What does 3+1 mean in a property transaction?

3 + 1 simply means that in any property transactions, the vendor (owner) will usually give the purchaser a time frame of 3 months (free of interests) plus 1 month (with interests) in order to complete the whole conveyancing (property transfer) process.

In other words, should the purchaser's took more then 3 months to pay the vendor the full settlement sum, the purchase can be charged interests on the amount owning, based on an agreed rate, normally between 8%pa to 10%pa.

What if the case drag on to longer than 4 months? Please click HERE to read more.

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ABOUT THE AUTHOR: Lim Boon Ping, Registered Estate Agent (E 1690), was elected as the Chairman of Malaysian Institute of Estate Agents Johor Branch since 2004 until now. He is currently employed as General Manager under Tiram Realty, an established real estate agency of over 20 years history in Johor. To get instant access to all his valuable tips and advice on Malaysia's real estate matters, visit: http://www.tiramrealty.com.my and http://www.blog.tiramrealty.com.my

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This post has been edited by limboonsiang: May 4 2007, 10:43 AM