Procedure of Purchasing House

Hi all,

I believe some of you might don't know or aware about the procedure of purchasing house, so here I'm sharing with you  a simple example;-

This scenario based on Sub sale;- 

1. Booking Fees, You need to pay for the certain amount from the overall house price. eg: Price RM400,00 - 3% of booking fees = RM12,000.00. 
2. Loan Application or submission, Normally Agent will help you to apply and it depend on  background  subject to approval. After your loan has been approved you will required so sign on the offer letter. 
3. Sales & Purchase Agreement (SPA), You will required to pay 7%  from the house amount. eg:  Price RM400,00 - 7% = RM28,000.00.
4. Stamp Duty & Loan Agreement Fees, Please refer to the lawyer firm, it might be different on the amount. 
5. Memorandum of Transfer (MOT), The fees is 25% of the scale fee with minimum RM250.00, I will suggest please refer to you lawyer.
6. Collect key, and start your monthly repayment.  

Please take note, the overall of scenario above it might be different from the outside case. and my advise to buyers, please ensure that you have at least 10% cash from the house price, before you proceed to purchase the house.