Malaysia Property Types
For new landed property in Malaysia such as bungalows, semi-detached houses and terrace houses, the expected date of completion is normally 24 months from the date of signing of the Sales and Purchase Agreement and for new subdivided building such as condominiums, flats, apartments and townhouses, the expected date of completion is 36 months. Buyers are advised to obtain from the Malaysian property developer sales literature with all relevant information about the project such the development's licence number, and advertisement and sales permit.
Buying Land in Malaysia
Buyers need to know whether the land is:
* The status of the land can be checked at the Land Office or the State Land Registrar.
For assistance: Contact Us
First Payment
Normally the first payment of a deposit of 10% must be made upon signing of the Sales and Purchase Agreement (SPA). Please ensure that the date of signing of the SPA and the date of the first payment are the same. Be aware that the housing developer is not allowed to collect any form of payment without a Sales and Purchase Agreement being signed.
Architect's Certification
Make sure any demand by the Malaysian real estate developer for installment payments is supported by a certificate duly signed by an architect or a certified engineer.
Interest on Late Payments
If the buyer or end financier for the buyer fails to pay the developer of the property in Malaysia the progressive payment/installment within 21 working days from the date of the written notice of payment from the developer, the buyer will usually be charged an interest of 10 per cent per annum on the installment not paid.
Termination of the Sales and Purchase Agreement (SPA)
Be aware that failure to make the progressive payment or interest charged on late payment for a period of more than 28 days will give the developer the right to terminate the Sales and Purchase Agreement. The developer must serve the notice in writing by registered post of its intention to terminate the SPA.
Infrastructure Maintenance
Buyers of property in Malaysia will normally pay the cost of maintaining the infrastructure from the date of vacant possession till the date the responsibility is taken over by the local authority or management corporation (in the case of a subdivided building).
(Infrastructure is defined as roads, driveways, drains, sewerage, pipelines and sewerage tanks for the housing development or buildings).
Always seek appropriate professional advice. For assistance: Contact Us
