Hi Sam Yee,
The steps are as follows:-
1. Make sure the property you are interested to purchase belongs to rightful Owner(s)as claimed & the loan, if any outstanding does not exceed the purchase price.
2. Pay 3% earnest deposit to the Vendor's appointed agent and sign a Letter of Offer or Agreement To Purchase stating the mutually agreed price, payment terms & other agreed terms & conditions.
3. Engage a lawyer to prepare a draft Sale & Purchase Agreement to be finalized with the Vendor's lawyer and signed within 14 days from the payment of earnest deposit above and pay the balance 7% to the Vendor through your lawyer to make a total of 10% down payment. (During this stage your lawyer would have conducted the due diligence on your behalf to verify ownership and loan outstanding by Vendor)
4. The balance payment of 90% will be due for payment 3 months from the signing of the Sale & Purchase Agreement for Freehold properties or from the date of obtaining the Sate Authority's consent to transfer the property if it is leasehold. Additional 1 month grace period where late payment interest of 8% pa is granted to the Purchaser to settle full balance payment. (Purchaser may part finance the purchased with a bank loan.)
5. Your lawyer will ensure that all assessment and quit rent are paid up to date and the transfer documents are in order before releasing your balance payment of 90% to the Vendor's lawyer.
6. When you take possession of the property you need to apply for new water & electricity accounts and inform the Municipality and Indah Water on the change of ownership.
You may email me for further advise at davidwong@quantumrealestate.com.my
Thank you
David Wong
Principal
QUANTUM Real Estate
+60193330573
www.quantumrealestate.com.my
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