Considerations When Buying a House in Malaysia
The process of buying a house in Malaysia is structured but straightforward and it is government by real estate laws of the country. It is not that simple since you will be needing certifications and a lot of paperwork. Buying a house in Malaysia would be best if you are represented by a real estate agent and that you are also familiar with their real estate laws.
You should hire a real estate agent who will be able to show you good properties and give you the best deals for your money. You should go and visit as many properties as possible that will fit within your budget and make a short list of the properties that you like. Once the short list is ready, there are still other things that you need to consider.
It is important that the house has a valid permit for sale and advertisements so you need to check this out. Housing developers are required by government to have this. A complimentary brochure should be given to the interested buyer in which all the important information about the house for sale in included. If this criteria is not satisfied, then you should cross this house out from your list.
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Another consideration is the type of house that you are going to buy. There is a law in Malaysia which requires the signing of the sales agreement two years after the houses had been completed, if it is a terrace house, a semi-detached house, or a bungalow. If you are considering a town house, a flat, or condominium, the date of completion is three years from the date on which the sales agreement is signed.
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The land status of the house should also be verified. The different types of land status are free hold land, land on Malay reserve, or on lease hold land. It is important to know how many years are left on it if it is on lease hold land.
The brochures that developers will provide should contain all these vital information. The information contained in the brochures should include the license number and expiry date, the sales and advertisement permit and its expiry date, the land status, and other information that are relevant. If the developer in not able to provide all the information, either he adds the information needed or you withdraw your interest in that house.
In Malaysian real estate law, the buyer hands over the first payment upon signing the agreement. The date of the first payment should be the same as the date of the signing of the sales agreement. When the sales agreement is not yet signed, developers are not allowed to get payment.
A certified engineer or a qualified architect should give certification for the house. If developers demand payment, it must be supported by a duly signed certificate. Without it, no amount of payment should be made.