You have heard that buying property in Malaysia is very cheap and this certainly true. The first thing you should do when you find some prospective property in Malaysia would be to find a very good property lawyer. Real estate lawyers can provide you with invaluable information and help out during the transaction process.
Before you get into any specifics it would be advantageous for you to look into the restrictions Malaysia places on foreign prospective home owners. Firstly, a foreigner can buy any kind of home in Malaysia provided that the base value is at least 76,453 United States dollars which would translate into about 250,000 MYR (Malaysian Ringgit). This rule applies whether you are buying a bungalow, a summer home, a manor or a simple, one story, flat type, terraced or linked home property (check current Malaysia property market).
Next, once you have found the home you wish to live in you should send a letter of offer to which the home owner or owners will reply with a letter or rejection or acceptance wherein they will expect a deposit of 3 percent of total payment on the residence in question. Usually the Sale and Purchase agreement is signed next, almost always within fourteen days. When this document is signed the buyer will be required to make another deposit, this time at 7 percent the total price of the home. After signing and acceptance of the document the purchaser has a total of three months to successfully pay off the price of the residence in full.
A brief side not, one should always be very cautious about purchasing property that lies in not yet completed condominiums. The reason for this is that the purchasing party or parties is unlikely to be protected from default. This issue is quite a hot topic in Malaysia at the moment, especially with the Malaysian House Buyer’s Association.