How To Buy a Property Through a Real Estate Agent

Garden@one south, Seri Kembangan, Selangor
RM 380k - RM 580k

STEP 1:

Call an agent and specify the type of property you are looking for (condominium, semi detached house etc), the preferred location (near town, near hospital etc) and most importantly your budget.

STEP 2: 

The agent narrows down the choices of properties in his portfolio and arranges viewings for you.

STEP 3: 

You offer what you think the property is worth on the current market. (Depending on how fast you and the seller come to agreement, the process can be short as an hour or as long as several weeks.

The Greens, Tmn Tun DR. Ismail

STEP 4:

When the amount is agreed upon, the earnest deposit of 3% (of purchase price) is paid to the agent.

STEP 5:

Engage a lawyer to draw up the sale and purchase agreement (S&P). You have 14 days to sign the S&P, upon which the remaining 7% of downpayment has to be paid.

STEP 6:

You may then want to get a bank loan, which take about a month to complete

STEP 7:

The transfer of title takes place. With a freehold property, it takes about three months from the signing of S&P. For a leasehold unit, it takes 6 month to a year.

Suria Hill, Klebang Impian, Ipoh Perak
(RM 330k - RM 600k)

Article source: THE EDGE Personal Money, July 2011

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