Apr 18 2022, 10:15 AM
QUOTE(sehazey @ Apr 18 2022, 09:03 AM)
Hello. I forgot my old account so just signed up new. Seeking advice from property experts here:
I own an apartment & already settled the loan (partially funded by parents). I've been looking for a landed house nearby my workplace for my own stay in future (next 10 years). So I found a subsale low cost basic double storey in Selangor (rm300k) & already paid earnest deposit 3%. The agent said I can purchase the property since the apartment i owned located in KL. The house is in fair condition, needs lots of repair work (rewiring, bathroom renovation). The process of buying the house could take more than 6 months due to ownership transfer process of low cost house. I plan to rent out one of the properties later.
About a week ago, I found a bigger, fully renovated double storey house to be sold significantly below market price (600-700k) by the owner through an online ad. The house cost 400k. I'm not familiar with buying a property directly from the owner. The owner asked for 10% deposit to lock the deal, fully refundable if i dont agree after viewing the house (viewing only due next month) or if my loan get rejected. I requested to do the transaction through property agent company & to have a look at legal documents of the property first. The owner said he will appoint a real estate developer which he signed up the sale contract as 3rd party for the transaction. FYI, the owner seems as if he's trying to hide his identity throughout our email communication.
I think I can afford paying installments for both houses (got adequate saving, stable income & only car loan commitment). I'm just not sure if this is a fake owner scam or not. Is it normal to put 10% deposit if buy from owner directly? Is this process legit?
Let's say the deal is legit & I buy the 400k house, will it affect the ownership transfer of the low cost house?
Thank you in advance for your advice ☺️.
You should appoint a lawyer and NOT an agent and ask the seller to deal with your lawyer. I own an apartment & already settled the loan (partially funded by parents). I've been looking for a landed house nearby my workplace for my own stay in future (next 10 years). So I found a subsale low cost basic double storey in Selangor (rm300k) & already paid earnest deposit 3%. The agent said I can purchase the property since the apartment i owned located in KL. The house is in fair condition, needs lots of repair work (rewiring, bathroom renovation). The process of buying the house could take more than 6 months due to ownership transfer process of low cost house. I plan to rent out one of the properties later.
About a week ago, I found a bigger, fully renovated double storey house to be sold significantly below market price (600-700k) by the owner through an online ad. The house cost 400k. I'm not familiar with buying a property directly from the owner. The owner asked for 10% deposit to lock the deal, fully refundable if i dont agree after viewing the house (viewing only due next month) or if my loan get rejected. I requested to do the transaction through property agent company & to have a look at legal documents of the property first. The owner said he will appoint a real estate developer which he signed up the sale contract as 3rd party for the transaction. FYI, the owner seems as if he's trying to hide his identity throughout our email communication.
I think I can afford paying installments for both houses (got adequate saving, stable income & only car loan commitment). I'm just not sure if this is a fake owner scam or not. Is it normal to put 10% deposit if buy from owner directly? Is this process legit?
Let's say the deal is legit & I buy the 400k house, will it affect the ownership transfer of the low cost house?
Thank you in advance for your advice ☺️.
IF HE DISAGREES ....... WALK AWAY !
DO NOT PAY ANY MONEY TO SELLER OTHER THAN THROUGH YOUR LAWYER.
He may be a tenant pretending to be the owner.
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