Not sure post here or Property better. 😅 Need advices on how to sell a property without agents. I have potential buyer which is my next door neighbour(rental) hence thinking not using agent will be better However I'm not sure where to begin.

Procedures that i understood so far from research :

1) Get Valuation of property from properties listing site or banks
2)Propose selling price to buyer. Then buyer applies for loan from bank.
3)Bank doing valuation. Does buyer need to pay first for this service even before loan approved/agreement?
4)Not sure how to go from here..

Anyone who has diy selling experience before please give me some advices 🙏🙏🙏🙏🙏🙏🙏

for subsales if using agent

first step is collected 2/3% deposit from buyer. money parked under real estate agency bank account. the buyer & seller jointly sign the booking form (& witness by agent) with condition that buyer need to get loan approved within XX working days. Agent will claim these 2/3% as their commission once S&P is signed later.

For sales without agent, no too sure. better find out from your lawyer.

This post has been edited by bcombat: Apr 6 2022, 05:11 PM

Just ask buyer sendiri cari banker go apply loan first then bank will teach buyer how. No need agent

From the top of my head. No need to engage agent.

1. Agree on a final price.
2. Get booking fee of RM1,000 from him to know that he is serious. Will be used to set off against the final selling price of property.
3. Discuss about which lawyer firm he is ok with for S&P.
4. Let lawyer know the exact particulars. Lawyer will handle the S&P and contacting of both sides.
5. He will then need to secure financing ASAP. His job to approach different banks and get the best rate. Bankers will check the rough valuation of the property. This will take a month.
6. Once loan letter of offer obtained, can sign S&P already.
7. S&P one of the conditions will be that buyer need to ensure bank loan secured within x months from signing of S&P
8. He need to sign loan documents for the bank loan
9. He need to engage valuer. Valuation will support the bank loan.
10. Funds released from bank. Paid to lawyer. Lawyer will execute the property title change.

Dont worry about valuation. This is buyers job. His bank will know what to do.
You take booking fee 2-3% of the house price. Engage a lawyer to do up SAP
During SAP signing, he have to pay the balance of 10% minus booking fee.


This post has been edited by N9484640: Apr 6 2022, 05:22 PM

first off you need some letters to be signed by the buyer, titled as "letter of intention to purchase" and in pursuant to the letter there will be some good will payment/earnest deposits collected to secure the sale. the catch is it might or might not be refundable.

as a practicing lawyer i dont mind drafting that for you and witnessing the execution of it with minimal fees applied.

1. Check property prices from iProp, propertygurus etc. There will be various advertised price due to various reasons .... basic house, renovated, extended, house number, direction etc. No 2 properties can always be the same price.

Once you decided on the selling price, inform the buyer. Do add some allowance for negotiation. Too high price will also be rejected by buyer being unrealistic.

2. Once price agreed, prepare a simple letter in 2 copies to confirm the intention of purchase and sale. In the letter, state the purchase selling price, the property address, the non refundable deposit other than loan rejection letter and sign by purchaser and seller (full name, IC No and address).

Have an independent 3rd party to witness and also sign the letter. The deposit can be any amount agreeable by both.

3. Give a copy of the letter together with photostat copy of the geran / house title to purchaser. He will then forward to his lawyer.

4. Buyer lawyer will contact you.

If you want to engage your own lawyer, then ask buyer lawyer to contact your lawyer.

If you want to 'engage' purchaser lawyer, then liaise with him.

There are pro and cons for both.

Follow the lawyer advise from here till completion.

5. Valuation price report by buyer valuer and SnP price are not necessary equal. The former is based on opinion and the latter is based on negotiation.

There shall be no dispute on the price once SnP is signed

This post has been edited by mini orchard: Apr 6 2022, 07:00 PM

3. Bank will do a valuation during loan application. Buyer doesn't need to pay valuation until he accepts the loan.

Thank you so much for everyone inputs. I get a clearer picture now on how to proceed. Once again Thank you