|Added Jun 20, 2017 Views 103 Rating|
Considerations When 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 is not that simple since you will be needing certifications and a lot of paperwork. 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.
You should hire a real estate agent who will be able to show you good properties and give you the best deals 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. There are many other considerations to make when you short list of houses is ready.
It is important that the house has a valid permit for sale and advertisements so you need to check this out. This is a requirement for housing developers. A complimentary brochure should be given to the interested buyer in which all the important information about the house for sale in included. If the house does not fit this criteria then you should remove it from your list.
The type of house you are looking at is also an important consideration. There is a law in Malaysia which requires the signing of the sales agreement two years after the houses had been completed, if it is a terrace house, a semi-detached house, or a bungalow. 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.
You should also verify the land status of the house. 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 there is missing information, you should ask the developer to rectify it or have it removed from your short list.
In Malaysian law, you should give the first payment once the agreement is signed. In this case, you give your first payment when you sign the agreement. Do not give payment to a developer if the agreement is not yet signed.
It is important to get a certification for the house from a certified engineer or a qualified architect. A duly signed certification should be presented by the developer if he is to collect payment for the house. Without it, no amount of payment should be made.