Purchasing process for freehold

Based on Malaysia statistic the highest amount of transaction and value actually contributed by sub sales of residential property. A lot of people that are out there in the market does not know the on what they should do after they have chosen a property. This serve as a rough guild lines on what happen next for free hold property.

Freehold
The follow is a rough timeline for freehold property

So for those that had chosen their dream property, a booking fees of 3.5% (earnest deposit/ initial investment) shall be made. At that point of time, " agreement to purchase" should be signed. Upon signing the initial agreement to purchase, there is a timeline of 14 working days (roughly 3 weeks) for the buyer to seek the approval of loan or other relevant documents.

  After everything that had been approved, the buyer would require to to settle the balance of the fees. Both the buyer and the seller would be signing on the sales and purchase agreement. After which the process would be passed over to the lawyer. Generally the Vacant Possession (VP) is will be given within the period of 3 months when the house has been fully paid to the seller.

  In the event that the buyer is unable to make full settlement, a buffer of 1 month can be given. However the penalty will be charged 8% per annum daily.

 The above is just a rough guild lines on the processes that would take place in the event that the buyer were to purchase a house.

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