Owner Decide To Sell Property.
Estimate Offer Price.
- Real Estate Agents/Negotiators (REA / REN) are not certified valuers, hence they have no authority to provide proper valuation to the property;
- However, to address the need from either seller or buyer, REA / REN are often required to provide quick and easy market indication price
- Responsible REA /REN will normally go through following channel to collect necessary statistic to support their estimation of the market price
- Verbal valuation via bank valuer
- Past valuation statistics in similar property obtained from
- Valuation and Property Services Department under Ministry of Finance Malaysia
- National Institute of Valuation
- News Paper & Magazine Classifieds
- Online Property Portal
- Property Market Report
- Seller/Purchaser are advisable to appoint a valuer to perform a proper valuation as due diligence before making important decisions
To fetch better price for your property
- Repair to ensure functionality of the property
- Repaint to give the property a fresh and neat look
- Perform maintenance to ensure there is no loosen part in the property
Potential Buyer Decide to Purchase The Property.
Purpose of Purchase
- For own occupation
- As an investment vehicle
Appoint Real Estate Agent
- Why it is recommended to appoint an property agent?
- They are registered and regulated by The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA or LPPEH)
- They are qualified and knowledgeable in following aspects:
- Law relating to real estate
- Latest property market trends and transactions
- Latest issues
- Can be trusted with client’s money
Estate Agency Process
- Information and Copies of Documents
- Both vendor and purchaser agrees on price and other pertinent aspects of the sale
Sign Letter of Offer and Acceptance
- Also known as Memorandum of Agreement, Letter of Offer and Acceptance
- It is an “Written statement expressing the intention of the undersigned to enter into a formal agreement, for the purpose of a sale and purchase transaction”
- The objective is to enable the agent to maintain effective control over the transaction and spells out the contractual obligations and the interest and entitlement of all parties.
- Each party is advisable to retain separate lawyers to protect their respective interests.
- A lawyer may only act for one party in one transaction, but
- May witness the execution of any documents/instruments by any party
- May act for the lender or borrower in a Loan Agreement
- A stage when Offer and Acceptance duly signed
- The action:
- Property Investigations
- Land Search
- Bankruptcy Search
- Winding-up Search
- Requisition of Title
- Written questions relating to the sale of property drawn up by lawyers
- It is done after signing the Letter of Offer and Acceptance.
- Solicitor for the purchaser receives the abstract of title from the solicitor for the seller.
- Solicitor for the purchaser will study and draw up a list of queries relating to any questionable points of title and send to vendor’s solicitor.
- The objective is to clarify any legal queries relating to a property sale.
- Financing a Real Estate Purchase
Sales and Purchase Agreement