Property Buying Costs and Procedures in Malaysia
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Transcript of Property Buying Costs and Procedures in Malaysia
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7/28/2019 Property Buying Costs and Procedures in Malaysia
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7/28/2019 Property Buying Costs and Procedures in Malaysia
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Property Buying Procedure(Simplified):
The first step to purchasing property in Malaysia is to hire a real estate lawyer to assist in the
transaction. Once property is selected, a Letter of Offer/Acceptance is signed, and a 3% deposit isexpected from the buyer.
Within 14 days, the Sale and Purchase Agreement is signed. The buyer must pay another 7% deposit.
From the date of the signing, the buyer has a maximum of three months to accomplish full
payment.
The Sale and Purchase Agreement must be stamped at the Stamp Office. After the examination on
the property of the valuation department, Stamp Duty is paid to the Stamp Office. The transfer must
be registered at the Land Office Registry.
Be cautious when buying new property in unfinished condominium projects. Buyers may not be fully
protected against default, an issue vigorously raised by the Malaysian House Buyers Association,
which has pointed to flaws in The Housing Development (Control & Licensing) Act 2002, and the
Strata Titles Act. Those buying unfinished property from developers should ensure that the
developer has a valid Developers License and a valid Sales & Advertising permit.
Disclaimer: This article is written to give you a basic idea of how property buying cost and procedure
in Malaysia works in a nutshell, always consult a professional real estate agent should you have any
doubt or questions.
