The process of purchasing a subsale property may look hard and tricky at first, but it doesn't have to remain that way with this comprehensive checklist. Follow it, and hopefully you'll soon find the best deal and right fit to call your new 'home'. So what is subsale property? Subsale property is a property which is resold from previous home owner. In other words, you are buying a property from another home owner and not directly from the developer. Here are the top 10 tips before buying a subsale property in Malaysia updated in 2021.
1.Know your budget
The first step before buying any property is you need to know your budget. And by doing so, you will know what type of properties that you are able to afford. Next, don’t forget about down payment which is 10% of the total price of your properties and it must be paid at the point you sign the Sale and Purchase Agreement (SPA). You are also need to consider on cost of other things like stamp duty, legal fees and maybe cost of renovation.
2.Find your dream subsale home
Finding and getting your property at good deal is an absolute dream! The price of property can be influenced by the economic, geographical and other factors. The solution is you need to find the right balance to fullfil your needs. One more thing that is great about subsale property is there is an actual property home to go explore and visit. You can walk around at the area, enjoy and explore the unit by yourself.
3.The price comparison
Subsale property do come with the risk of owners pricing their units far higher than a real valuation would deliver. There are some valuation tactics that you need to be aware of such as inflated price, high-interest offers, bargain price and uncertain valuation.
Of course you need a lot of cash before buying a house. But the best way to pay your subsale property is with a ‘try & error’ home loan. Home loan is a relevant financial commitment. It helps you to make the right choice to fit your monthly repayment capabilities. Malaysia is blessed with some of great banks offering loans following both islamic & tradisional financing models.
5.Find a lawyer
Other step before buying a subsale property is finding yourself a lawyer, it is the best way to ensure that you get the best and fair deal. The lawyer will help to ease the process such as tackling the bureaucracy at the land office, negotiate tweaks to legal documents and etc.
Once you have found the right and best subsale property for you, now this is the time to lay your claim. This is done by signing an Offer to Purchase/Agreement to Sell and not to forget the payment of an earnest deposit. These documents commit the buyer and seller to the transaction of the property while the earnest deposit shows the buyer’s commitment by ensuring the deal goes through. It is important for you to use a third party to hold the earnest deposit at this stage of the transaction.
7.Sale and Purchase Agreement (SPA)
In this step, the crucial one is checking the seller of subsale property actually has the right to sell or not. Some of the seller trying to sell the homes they don’t own. Check at the nearest land office to establish the owner is really the one you’re dealing with. Its is crucial to ensure that both parties are okay with, have thoroughly checked and agree to the details on the SPA. Subsale properties are often include renovations, extensions or additions, so it is a must for you to make sure what is written on the paper matches up with what you see in real life.
8.The MOT and Loan Agreement
Now you only need to confirm the funds. This is your last chance to ensure and assess the amount you are borrowing, interest rates, tenure and etc are correct according to your purchase. In subsale property this should usually be by way of a Memorandum of Transfer (MOT) between the seller and the buyer.
9.Time to pay
After all the process completed, now the time to pay and say hello to your new property. With all the required forms completed and submitted, it is time to pay your 10% deposit. But if you have undertaken financial diligence during the process, you should have a good idea of additional cost that might be incurred.
10.Ready to call a house a ‘home’
The Agreed Apportionments is a list that is presented by the seller’s lawyer, to show details of all the bills that have been paid up to the point of transfer. Some of the payment charges include management fees, sinking fund and water bills. You will need to reimburse the property seller for any portion which the seller has already pre-paid, since once you get vacant possession, the seller will no longer be enjoying the use of property.
With all that done, it is time to kick back, relax and you can start thinking about the decoration ideas for your interior design or start organising the housewarming party. If you are finding subsale condominium, here is the list:
1.Puncak Banyan Condominium
2.Royal Richmond Gold Condominium
3.Puteri Palma Condominium
5.Casa Idaman Condominium
6.Widuri Impian Condominium
7.Monte Bayu Condominium
8.Koi Prima Condominium
9.Village Grove Condominium
10.Pertiwi Indah Condominium
11.Titiwangsa Sentral Condominium
We hope with the tips can give you some ideas and knowledge before buying a subsale properties. Looking for new furnitures for your home or interior design project? Check out this amazing furniture website! www.tekkashop.com.my
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Noramin is a freelance content writer specialises in commercial writing, love travel and enjoy walking on the beach.