Selling property for the first time.

How to know if an agent is trustworthy and efficient?

What are the costs involved on seller's side? How much of % the sale is expected as commission for agent/parties involved?

How many times need to meet the agent/bank/lawyer/buyer?

What are the first steps until the last steps?

1. Ask referral from friends who has dealt with the negotiator. Preferably he is ACTIVE around your area. Check his personal credential and agency with LPPEH website that both are legally registered. If you dont have any reference, check iProp for active negotiators around you area .... meaning he must have few property listings.

2. You appoint two or the most three negotiators and agreed on the standard commission which is between 2 to 3 % on the selling price. Please be realistic on the price as negotiators are not superman. Allow some margin for negotiation. Instruct all negotiators to advertised only one price as per your instruction. Do not expect a quick sale in today's market.

3. You decide whether you allow the negotiators to put up signboard on the property and also you allow them to have the house keys if vacant so you need not be present if there is a viewing especially when you live far away. Not every viewer is a buyer.

4. Once a buyer confirmed the purchase, the negotiator will prepare a booking form to be signed by both parties and collect the earnest money of 2 to 3% from the agreed price. The earnest money will be kept by the agency office as stakeholder pending signing of SNP. The printed terms in the booking forms is not final and both party can add extra terms to be agreeable to both.

5. Engage your OWN lawyer to handle the transaction. DO NOT use the purchaser's lawyer because in the event of any legal disputes you are left on your own to handle it without legal advise. Do not be sen wise and ringgit foolish. Your lawyer will need a copy of the title and your purchase SNP for the preparation.

6. Once your lawyer has vetted the SNP, it is ready for signing. The purchaser will issue a payment for 10% less earnest money to your lawyer. If there is no rpgt, the lawyer will release the money to you. Otherwise there will be a retention of about 3 to 5%.

7. As for the earnest money with the agency, if he collected 3% and the commission is 2%, the agency will refund the balance to you less 6% SST on the agency fee.

8. Meanwhile, you have to get vp ready for the property. Bills like Quit Rent, Assessment and Indah Water must be up todate. Your lawyer will request for the bills during vp for apportionment. As for water and ekectricity, you can proceed to terminate the account.

9. Final settlement is normally three months from SNP date or if is leasehold, from the date of consent from the state authority.

10. This is just a rough guide and if any problems arises during the process, your lawyer is there to help you. Every case is different ... some are straight forward, others may have hiccups here and there. An experience lawyer is also important.

11. You must also know how to read and understand the agreement. Dont depend on your lawyer. Have a draft copy begore signing. Ask questions if you dont understand. Dont complaint after signing.

12. Good luck.

Thank you so much for this. I'll keep this in mind.