Procedure to sell property in Malaysia【for Owner】

Owner need to understand this process to sell out your property

1. To appoint property agent (negotiator)

1st step is that to appoint property agent to market your property. Very difficulut to find buyer without agent.
 

2. Property agent market your property

Agent try to find buyer as follows;

1. To introduce to own client (database)
2. To ask co-workers in same agency to introduce their client
3. To expand info to other agent 
4. To post portal site as iproperty etc
5. To post news paper 
6. To put on sign borad if landed house
 

3. To receive Letter of Offer

When find buyer who confirm to buy, need to get Letter of Offer (LO) and earnest deposit which is 2-3% of the selling price. LO is prepared by agent.

↓Sample of LO



 

4. To prepare SPA

Lawyer prepare SPA (Sale & Purchase Agreement) in Malaysia. Owner need to appoint lawyer to do this. It is better way to appoint lawyer both party (buyer and seller) to protect right. 
 

5. To sign SPA

Buyer need to sign SPA earlier than Seller. Seller sign after buyer sgined and received 10% deposit. To sign SPA is needed to sign in front of lawyer.
 

6. To obtain necessary consent

It needs to get necessary consent as follows to proceed deal. 
・State consent (if buyer is foreigner)
・Developer consent (if title is still master title)
・Land office consent (if land is leasehold)
 

7. To pay balance of purchase price

After get necessary consent, buyer needs to pay balance of purchase price (BPP) within 90 days (sometimes term is different). If seller has loan, buyer needs to pay to bank first to withdraw mortgage.
 

8. To settle outgoing payment

To settle outgoing paytment as follows based on the date which buyer paid BPP.
・maintenance fee
・sinking fund
・fire insurance
・assessment fee
・quit rent
・utility fee
・rental and deposit (if tenanted)
 

9. To hand over keys (VP)

After settle outgoing payment, seller need to pass all of keys to buyer.
※Vacant Possession 
 

10. To settle RPGT

Seller deposited 7% of selling price to tax office, RPGT will deduct from this deposit. If no profit, deposit will be fully refund.
 

11. To change the name

New owner need to change name of below organisation；
・DBKL (asessment bill)
・Management office 
・TNB
・Water supplier 

Usually lawyer or agent help to do it.