Hello.

My mother owns a low cost single storey terrace house (freehold) and we have the intention to sell it (when the time is right). The property is already paid off and the deed is already returned from bank.

I have tried looking around for the procedure to sell off houses, but apart from the advice of just consulting a property agent, I can't seem to find any other info.. I'm sure there's already a post regarding this, could somebody here point me to the right direction? A website detailing the steps perhaps?

Also.. I'm confused about this part.

Recently my friend's mom sold off their house, she said they sold it off for 1.1 million instead of 1.3 million because they wanted it in cash. I'm quite confused, if you were to sell off the house and the new owner approaches a bank to borrow loan, we will only receive the money in parts is it? not the full lump sum?


Intention to sell: feel that property appreciation already stagnant, won't get that much higher than current value, so sell and use as d/p for next house (landed as well).

If you return the deed to the bank, how can you own the house?

I think what you're trying to say is the property is free of encumbrance.

To sell, you just need to advertise the property online. If got buyer, sign a letter of intent then proceed to SPA / Loan and etc.

However, low cost units have to go thru extra procedures. If it is on leasehold, even longer procedure.

As for your friend's mum's story, maybe the buyer can only afford to get 1,1M loan. By asking for 1,3M, it would complicate and slow down the process.

Bank would release the money to you in a lump sum via RENTAS most of the time.

bank will not issue money direct to you.

in cases where involve buyer getting a loan, bank will release money to the SPA lawyer or a stakeholder (which is usually a law firm).

THEN only the lawyer release money to u.

easy mode = appoint agent n pay agency fee (2-3%)

god mode = post urself on mudah/lowyat/iproperty/carousell. arrange time to meet prospective buyer. get lawyer to prepare offer to purchase (booking form).

Selling property yourself its not like selling vegetables. Just hire a lawyer to deal on your behalf if you found a buyer. If you cannot find buyer, appoint agent. As simple as that. Along the way you can and will learn some procedure on how to deal with property selling.

dont understand ", we will only receive the money in parts is it? not the full lump sum? "

u should get full sum if the bank pays.. must hire lawyer to do SPA

all the answers in this thread posted are good, but i think they can be confusing. At what stage are you at now? For your information, owner selling their properties on their own is OK, but there is a clamp down on illegal agents, who sell properties on other people's behalf without being a registered agent themselves

Steps to take:

1. Post your ads. You will be bombarded with calls by agents trying to represent you
2. Found a prospective buyer? Get your letter of intent ready. Have them sign and have them deposit money as booking (legality is grey, if possible get a law firm to represent you to hold the money)
3. The purchaser will apply for their loans, and once approved, they will have their SPA lawyer contact you or your lawyer
4. The SPA lawyer will ask for some copies of documents (deeds, spa, owner's nric) to draft the new SPA between them and you (your mother). Ask the lawyer for the final draft for you to go over, if you have your own lawyer they will go through the SPA on your behalf to make critical changes, if any
5. Once everything is ready, the SPA lawyer will call your mother to sign the SPA, and your mother will be paid the remaining deposit (10% minus the booking fees paid).
6. Wait. and the bank will pay the SPA lawyer who will pay your mother in a few months time.