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Guide for Foreign Property Investor in Malaysia Always select a reputable developer that has a valid Developer’s License and a valid Sales and Advertising permit, with a good record of past performances on the delivery of their projects. it’s essential to do due diligence on the developer to ensure they will deliver on time and budget. Most projects will have a timeline of 36 months to deliver the property from the date of Sale and Purchase Agreement (SPA) signed. Any delay of delivery, the developer will be liable and the reimbursement of late delivery compensation as per agreed terms and conditions in your SPA. 2.Buying Sub-Sale Properties Sub-Sale Properties are properties which have been owned previously, being resold in the ‘secondary market’ by the individual owners via their appointed real estate agent. A Standard Purchase Procedure of Completed Property in Malaysia Once you selected the property via the services of registered real estate agent, the agent will negotiate the right terms & timeline. The earnest deposit, usually 3% of the purchase price paid to the real estate agency which they will act as a stakeholder. The major terms and conditions in the booking document will be translated into the Sales and Purchase Agreement (SPA). Upon appointing a lawyer to start the legal proceeding, usually within 14 days, the appointed lawyer and seller’s lawyer will discuss and agree with the terms and conditions to generate the Sales and Purchase agreement (SPA) for you and seller to sign. At this stage, you will need pay the balance deposit of 7% of the purchase price (10% down payment minus the 3% earnest deposit paid earlier). www.richland.com.my
Guide for Foreign Property Investor in Malaysia Your appointed lawyer will then send the stamped SPA together with the other required documents of the property to the Land O ce to apply for consent of transfer ownership. The land o ce’s consent average within 1 1/2 to 2 months depending on the property’s pro le. After the Land O ce’s approval has been obtained, you will be given 90 days to pay up your di erential sum of 90% together with the stamp duty. The whole legal proceeding will take an average of 3-6 months to complete for foreigners. If your purchase is with bank facilities, you are required to pay your di erential sum before the bank release the loan amount. Both payments of your cash and bank loan made of total 90% have to be completed within 90 days after land o ce’s consent is obtained. Other standard clauses in the Purchase Agreement will also include all payments paid by the buyer will be refunded if land o ce consent is not obtained. Approval is solely at the discretion of the State Government (Land O ce). Cost of Purchasing Property Sale and Purchase Agreement Fees The Sales and Purchase Agreement (SPA) is the most important document that buyers will have. These are proof that the buyers have purchased a property, whereby the contract will contain all the facts and blueprint of the property. The charges for these follow a price tier. The First MYR 500, 000 – 1.0% of the transacted property price. Next MYR 500,000 – 0.80% Next MYR 2,000,000 – 0.70% Next MYR 2,000,000 – 0.60% Next MYR 2,500,000 – 0.50% Stamp Duty on Memorandum of Transfer (MOT) The MOT is only paid when the development is completed. These are the fees that the purchaser has to pay for transferring the property from the developer’s name into the owner’s name. The charges for these fees also follow a table: The First MYR 100,000 – 1% of the transacted property price. www.richland.com.my
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