. Refer www. lppeh.gov.my
2. Apply for a bank loan. A mortgage broker or consultant recommended by the agent can assist or you may contact any banks directly.
3. Sign the SPA and pay the 10% of the SPA price (which includes the earnest deposit already paid). If the property is not issued with a title deed or strata title yet, the purchaser is required to sign an SPA with a Deed of Assignment.
4. Pay the lawyer's fee for the SPA and the stamp duty.
5. Once the bank loan is approved and offer is accepted, sign the Loan Agreement cum Deed of Assignment. Apply for EPF for part down payment if you have an account. Refer www.kwsp.gov.my
6. Pay the lawyer's fee for the Loan Agreement and disbursements.
7. The bank will recommend you to engage a valuer to assess the current value of the property before the bank loan drawdown. Pay the valuer's fee or sometimes the bank will cost it into the loan amount.
8. The SPA usually allows 3 months and an additional one month (with late payment interest) for the Purchaser and/or the borrower's bank to release the full payment of the purchase price from the date of signing the SPA provided it is freehold and there are no other conditions precedent. However, for leasehold properties, the completion of the sale is 3+1 months from the date the State Authority consent is obtained by the Vendor (Seller). If t
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