Hi, all.

I would like to seek your advice on how long do I have to wait before I can actually move in if I were to purchase a second hand property?
Just wanted to make sure my house is ready before my wedding.
Am planning to get an apartment, which is not more than RM200,000.

May I know what are the step-by-step procedures need to be done?
Also, total cost I have to pay such as legal fees, loan fees, name transfer fees and etc. Would like to know how much should I allocate for that.

Sorry for being blur as this is my first house purchase. Appreciate your help.

Thanks!

This post has been edited by amyho3: Feb 21 2008, 03:40 PM

After the bank (the one you're loaning from) release the loan, the property, technically is yours & the previous owner or the agent should handover the keys to you.

BUT, time period is uncertain. Depending on whether the said property is free from encumbrances. If yes, need to perform redemption or other required action(s) first. And that would involve 4-5 parties (in general). Do expect delay due to all these parties communicate through LETTERS.

Leasehold might take longer as well.. Another point to consider

I bought a lease hold property currently, and the lawyer estimates approximately 8-11 months before i can move in.
Cost, 10% of the house value of course, plus lawyer, stamp duty, disbursement, aprox 7k (depend on the price of the house).
oh, not to mention on electricity and water bill, you need to change name and put in deposit (2-3 hundred i think).

i was told its normally 3 months , how come it comes to 8-11 months ?

Bought my 2nd hand house for ~RM 300k last year in April. By july2007 already can move in, but renovations took a further one month.

from the moment of SnP (sales n purchase) agreement signing, the 3 months countdown starts. At the end of the 3 months these things must be completed.
1. Your payment of 10%
2. If u take a loan, your bank must have fully released the loan amount to the previous owner/bank.

The process is fairly simple, the longest part is where your SnP lawyer need to chase your bank lawyer to expediate the $$ release.

Be prepared to pay quite a huge amount of $ on lawyer fees, stamp duty, agent fee(if any). I spent ~RM10k on this alone.

Its a PKNS land, and got a sekatan land.

for the whole progress, its normally take 3months because of your loan from bank need to wait, unless you buy it by paying cash, then it would be 1-2weeks time =). (depends on the lawyer and your agent works)

This post has been edited by WebHour: Feb 27 2008, 11:01 AM

Im buying a second hand property too but im totally blurred...

The agent hand me the agreement to purchase, what should i do with that?

how about selling a property ? what should a seller do when he/she gets direct offer from a buyer ? the whole process?

hi kelvinwkw,

the said money/deposit that you paid up ought to reside in some escrow accounts kept by the lawyer. of course, if you trust the agent so much, the agent may keep the money (but still, it will have to go to/through the lawyers).

but i believe you're dealing with the seller's agent here.. a risk, if you're don't know much about the agent and the person can ta-pao your deposit and disappear.

it's very important and for strategic reason to find a good agent and a well versed lawyer that deals alot with property transactions.

i suspected that the agent is not really on your side.. either or, you're just too lazy to ask good question to the person whom you handed your money to.

think about it.

Hi,

The agreement to purchase is the attachment in an email, well she settled the agreement to purchase and signed by both of seller ( seller sign today ) and me ( i signed yesterday ) , witness by her by today ( 4 May 2008 ).

wrong post.

This post has been edited by Pai: May 5 2008, 01:15 AM

typically in a clear cut deal, within 3+1 months