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

freehold

no rpgt for me so here good.