interesting property blog.

http://keepitrealtors.blogspot.com/

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Added on July 24, 2010, 12:00 pmhere's a useful link on buying and selling property.

http://bit.ly/9VuD0T

Buyer
1) Prepare a payment of 2% of the selling price to the seller/agent.
2) Get a lawyer to prepare the SPA & prepare a payment of 8% to the seller. You may pay via your lawyer if you don't feel secure with the seller.*
3) Find a housing loan. Please do your research with multiple banks as you do not want to change the housing loan in less than 5 years (costly = tenths of thousands Ringgit penalty!!!).
4) Pay the 90% balance to the seller via your lawyer.*
5) Chase your lawyer for the return of Stamp Duty and prepare the Stamp Duty fees.

Seller
1) To receive the earnest deposit of 2%* of the selling price. At the same time to sign the agreement saying you will put your property off the market for 90 days.
* Normal practices - this 2% will be paid to the agent (as agent fees).
2) Wait for 15 days for the SPA (Sales & Purchase Agreement); here you will receive 8% payment - so in total, the initial 10% deposit has been paid. You will most likely require a lawyer to go through the fine prints here on forth.
3) Wait for the buyers loan to be approved (or if in cash, for the remaining 90%). This shall not take longer than 90 days. Payment will usually go through your lawyer and the buyers lawyer, so that everything is official and documented.
4) Now that all payment has been made and SPA signed, you will need to start packing/moving out. The SPA will be sent to the government for Stamp Duty, where once it returns, the property is officially the Buyers.

This post has been edited by zhengling: Jul 24 2010, 12:00 PM