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Ready to Sell Your Property in Malaysia?

askdonny

Updated: Jan 21


Let’s make the process as smooth and fun as possible! From figuring out your Property’s value to signing the Sale and Purchase Agreement, we’ll walk you through each step.


Buckle Up!


1.    Assess Property Value

Research the market value of the property you are planning to sell. Some factors that would play an important role in determining your Property Value are the location and the value of the properties in the neighbourhood.


Some of the best ways to assess your Property Value are by hiring a professional, like a Professional Valuer. To verify your professional valuer’s credibility, make sure he is registered with the Board of Valuers, Appraisers, and Estate Agents Malaysia (BOVAEA).


2.    Selling Price and Negotiation

Upon taking advice from all the professionals you work with and researching the buying sentiment in your area, set a selling price. Be mindful of other competitors out there. You have to reach a price that is a bit lower than your competitors to attract buyers.

 

3.    Lawyer

For the transfer of ownership, engaging a lawyer is needed. (You thought could complete the whole process without us, didn’t you?)


It would be highly recommended that you hire a lawyer from the beginning of this journey, as there will be a lot of documentation involved.


In relation to legal fees, the Solicitors’ Remuneration Order 2023 should be referred as the fee is standardized as below:

Value

Scale Fees Under SRO 2023 (%)

For the first RM 500,000

1.25% (subject to a minimum fee of RM500)

For the next RM 500,000

1%

For the next RM 2,000,000

1%

For the next RM 2,000,000

1%

For the next RM 2,500,000

1%

For the next RM 7,500,000

Negotiable on the excess but shall not exceed 1%

 4.    Letter of Offer

Once an agreement has been reached, then the Purchaser would have to sign the Letter of Offer and pay an earnest deposit (2% - 3%) of the Purchase Price.


To know more about it, head to our website and read the article titled: Mastering Sub-Sale Procedures: Convincing Advice for Trouble-Free Real Estate Deals (Part 1)

 

5.    Signed and Purchase Agreement (“SPA”)

After the earnest deposit is paid by the Purchaser, the SPA can be signed. At this stage, the Purchaser pays the remaining 10% of the sale price.


To know more about it, head to our website and read the article titled: Mastering Sub-Sale Procedures: Convincing Advice for Trouble-Free Real Estate Deals (Part 1)

 

6.    Property Transfer

After the Sale and Purchase Agreement has been signed, it is now depending on the facts, the completion could take between 3 - 6 months. And, till then, the property would successfully get transferred!

 

7.    Other Financial Obligations


Lodging a caveat is only applicable for Malaysians.


You might be under an obligation to pay Real Property Gains Tax (RPGT), the rates are as below :

Year

RPGT (%)

Within 3 years

30%

4th year

20%

5th year

15%

6th year onwards

NIL

And, just like the Weasley twins’ wildly successful business, you, too, can achieve a seamless and profitable property sale. Follow these steps, and watch the magic happen! Happy selling!


For more information about Sale and Purchase Agreement and to request a free quotation for a Vendor's legal fees from us today, please feel free to click this link: https://wa.me/60182886525 or contact us below:-

 

 

Messrs. Donny Wong & Co.

📌:D2-U1-3 & 3A Solaris Dutamas (Publika), No. 1, Jalan Dutamas 1 50480 Kuala Lumpur

📞: (Conveyancing & Banking) +6011 1628 1943| +603 6420 1294

       (General) +6018 288 6525

 

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Legal Disclaimer


We trust that you have gained some information from this article. If you have any specific questions related to this article, please contact us at askdwc@dwc.com.my.


The article posted is for general information purposes only and should not be construed as legal advice. Facts and circumstances differ from case to case. Please consult your lawyer for specific legal advice and action to be taken.

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Advocates & Solicitors - Notary Public - Registered Trademark Agent - Commissioner for Oaths

Conveyancing & Banking

+601116281943 | +60364201294

General

+60182886525

askdwc@dwc.com.my

D2-1-3 & 3A, Solaris Dutamas (Publika)

No. 1 Jalan Dutamas 1

50480 Kuala Lumpur, Malaysia

​​​​© 2021 by DWC Team | All rights reserved

Directions to our office

Walking directions

  1. Coming from West Gate (Plan B/Rakuzen/MPH at level G2) or (BIG Supermarket at level UG).

  2. Go to level G3 and head towards the outside of the mall and you’d find a playground on your left.

  3. After the playground, you’d find Deen Restaurant beside the playground.

  4. Then you’d find the lift lobby at the block D2.

  5. Then take the lift to U1 (i.e. level 1). Our office is located at unit 3 and 3A.

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