A Guide to Buying a House in Malaysia
The process of buying a house in Malaysia is structured but straightforward and it is government by real estate laws of the country. It is not that simple since you will be needing certifications and a lot of paperwork. IF you want to buy a house in Malaysia, it is an advantage to their laws, and it is also helpful to have a good qualified real estate agent to represent you.
The real estate agent you will hire should be able to show you many properties and obtain the best deal for your money. It is important that you visit the properties, looking at as many houses as your budget permits and then make a list of the properties that you are interested in. Once the short list is ready, there are still other things that you need to consider.
The first thing you need to check is whether the house has a valid permit for sales and advertisement. It is an important requirement that housing developers should comply with. A complimentary brochure should be given to the interested buyer in which all the important information about the house for sale in included. This house should be crossed out from your list if the developer cannot comply with these requirement/
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The type of house you are looking at is also an important consideration. If you are to buy a terrace house, semi-detached house, or bungalow in Malaysia, the completion date of the house should be two years before the signing of the sales agreement. If you are considering a town house, a flat, or condominium, the date of completion is three years from the date on which the sales agreement is signed.
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The land status of the house should also be verified. Land status can be on free hold land, on Malay reserve land, or on lease hold land. If the house is on lease hold land, then you should verify how many years are left of it.
All these vital information should be included in the free brochures provided by developers. It should contain information about the license number and its date of expiry, the sales, and advertisement permit and its expiry date, land status, and other relevant information. If the developer in not able to provide all the information, either he adds the information needed or you withdraw your interest in that house.
According to their laws in Malaysia, once you sign the sale agreement, you should have over your first payment. The date of the first payment should be the same as the date of the signing of the sales agreement. When the sales agreement is not yet signed, developers are not allowed to get payment.
It is important to get a certification for the house from a certified engineer or a qualified architect. If developers demand payment, it must be supported by a duly signed certificate. If there is no certification, you should also not make any payment.