What are the necessary steps to be taken by the Purchaser/Borrower after signing the agreement?
Purchaser/Borrower should check with the banker if there is any condition precedent of the loan. For example, whether the Borrower is required to open a bank account with the bank, any payment of valuation fees, or whether to place a fixed deposit with the bank (if applicable).
What are the necessary steps to be taken by the Vendor after signing the agreement?
Vendor should ensure that the quit rent (cukai tanah), assessment rent (cukai harta), Indah Water sewerage service, maintenance charges and any other outgoing charges are paid up to date and to provide a copy of the receipt to the lawyer.
What is the retention sum of the Real Property Gains Tax? Who shall pay the retention sum to the Inland Revenue Board and how to calculate the retention sum?
According to the Real Property Gains Tax Act 1967, the Purchaser’s Lawyer shall retain the retention sum from the deposit and to remit it to the Inland Revenue Board, unless the Vendor has elected or entitled for any exemption under the law.
If the Vendor is a Malaysian individual or company, it will be 3% of the selling price;
If the Vendor is a Foreign individual or company, it will be 7% of the selling price.
根据1976年《产业盈利税法》， 买家律师应保留定金中的一部分, 并将其汇给马来西亚税务局。除非，卖家已根据法律选择或有权享有任何豁免。
When can the Vendor stop paying the housing loan? When does the Purchaser need to start paying the housing loan?
Upon the Purchaser’s Bank fully settling the Vendor’s existing housing loan which takes about 6-8 weeks from the commencement of the completion date of the sale and purchase agreement.
Should the Vendor continue to pay quit rent, assessment rent, maintenance fee and any other outgoing payment since he/she is selling the Property?
Yes, and it will be apportioned between the Vendor and the Purchaser as at the date of the delivery of vacant possession of the said Property or upon the completion date (whichever is applicable).
When will the handover and collection of the property take place?
Normally, the Vendor has to handover the complete set of the house keys (including access card (if any)) to the Purchaser within 3 working days from the date the Purchaser or the Purchaser’s Financier full payment of the purchase price to the Vendor or the Vendor’s Lawyer.
When can the Vendor receive the balance purchase price?
Upon full payment of the balance of the purchase price by the Purchaser and after the Vendor has completed the handover of the property to the Purchaser. This process should take between 3 to 4 months from the date of the sale and purchase agreement or the commencement of the completion date of the Sale and Purchase Agreement.
What are the necessary steps to be taken by the Vendor upon completion of the sale and purchase of the Property?
Vendor is required to terminate the utilities supply with the Tenaga Nasional Berhad (TNB) and Syarikat Air Johor (SAJ) and to provide the proof of termination to the lawyer. Vendor should also vacate the premises and clean up the property before handover to the Purchaser.
卖家需向Tenega Nasional Berhad (TNB) 和Syarikat Air Johor (SAJ) 申请终止水电供应并将终止的证明信件交给律师。 在另一种状况下，卖家可能也需在转交房屋前将房屋空置及清理干净。
What if the Vendor regrets and refuses to sell the Property after signing of the Sale and Purchase Agreement?
According to the Sale and Purchase Agreement, the Purchaser will have the rights to seek specific performance as the legal remedy, OR if the Purchaser elects to terminate the Sale and Purchase Agreement, the Vendor shall refund the total sum of the deposit to the Purchaser, and be liable to pay to the Purchaser the sum equivalent to the amount of the Deposit Sum as agreed liquidated damages to the Purchaser.
What if the Purchaser regrets and refuses to continue with the purchase of the Property after signing of the Sale and Purchase Agreement?
According to the Sale and Purchase Agreement, the Vendor shall be entitled to forfeit the total sum of the deposit as agreed liquidated damages.