Step 1

Purchaser pays an earnest deposit of 2% PURCHASE PRICE upon signing of the letter of offer or acceptance.

Step 2

The Sale and Purchase Agreement (SPA) to be drawn up by the solicitor and executed by both parties within 14 days from the date of the letter of offer. Upon signing of SPA, pays 8% Purchase Price being the balance of 10% of the sale price. (The purchaser then proceed to apply for the bank financing, if required).

Step 3

Pay 90% of the remaining PURCHASE PRICE within the next 3 months from the signing date of the SALE and PURCHASE agreement.  An extension of 30 days is allowed, subject to an interest of 6 % per annum on the balance sum.

(NOTE: For developer sale or property under construction, there is a progress payment schedule).
 

Step 4

Take possession of property upon full payment and handover of keys.

For Expatriate / Foreigners:  The property purchased must be valued RM250,000 (ringgits) and above

Important points to note for foreigner before buying a property in Penang Malaysia

The following particulars are necessary for the preparation of legal documentations:

    1.    Copy of passport(s)  - owner and co-owner(s), if any
    2.    Correspondence address
    3.    Contact  -  house telephone no., mobile no., fax no., office no., e-mail address

Should the need arises, we can also assist to recommend you some of the bankers and solicitors that have been liaising with us on the sale & purchase matters. Once the agreements are ready for signing, the solicitors will either courier or e-mail to you for signing and at your convenience.
 

If you wish us to assist / arrange a banker or a lawyer to contact you (without obligation) drop us a note.

Got a question? Speak to our friendly, informative and efficient lawyer or banker.

SALE & PURCHASE AGREEMENT (SPA) GUIDELINE

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Disclaimer The information provided are for information only and does not constitute a basis for any offer or contract of sale. No part of this document may be construed as a statement or representation of fact based on which a contract is created. Interested parties are advised to carry out their own independent investigation.