For someone buying a shop or office for the first time, it can be a real hassle without guidance. Various procedures need to be completed, causing considerable mental and physical exhaustion. No need to worry, here is an extremely detailed buying process. Just follow the steps one by one, and it will guide you through the purchase without unnecessary detours!
STEP 1: Paying the Deposit
Once you have confirmed the purchase of the property, you need to pay a 2~3% deposit and obtain the Booking Form. The Sales and Purchase Agreement (S&P) must be signed within 14 days.
STEP 2: Applying for a Loan
If you intend to apply for a bank loan for buying the property, it is advisable to submit applications to several banks for comparison. Generally, you can expect a response within 14 working days.
STEP 3: Signing the Sales and Purchase Agreement (S&P)
After loan approval, you can proceed to sign the Sales and Purchase Agreement. On the same day, the buyer must pay the remaining 7~8% deposit, adding to the earlier paid booking deposit, making a total of 10%.
STEP 4: Lawyer Processes for Transfer
→ Stamping of the S&P
→ Submission for scrutiny by the Property Valuation Department
→ Payment of ‘Real Property Gains Tax (RPGT Tax)’ to the government
→ Transfer of ownership deed, land tax, street address tax, utilities, etc.
STEP 5: Congratulations! You Can Get the Keys Now!
After handling the handover, you can officially get the key. You can decorate or rent a shop~!
BizLocate focuses on commercial real estate, such as shops, factories and land. If you need anything, please feel free to contact us! We can also take you to explore more shops with an ROI exceeding 5%.
[Click here] or call 010-222 0400
Bizlocate, Business Location Solution Provider | Specially designed to assist businessmen who want to open a store to find a suitable location to open a store
Website: https://bizlocate.com.my/
Phone: +6010-222 0400
WhatsApp: https://wa.link/uq6cn1