Property Sale & Purchase Process (Proses Jual Beli Rumah)
Everybody will be so excited to buy their dream house whether new construction or subsale. Before proceeding to Sale and Purchase transaction, it is better for each of us to educate ourselves for the processes involve. By having this knowledge, we will understand the timeline taken and preparation that we need to do before, during and after the process.
The process generally takes about 6 to 7 months but in some cases it may took up more than a year. To ease new seller (owner) or buyer, here I grouped it into 4 stages as per below
Stage #1 : Pay booking, 3% or more
- Buyer pay earnest money 3%
- Receipt will be given to buyers upon paying earnest money.
- Buyer & Owner Sign Letter Of Offer / acceptance.
- Earnest money/ is forfeitable if purchaser abort the transaction.
- The seller has to double pay the booking fee if the seller decide not to sell the said property.
Stage #2 : Sale & Purchase Agreement and Balance Deposit 7%
- Buyer Pay 7% balance of 10% of the sale price upon signing Sale & Purchase (S&P) Agreement and 14 days after signing Letter Of Offer / acceptance.
Stage #3 : Settlement Period, 90% (90 days + 30 days)
- The date of Settlement of outstanding balance can be discuss by both party before signing Sale and Purchase Agreement
- Normally, the buyer will be given 3 month to settle outstanding balance after execution of the sale and purchase agreement.
- The buyer can request extend for one month. Within this one month, the buyer has to pay interest calculated per day
- In the event that the consent has to obtain from the relevant government authorities (Leasehold/Malay reserve/Some of Freehold) or Developer (for master title) and/or issuance of certificate of Fitness, Settlement period will be count on date receipt of consent.
Stage #4 : Vacant Possession
- The property would be given upon full payment.
I hope that my short sharing will be beneficial to all. As a Real Estate Negotiator, I considered that this info is vital to all sellers (owners) and buyers for smooth process.
If you notice on the top, I did mentioned some case. Some cases can be balance deposit to pay with KWSP (EPF), caveat, title issues and etc. I will share more in next article.
Zuraini @ 0125156874
Real Estate Negotiator 18457
Nilai Harta Consultant, Shah Alam.