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Malaysia real estate purchase flow
When purchasing overseas real estate, the most common type is a pre-built (newly built) property.
Since pre-builds are future-proof, payments are made in stages according to the progress of construction, while there are future possibilities and dreams, reducing payment pressure.
As a purchase step:
★Step 1. Preliminary survey
This is the most difficult point, or often taken lightly, when purchasing overseas real estate.
Although it is a step-by-step payment, in the case of unreliable developers, the property may be sold to foreigners at a price far higher than the market price, or a developer with difficult cash flow may stop or go bankrupt during construction, or there may be defects after delivery. It often happens that the purchaser has a hard time because the registration procedure cannot be completed successfully even after 10 years after the construction is completed.
It is the local agent who knows the local area well and conducts a local survey on behalf of the owner. Among them, a company that has been in real estate management business for many years knows well the reputation of each developer and the situation after the completion of past properties, which is especially helpful when purchasing properties.
★Step 2. Property tour
Whenever possible, it is recommended to check the location and surrounding environment of the pre-built property with your own eyes. Don't make a decision by looking only at the exterior of the building and the interior of the property.
When visiting a property, one of the purposes is to confirm the agent company in charge. It usually takes several years to complete, so it is very important to have the agent company provide empathetic support to avoid future troubles. In addition, there is a big difference in support after completion depending on whether or not you have experience.
Normally, the pre-build fee is about 10,000 ringgit. Even if you sign the booking and take care of it, if you change your mind within a week or two, there is still time to cancel. If you have any doubts, it's a good idea to repeat steps 1 and 2 above.
★Step 4. Contract
There are two methods: a local contract and an embassy certification contract.
In the case of a local contract, all you have to do is make an appointment with the contract attorney office through the agent in charge, meet with the attorney as scheduled, and sign.
In the case of embassy authentication, make an appointment to visit the Malaysian embassy in your country, bring the contract documents mailed from Malaysia to the Malaysian embassy, sign in front of the embassy staff, then send the documents to Malaysia mail it to
★Step 5. Payment
After signing the contract, it is common to pay 10% of the property price, and after that, we will pay according to the progress of the construction. This period will take 2-5 years. At this stage, agent companies are disappearing one after another, so it is recommended that the purchaser himself secures a contact route with the developer.
★Step 6. Delivery and property management
After the final payment is completed, the property will be handed over. If you find a defect in the property and do not have the developer repair it during the warranty period, the purchaser will be responsible for the cost later.
It is good to have a solid management company manage not only the investment property but also the second home that you plan to use from time to time. In Malaysia, where humidity is high, mold can grow on furniture and building defects can cause major damage to properties.
Over 10 years of sales and management experience in MalaysiaTOMORROW Groupas well asaqua white homemeets the diverse needs of owners. Please feel free to contact us about real estate, no matter how small.