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. Buying a house in Malaysia would be best if you are represented by a real estate agent and that you are also familiar with their real estate laws.
If you are hiring a real estate agent, make sure he will be able to show many properties to you and to get 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. 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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You should also consider what type of house your are looking at. In Malaysia, the date of completion for terrace houses, semi-detached houses, and bungalows, is two year from the date on which the sales agreement is signed. And, if you want to buy a town house, a flat, or a condominium, then the completion date should be three years prior to signing the sales agreement.
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It is important to verity the house’s land status. Land status can be on free hold land, on Malay reserve land, or on lease hold land. You should verify how many years are left on it if it is on lease hold land.
All these vital information should be included in the free brochures provided by developers. The license number and its expiry date, the sales and advertisement permit and its expiry date, land status, and other relevant information should be included in the information brochure. 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. This means that the date you sign the agreement is also the date you gave your first payment. 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.