Steps to Buying a House in Malaysia
There are real estate legislations that need to be followed if you are to buy a house in Malaysia. It takes a lot of paperwork plus several checks and certifications. If you are thinking of buying one you should have a good qualified real estate agent to represent you, and you should also be thoroughly conversant with the laws.
The real estate agent you will hire should be able to show you many properties and obtain the best deal for your money. You should go and visit as many properties as possible that will fit within your budget and make a short list of the properties that you like. Once the short list is ready, there are still other things that you need to consider.
Find out if the house you are interested in has a valid permit for sales and advertisements. This is a requirement for housing developers. The housing developer should give the interested buyer a complementary brochure which contains important information about the house for sale. If this criteria is not satisfied, then you should cross this house out from your list.
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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. The different types of land status are free hold land, land on Malay reserve, or on lease hold land. It is important to know how many years are left on it if it is on lease hold land.
The brochures that developers will provide should contain all these vital information. The information contained in the brochures should include the license number and expiry date, the sales and advertisement permit and its expiry date, the land status, and other information that are relevant. 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.
In Malaysian law, you should give the first payment once the agreement is signed. The date of the first payment should be the same as the date of the signing of the sales agreement. You should know that developers are not allowed to get payment prior to sales agreement being signed.
A certified engineer or a qualified architect should give certification for the house. A duly signed certification should be presented by the developer if he is to collect payment for the house. You should not make any payment without this certification.