Buying property in Malaysia can be both beneficial and confusing at the same time. However with careful planning and evaluation, individuals who choose to purchase property in the country will have an easier time getting what they are looking for. During the process of buying property it is important to know things such as legal implications, the property purchase process as well as the financial obligations you will need to meet when owning a property in Malaysia (ask StarProperty). By keeping these things in mind, individuals who buy property in Malaysia will greatly benefit.
The first thing to consider when buying a house, building or land in Malaysia is the legal implications. It is important to understand how the laws in Malaysia effect property owners and those looking to buy a property in this country. When it comes purchasing property in Malaysia, an individual can purchase a minimum of $76,000 US dollars in property. Individuals can purchase either two condos or one condo that has two stories or lands/bungalows. As well as the value of type of property that can be purchased, buyers must also use a real estate lawyer to complete the transaction.
When looking to purchase property in Malaysia, buyers must be know the process of buying a property in the country. The first thing you will need to do when purchasing property in Malaysia is to hire a lawyer who specializes in real estate. After a buyer chooses the property they want to buy, they will need to sign a Letter of Offer/Acceptance and then make a deposit of 3%.
After this step, the buyer must make another 7% deposit after 14 days of signing the Sale and Purchase Agreement. Then the buyer will need to pay the full amount of the purchase price within three months. Once this is done, then the Sale and Purchase agreement needs to be submitted to the Stamp Office. This organization will then examine the property and make sure that the property is in good condition and that the value of the property is accurate. The Stamp Duty must be paid and then it is registered at the Land Office Registry.
It is important to make sure that the property is in good condition and that it is valued accurately. By ensuring these two things, you will be certain that you are not getting ripped off and that you can successfully complete the purchase. It is also important to make sure that you use the services of a reputable real estate lawyer who will guide you through the process as well. Following these tips and knowing the legal and purchase process will help make purchasing property in Malaysia a smooth transition.