I recently sold one of my property to a China foreigner buyer who will be paying cash. When someone is paying cash, my initial though was everything will be fast as no need to wait for bank approval and etc. My lawyer then told me that if everything goes smoothly but SLOWLY, i should be able to hand over the keys by August/September 2021 latest! I was shocked when my lawyer said that. Why so long I asked. The lawyer said because your buyer is a foreigner, they need to get a "State Consent" approval from some authority after the signature of the SnP. This State Consent approval can take 1-2 months to get approval for KL property and then only can move on to getting the remaining 90% balance from the buyer. Then the buyer can delay a little longer don't know what to protect themselves from paying up the 90% or partially for some unknown reason. That means i need to serve my bank loan longer until August/September 2021 possibly! With the CMCO now, it makes things slower from what the lawyer said.

Have anyone of you experience this or know a little more about this? Would like to hear from another person point of view. To me looks like selling to a foreigner (who pays cash) dont have much advantage at all...

This post has been edited by barney: Dec 23 2020, 10:06 PM

Leasehold?

What kind of advantage you're thinking of?

NOTHING is fast when it goes through our malaysian Gomen... ...

And i hope you don't kena RPGT, if not lagi lah LOL

freehold

no rpgt for me so here good.

The state consent part is refering to whether the foreigner is ELIGIBLE to purchase the property at the agreed price between buyer seller. Land matters are under state jurisdiction and the threshold varies with each state. It doesnt matter if is free or lease hold.

For eg...if guideline states foreigner are only allowed to buy property above say RM 1mil, a SnP price below 1m will be rejected. Even if is above 1 mil, it can also be rejected.

Price reason is only 1 of it, others maybe building status, nationality etc.

This post has been edited by mini orchard: Dec 24 2020, 06:58 AM