In real estate sales, the process involves several parties such as property owners, buyers, real estate agents, lawyers, bankers, LHDN, and the land office.  

But property owners themselves need to know some important things to keep selling it to run smoothly. 

9 basic steps in the process of selling a house; 

1. The seller needs to appoint a lawyer and a certified real estate agent (real estate agent is not mandatory but high recommended). 

2.  Buyers are interested and would pay the booking fees on Property Agency (usually within 3% of the price of your property). *Booking fees will be considered as a part of the down payment for the purchase of the real estate. 

3. Sale and Purchase Agreement (SPA) signing. The buyer must immediately pay the remaining 7% of the selling price of the property as a down payment to the seller. 

4. After signing the SPA, the seller will pay commissions to the real estate agent (usually 2-3%). The property agent task done here. 

5. The period of 3 months will be given to the buyer to pay the full amount of the seller’s bank balance (if the property sellers still have outstanding debts with the bank). *If the last 3 months is exceeded, an additional period of one month will be given but the penalty will be calculated on a daily basis during this period. 

6. After the seller’s bank receives the payment from the buyer, the attorney will proceed with grant change name. 

7. After the lawyer has done with the registration of transfer if title in the name at the land office, the buyer must pay the balance of payments to the seller of the property. 

8.The seller must hand over the keys (status vacant possession) after receiving the remaining money. 

9. The buyer will receive a key of the house. Business completed! 

Notes;

• Please note that the sale of the property under a period of 5 years from the date of purchase, Real Property Gains Tax (RPGT) will be charged to the seller.
• The process of selling real estate usually lasting more than 6 months.
• There are cases where the case is not resolved even though the sales had already reached 1 year. This may occur due to fraudulent documents, the case of caveat property, fraud agent and so on.

Please note, the material available is general information only, and is subject to change without notice. The information held within this website should not be relied on as a substitute for legal, financial, real estate or other expert advice. Elelong Services disclaims all liability, responsibility and negligence for direct and indirect loss or damage suffered by any person arising from the use of information presented on this website or material that arises from it.