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Penang Properties Malaysia
I am a professional in Malaysia real estate, and I can help you to choose the "right" property in Malaysia - whether you are an experienced investor, a first time buyer or a foreigner looking to move into Malaysia. My services cover you through the whole process - finding the property, negotiating the best price, making an offer and closing the deal. I am here to help you in everything to make the best real estate decision in your life.
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About Me
- Simon Eng
- Georgetown, Penang, Malaysia
- We are a registered real estate agent with the Board of Valuers, Appraisers and Estate Agents Malaysia and also Licensed Auctioneers.
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Buying Procedures
General Procedures For Buying Property In Malaysia
Step 1
Purchaser pays an earnest deposit of 2 % of the PURCHASE PRICE upon signing of the letter of offer or acceptance.
Step 2The Sale and Purchase Agreement (SPA) to a period of time to be agreed by both parties, generally drawn up by the respective solicitors and executed by both parties within 14 days from the date of the letter of offer acceptance. Upon signing of SPA, pays 8 % purchase price being the balance of 10 % of the sale price. (The purchaser then proceed to apply for bank financinf, if required).
Step 3Pay 90 % of the balance 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 rate to be generally agreed by both parties on the balance sum.
Step 4Take possesion of property upon completion date.
Sale & Purchase Agreement (SPA) Guidline
1. Legal Fees
5. Other Miscellaneous Disbursement
Preparation of Sale & Purchase Agreement, the transfer of the property and attending to stamping and registration. The first Schedule of the Solicitors Remuneration Order 1991 sets out the fees based on the purchase price of the property as follows :
- 1.5 % on the first RM 150,000
- 0.75 % on the next RM 4,900,00
- 0.25 % on the remainder
All transfer of property is subject to Government Stamp Duty. Rate of Stamp duty is based on the value of property.
- 1 % on the first RM 100,000
- 2 % on the next RM 400,000
- 3 % on the next RM 1,500,000
- 4 % on the remainder
Preparation of the Loan Agreement of the property and attending to stamping and registration.
- 1 % of the purchase price on the first RM 100,000
- 0.5 % on the next RM 4,900,000
- 0.25 % on the next RM 4,901,000 and above
Stamping of loan documents (based on loan amount). See example below.
| Loan Amount (RM) | 50,000 | 100,000 | 150,000 | 200,000 | 250,000 |
| Gov't Stamp Duty | 250 | 500 | 750 | 1000 | 1250 |
5. Other Miscellaneous Disbursement
Approximately RM 300 the schedule of legal fees may vried, thus it is adviseable to consult your lawyers for the present calculation of the legal fees. For cach purchaser, item 3 & 4 not applicable.
Renting Procedures
General Procedures For Renting Property In Malaysia
Step 1
To pay one (1) month earnest deposit on letter of offer / acceptance
This is the booking earnest deposit pay by the tenant, and the amount is usually equivalent to one month's rent. After the landlord signed the Letter of Intent and accept this deposit, he cannot rent the said property to any other party. This deposit will become part of the security deposit or advance rental after the legal Tenancy Agreement is signed.
Step 2Within a time frame to be agreed by the tenant & the landloard, seven (7) days from date of acceptance of the both parties shall signs the Tenancy Agreement. Upon signing the tenant shall pays up the balance payment.
- Securtiy deposit : One month's rent for every year of tenancy
- Utilities deposit (i.e. water, electric, telephone)
- Governement stamp duty and agreement fees
Upon payment, Tenant recevies keys and take possession of property when the tenancy terms ends, the security deposit will then be refunded without interest. However, the landlord reserves the rights to deduct from the deposit all costs, damages and expenses arising from the tenant for breaching any of the covenants stated in the Tenancy Agreement.
Step 3The Tenancy Agreement is sent to stamp office for stamping. A few days later landlord & tenant receives the stamped copy of the agreement.
The Tenancy Agreement will have to stamped by the Inland Revenue Authority of Malaysia. Only after the Tenancy as been stamped then it becomes a valid legal document. This is to protect the interest of both contracting parties.
The stamp duty is usually borne by the tenant and computed as follows :
Step 4Take possesion of property upon completion date.
Sale & Purchase Agreement (SPA) Guidline
1. Legal Fees
Preparation of Sale & Purchase Agreement, the transfer of the property and attending to stamping and registration. The first Schedule of the Solicitors Remuneration Order 1991 sets out the fees based on the purchase price of the property as follows :
- 1.5 % on the first RM 150,000
- 0.75 % on the next RM 4,900,00
- 0.25 % on the remainder
Rental Amount - 200 X 12 (divide by 250) + Round up to nearest Ringgit then multiply by the number of years of tenancy + RM 10 for each duplicate copy
Note : Rental rates are inclusive of monthly service charges. Tenant pays for utilities bills such as water, sewerage, electricity & telephone
MM2H Incentives
Participants of Malaysia My Second Home Programme are provided with various incentives to make their stay even more comfortable and enjoyable in Malaysia. The incentives provided are as follows :
Home PurchaseEach participants is allowed to purchase up to two units of residental houses at a minimum prices above RM 150,000.00 each, depending on the location of the property.
Generally the minimum price for the purchase of houses in Malaysia are as follows :
- Above RM 350,000 each for certain areas in the state of Sarawak
- Above RM 250,000 each for the state of Penang, MAlacca and Johor
- Above RM 150,000 for other states
Procedure for Acquisition of Properties Chart
Car PurchaseParticipat may import one used motorcar which belongs to him from his coutry of citizenship or where he last domiciled. He will be exempted from paying import duty, excise duty and sales tax on the imported motorcar within six (6) months from the endorsement sate of the MM2H visa.
ORParticipant may purchase one new motorcar made or assembled in Malaysia. He will be exempted from paying excise duty and sales tax on the new motorcar within one (1) year from the endorsement date of the MM2H visa.
Frequent Ask Question- What is the procedure for bringing in Personal Car?
- What is the procedure for bringing in Secong Vehicle?
- How about selling car that has been given Tax exemptions, what can I do?
- How to convert from foregin Driving License to Malaysian Driving License?
Applicant are required to refer to the checklist and fill in the foreign maid application from which is to be submitted to immigration department. Applicants are also required to attach a copy of the Malaysia My Second Home Pass or verification purposes.
Any applicant who wished to bring in a foreign maid from a country other than his country of orifin or any foreign maid who do not fulfill the existing requirement of conditions will be refered to the Director General of Immigration Department for further assessment, re-evaluation and approval.
Upon approval, Levi and Visa charges will be imposed on the applicant.
The foreign maid is required to underso medical examination in Malaysia and the medical report must be submitted through FOMEMA together with the applicant.
Application Procedure for Bringing in Foreign Maid Chart
EducationApplicants are allowed to bring their children who under 18 years old and not married as their dependants under this programme.
Before registration with private colleges or universities please check the following :
- Courses must be accredited by the Malaysian Accreditation Board
- The institution must be registered with the Ministry of Higher Education Malaysia.
- Please make sure the Private Higher Educational (PHEI) that you hav selected is already registered with the Ministry of Home Affairs.
- For student from China, please ensure the PHEI has been registered by the China Embassy in Malaysia
To enroll into particular institution, please ensure the following criteria are fulfilled :
- Academic qualifications as required.
- If qualifications comply, the institution will issue a letter of offer to study in insitution.
The institution will help foreign student to obtain the following :
- Student Pass from the immigration department.
- Please abide by the conditions of the Student Pass issued.
Please observe the following regulations as a foregin student in Malaysia :
- Abide by rules and regulations of the Malaysian Government at all times.
- Do not violate the conditions of the Student Pass.
- Informing Inland Revenue Board (IRB) on Income Earned in Malaysia
- Health and Well-being of Participant
- Bringing Foreign Pets
- Customer's Consent Form