28/09/2020
Step-by-step how to buy a second hand house - Everything you have to do until you get the keys
It's normal if you're afraid to buy the first house
But if you continue to entertain the feeling of fear, you won't be able to buy a house.
Many people failed to step confidently because they didn't know the foundation involved in the buying process of buying a house.
Well, want to share knowledge that will help you face the process of buying a subsale house (second hand house), from start until you get the key.
Step #1: Choose the house you want to buy first
First, choose the property you want to buy first. This one, you need to do your own research.
Use the website like belowbankvalue. com, easy. my, propwall. my, or others. There's a second hand listing around here.
Step #2: Letter of Acceptance (LOA) or Letter of Offer
The 2th one, you have to sign the letter of Acceptance or Letter of Offer property agents provide.
Most importantly, make sure that the agent is legally registered with the Assistant Board, Penter and Malaysian Real Estate Agents (LPPEH or BOVAEA).
Never use illegal agents (unregistered). Because your potential to be ′′ peed ′′ with them is very high.
There are a lot of lying cases like this. Naya je your money will be burned like that later.
Step #3: Pay the booking fee early, and ask to continue the period of completing SPA
Pay a total of 2 or 3 % off the home purchase price as a booking fee.
Another one, try to ask for 21 days of working hours as a period of deposit fee, until you need to finish the SPA.
Normally, agents will be put in 14 days. But you guys try to get it for 21 days because sometimes the loan is late to pass. As long as the loan has not passed, you can't sign SPA (Sales and Purchase Agreement).
And make sure this booking is paid to your property agent or legal company.
Don't look for trouble and pay to any individual, either agent or owner of the house.
Step #4: Get proof of ownership from the original owner
Make sure the original homeowner (seller) sign LOA (Letter of Acceptance) or Letter of Offer, and make sure that you (or agent) get a copy of the purchase SPA to prove them as legitimate homeowners.
Step #5: Start making applications at the bank
Use LOA just now to apply for loan loan from the bank for home purchase. And make sure you apply a minimum of 4 banks for this purpose.
Step #6: Find a lawyer who knows how to work
Hiring lawyers who have expertise in property management to prepare SPA (Sales and Purchase Agreement).
Step #7: Signature only after confirmed to get a loan
Sign the SPA documents and make sure you get the (at least) 1 loan that has been approved before signing the SPA.
Once again Tok order. NEVER SIGN A SPA AS LONG AS THERE ISN ' T A MINIMUM ONE (1) LOAN THAT HAS BEEN PASSED.
Step #8: Explain the rest of 7 %. If not, you can't sign SPA
Pay the rest of 7 % deposit of home purchase. In step #3 just now, we've paid 3 %.
This amount we need to complete up to 10 % before the SPA signature.
Step #9: Ask the lawyer who manage your selling process
Wait for 3 to 6 months for the bank to pay the seller an outstanding amount (left 90 %, after you have paid your money down payment 10 %).
Make sure you call your lawyers every week to make sure your lawyers are ′′ not sleeping ′′ (case of not working) and your case has progress from time to time.
Step #10: Lawyers will manage 100 % for you from here
The bank has explained all the outstanding amounts to the seller. Your lawyers will manage the key intake process.
Step #11: Time to get house keys!
Homeowners or sellers will empty the house to complete the successful transfer process.
At this time, you'll get the house and house keys now that you've become yours.
Want to know how much legal costs (legal fees) are?
This is what I want to remind. The 11 steps above is the basic information. When you read and practice later, the more hands-on knowledge you get.
When you want to buy a house, it's important to understand the legal cost. This cost is different for each property value.
Tok has prepared an example for you guys below:
For property worth RM150, 000 first 𝘱𝘦𝘳𝘵𝘢𝘮𝘢 Legal cost 1 %.
For property worth RM850, 000 next 𝘣𝘦𝘳𝘪𝘬𝘶𝘵𝘯𝘺𝘢 Legal cost 0.7 %.
For property worth RM2, 000,000 next 𝘣𝘦𝘳𝘪𝘬𝘶𝘵𝘯𝘺𝘢 Legal cost 0.6 %.
For property worth RM2, 500,000 next 𝘣𝘦𝘳𝘪𝘬𝘶𝘵𝘯𝘺𝘢 Legal cost 0.4 %.
For properties worth over RM7, 500,000. Negotiable legal costs. But can't be more than 0.4 %.
′′ Is there any other cost I should know?"
Tok is quite fond of the iProperty website because they have prepared the important cost involved.
Among all you need to count is RPGT tax. Below Tok inserts a simple infographic about tax payments for each level:
Other than that, you also have to bear the disbursement cost (production cost) around RM500 to RM1, 000. And usually, this cost is to bear the management of these documents:
SPA stamps (Sales and Purchase Agreement) as much as RM10 for each copy. There are usually 4 copies.
𝘉𝘢𝘯𝘬𝘳𝘶𝘱𝘵𝘤𝘺 𝘴𝘦𝘢𝘳𝘤𝘩.
Company search (if necessary).
Land search (before preparing SPA and filling out the 14 A form in the Land Office).
Registration of property property exchange documents at the Land Office, and other costs.
Credit: GilaHartanah
