Hi all,

I bought a house for 300k 7 years ago, and i got a prospect offering me 600k with one condition - he's asking if it's okay for him to mark up the price in the S&P...
What do you guys think ? Is there anything I should be aware of ?

1) As i understand, i dont have to pay for the RPGT as the property is over 5 years ..
2) Do i need to file the income tax for the profit i made ?

Any other things that I missed ?

Purchaser buy at own risk.

All buyer / seller to submit ckht forms for property transaction irespective profit or loss.

there's no point in marking up the S&P price unless the market value for it is similar.

marking up is usually to get more loan.

house valued at 500k, max 90% loan is 450k. does not matter if the S&P price says it is 500k, or 1 mil

as long as owner is malaysian citizen, then no RPGT payable for property owned more than 5 years.

no need to file income tax for profit.

if u appoint a lawyer, ur lawyer will charge u based on SPA price (marked up price). u can ask him to pay for that increase.

TS, sorry to revive the topic. So far , how do your case ended ? The purchaser agree to pay for all the cost involved due to the marked up ?

usually buyer have to make that happened and pay for the differences.. i did it once before.. seller agreed.. i use my spare to do renovation & legal fee & stamp duty.. basically to get 100% loan amt on property price..

Thanks, I”m exploring whether if there is any possible weakness point not covered. If the buyer willing bear the cost then basically it will be no issue.

Previously I”m thinking on the possibillity on the buyer to turn against the agreement to pay the additional costs due to the marked up because these terms cannot be written in the black & white.

The worry was addresss because the buyer unlikely to turn against the deal because the SPA demand 10% downpayment at the marked up rate, if the buyer decided to turn against the original agreement, the buyer will be at total disadvantage.

your lawyer will help you handle all the things.. basically bank disburse money to lawyer as third party until everything settled.. lawyer will give you back the differences from the markup..

my case, i still pay 10% DP for seller first whenever sign SnP infront of lawyer.. then lawyer will give me back the mark up portion after all procedures done and get the keys from seller in front of lawyer..

but all these mark up things are able to process provided property valuation is okay.. e.g. my unit valuation is 300k but i got it 225k and markup to 250k only.. now my unit worth more than 300k.. (got the deal during MCO).. uncle sold the units and give to his son for new house renovation.. anyhow uncle unit only cost him 30k 30 years ago.. he still earn money