In Malaysia, even if a house is purchased with a cash payment, the transfer of the land or house title does not happen immediately. The process involves several legal and administrative steps:
Sale and Purchase Agreement (SPA): After agreeing on the sale, both parties sign the SPA. This document outlines the terms and conditions of the sale.
Payment of Deposit: Typically, a 10% deposit is paid upon signing the SPA. The balance is paid upon completion.
Lawyer and Stamping: Both buyer and seller appoint lawyers to handle the transaction. The SPA is stamped and submitted to the Inland Revenue Board (LHDN) for stamping and duty payment.
Land Office Registration: The lawyers will submit the necessary documents to the relevant Land Office to transfer the title from the seller to the buyer.
Payment of Balance: The buyer pays the remaining balance of the purchase price.
Transfer of Title: Once the Land Office processes the transfer, which can take several weeks to a few months, the title is officially transferred to the buyer.
Final Documentation: The buyer receives the new title deed with their name registered as the owner.
While the cash payment can expedite the process compared to financing through a mortgage, the bureaucratic steps to transfer the title deed remain the same and take time to complete.
I'm Andrew, an agent from Vivahomes. You can contact me at
013-328-1010
yea.
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