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PROCEDURE OF PURCHASING A PROPERTY IN MALAYSIA

 1. Purchaser pay Earnest Deposit between 2% to 3% of the Purchase Price

2. Purchaser appoint a Solicitor and provide him/her the following documents

     a. Copy of document of title or vendor’s SPA (must be provided by vendor)

     b. Copy of Purchaser’s Identity Card or Passport

     c. Copy of Letter of Offer duly accepted by the Vendor

     d. Cheque or Bank Draft for deposit mentioned above.  

 3. Solicitor will conduct a title search and prepares a draft SPA for Vendor, or Vendor’s  

    Solicitor to peruse.  The signing of the SPA is usually within Fourteen (14) working days from

    the date of acceptance of the offer by the Vendor. Extension if required must be agreed by

    both parties.

 4. Purchaser sign the SPA with a payment to Vendor amounting to 7% to 8% of the Purchase  

    Price (Total payable upon signing SPA will be 10% including the earnest deposit), Stamp Duty 

    and Legal Fees to his solicitor.

 5. Purchaser will pay the balance of purchase price within 90 days from date of SPA or date of

    obtaining consent from relevant authorities, which ever is later, failing which a further extension

    of 30 days will be given on which interest is payable to the vendor as agreed.

 6. If the Purchaser applied for a bank loan and when approved he/she has to deposit with his

    solicitor the difference between the balance of purchase price (90%) and the loan amount.

 7. The property will be redeemed, when vendor’s loan is fully paid and the Title deed is given to

    the Purchaser’s Financier.

 8. If the title is available the transfer is registered at the Land Office. If the property does  

    not carry a sub-divided title the conveyance is by way of Deed of Assignment that need to be

    endorsed by the Developer.

 9. The Vendor receives the balance of the Purchase Price and the Purchaser receives Vacant

    possession of the Property