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Vivian · Junior Member Joined: 07 Mar 2008 Posts: 35 Location: KL

hi bro & sis..

i'm planning to sell my current house (apartment) & planning to get a landed property..need some advice from those with experience on the procedures & +++..
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nEvEr lOvE A lOvE thAt hUrts.......

VJeyaa · Posted: Tue Mar 25, 2008 10:00 am Post subject:

Procedures to sell?

Just advertize in the papers like Star, NST etc. Or if you want more simpler just get an agent to sell it for you. I disposed mine thru agents as I dont want to hassle myself by going to the papers and put up adverts etc. Then the callers will contact and you need to bring them over and show your unit to them etc. Worse is if they didnt know the direction, then you need to go and meet them somewhere and bring to your place. Too much trouble. If you get an agent he or she will take of ALL this headache for you and the commission they charge are 3% which they take when the buyer puts down the booking fee as "earned deposit". So its really worth it.

On buying side, you need to take your own initiative to look around before buying. Dont decide on a spur without looking at least 10 or 20 houses first unless you are buying directly from the developer as a new house. If 2nd hand, you need to take your time and shop around. You can also use an agent but DONT beleive everything that they told you. I had a similar bad experience of buying property thru an agent coz he didnt tell the whole story. Later on we discovered there were legal problems with the title. We should have done the title search first before paying the booking fee to the agent but the agent smooth talked us into it. So later when I engaged a lawyer to do the title search we then discovered that the property was under a caveat from a Ipoh based Ah Long who is forcing the owner to sell the property to recover his loan. The sellers side lawyers was actually the Ah Long's lawyer. Can you imagine the headache we went thru for more than a year to sort out the matter? It was only after HARD nego that we were able to wriggle out of that situation and manage to complete the sale! Phewww!

So take it from those who experienced in this. Dont ever jump into buying when you found a nice property especially if its cheaper than the market value. Shop around and always engage a lawyer to do the due diligence before paying the booking fee. Good luck.
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Before you criticize someone, make sure you walk a mile in their shoes. That way, when you do criticize, you're a mile away and you HAVE THEIR SHOES.

Vivian · Junior Member Joined: 07 Mar 2008 Posts: 35 Location: KL

Thanks bro...anyway what about the charges ?? do i need to pay anything as the lawyers fee ? i asked a few agents, some said i have to pay 3% of prop value + i have to engage my own lawyer for the documentations Confused

normally how long does it will take for the whole process to complete... i'm depending on the funds from my current house to buy the next one..
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nEvEr lOvE A lOvE thAt hUrts.......

VJeyaa · Posted: Tue Mar 25, 2008 11:25 am Post subject:

if selling yes, you need to pay the agents commision which is 3% which they will take when you pay the booking fee of 3%. Buying no agents fee involved. And you need to pay legal fees to your lawyer whether you're buying or selling if you engaged ur own lawyer. Its BEST to engage youe own lawyer, dont share lawyer with the seller or buyer.

The whole process can take anywhere from 6 months to a year. Thats the average.

Sorry my earlier writing I got mixed up with buying and selling regarding the 3% fee. I have corrected it now. Wink

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Before you criticize someone, make sure you walk a mile in their shoes. That way, when you do criticize, you're a mile away and you HAVE THEIR SHOES.