INFORMATION FOR SELLER (VENDOR) AND BUYER
The most usual way to sell a property is through estate agents. Some sellers choose to market their properties privately to save on the estate agents’ commission but this solution has the following disadvantages:
1)it can be very time-consuming as you will have to do all the work yourself, including advertising and showing the property to prospective buyers
2)it may take longer to sell your house as you are likely to get fewer viewings than by letting professionals market your property
3)you may end up selling at a lower price as you are likely to get fewer viewings and therefore less interest in your property.
Use several agents to market your property as this will result in your property being more widely advertised. You will only pay commission to the agent who actually sells the property so using several agents will not result in higher costs. However using too many agents, say over 5, may discourage the agents from working hard on the property as they may feel they are unlikely to be the ones who will be selling your property. Select estate agents who specialize in your area or property type as their client list will have the right prospective buyers for your property.
Help the agent help you
When giving your property details to the agent emphasize your property’s individual selling points. Think about any positives, from a large kitchen to an alarm system, or a good school nearby.If possible, take digital photos of your property which the agent can then send to prospective buyers or use in advertisements.
Estate agents’ commission:
3% on the first RM500,000 of the property’s selling price
2.75% on any amount over RM500,000.
Property Sale & Purchase Legal fees:
1% on the first RM100,0000 of the property’s selling price
0.5% on the next RM4,800,000
0.25% on any amount over RMRM4,900,000
This is subject to a minimum fee of RM200.
Some sellers do not instruct a lawyer and therefore save on the legal fees. This is possible because the buyer’s lawyer will draft the Sale and Purchase Agreement. However, not using a lawyer is not recommended unless you really know what you are doing. The Sale & Purchase agreement may seem simple enough to read but you will be surprised how often your lawyer will point out something that you would not have noticed that could have a material impact.
Early redemption penalty:
Before selling, check your mortgage policy to determine whether any penalty for early redemption may be applicable.
Real Property Gains Tax:
Real Property Gains Tax was abolished in April 2007, so there will be no tax on your property gains.
Starting from 2010, it is 5% for properties disposed less than 5 years.
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