Buying a new home in Malaysia is a process that is both structured and straightforward governed by the country’s real estate legislation. It involves a number of checks and certifications as well as a considerable amount of paperwork. It’s important that you are aware of your rights and have a real estate agent who is both qualified and experienced to represent you.
The first thing that you should do is hire the best realtor who should be able to show you a number of properties and get you the best prices for them. Make sure you examine as many properties as you can that are within your budget, and then compile a list from these that you like. Once you have created your own shortlist, your next position is to make the following considerations.
The first thing for you to think about is whether or not the house has a valid permit and licence for advertisement and selling. The housing developer in Malaysia that you find is required to give you brochures that will provide you with all the information that you desire. Make sure you remove all the homes from your shortlist that do not meet this requirement.
The second thing that you must do is determine the house type. In Malaysia, completion of semi-detached homes, terrace homes and bungalows is approximately 2 years from the date that the sales agreement was initiated and signed. When it comes to flats, town homes, condominiums, the completion of these building projects is no more than 3 years from the date of signature.
It’s very important that the land states of the home are verified. It’s possible for the home to be on lease hold land, free hold land or Malay reserve land. If the house is on lease hold land then you must find out the amount of years that are left on the lease.
The brochures which should be provided to you for free by the homes property developer will contain all the information that you require. Information on the licence number and its expiration date should be contained on it, and all other information that is relevant. If you find that it’s missing anything, then you should ask the house developer in malaysia to rectify the problem. Otherwise you can just remove the home from the shortlist that you have compiled.
According to law in Malaysian, payment must be made once the sales agreement has been signed. First payment must be made on the same date that the agreement has been signed. Housing developers in Malaysia are not allowed to receive payments prior to the signing of the agreement.
The house will need to be certified by either a qualified architect or certified engineer. The demand made for payment by the developer must be accompanied by a signed certificate. It’s unlawful for payments to be made without the necessary certification.
There are a number of fees that you will be required to pay as part of purchasing a home in Malaysia. These include the maintenance and management fee, infrastructure maintenance fee, rate assessment fee, sinking fund and many others. Payment of these fees is the sole responsibility of the buyer.
It’s also important for you to know that in Malaysian law you have a defect liability period that lasts for no more than eighteen months from the date of vacant possession. Defect claims that you would like to make, must be made within this time period, or they will be void. For redress or inquirers you will have to contact the enforcement and monitoring division of the Malaysian government.
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