View Full Version : I need advise on selling my house, can you help?
My house is a single storey(leased-hold). This house is fully paid without owing a single cents to the bank. Since this is the first time I am selling my house, can someone advise me what is the procedure that I need to go thru if I were do it all by myself, is it possible?
Firefly
21-08-2008, 10:12 AM
If you have a buyer, then appointing a lawyer to handle all the documentation. Don't think there is a short cut to that.
Raikonen
21-08-2008, 10:22 AM
My house is a single storey(leased-hold). This house is fully paid without owing a single cents to the bank. Since this is the first time I am selling my house, can someone advise me what is the procedure that I need to go thru if I were do it all by myself, is it possible?
I suppose you will need to survey the market and get an approximate market value for your house. Advertise in the classifieds i.e. The Star would help to get some response. It would be good to ensure that your house are in good condition to be presented to prospective buyers. Sold my last house the same way. Advertised in papers for 3 days and sold it for a very good price within 2 weeks. Choose a good lawyer to handle the legal documentation.
I suppose you will need to survey the market and get an approximate market value for your house. Advertise in the classifieds i.e. The Star would help to get some response. It would be good to ensure that your house are in good condition to be presented to prospective buyers. Sold my last house the same way. Advertised in papers for 3 days and sold it for a very good price within 2 weeks. Choose a good lawyer to handle the legal documentation.
I already know the aproximate market value from my neighbour which happen to sold one similar unit like the one i m staying now. What about if I get an real-estate agent to sell on my behalf since I m always busy with work, do you know how much will they charge for the commission once the deal is concluded?
pepsi
21-08-2008, 10:56 AM
I already know the aproximate market value from my neighbour which happen to sold one similar unit like the one i m staying now. What about if I get an real-estate agent to sell on my behalf since I m always busy with work, do you know how much will they charge for the commission once the deal is concluded?
What is the market value like ? If you don't mnd me asking ?
Are there any renovations ?
I was just wondering if there was demand for leasehold properties ?
rachel sj
21-08-2008, 10:57 AM
Firstly, let's assume that your house has been issued with title by the Land Office,
The process to sell is pretty simple, you need:
1. a contract to record the sale of the house to buyer (ie SPA)
2. to attend to transfer of title of the house in Land Office
3. if your buyer needs financing, to attend to all necessary docs/undertaking letter facilitating your buyers' loan
Thus, you need lawyers to help you to attend to legal docs and advise you on legal issues arising from (1), (2) & (3) above. For sure, you can't do (2) on your own as Land Office needs law firm's endorsement on all docs presented to them for registration.
what you can consider is to ask if your buyer's lawyers if he/she can attend to matter (2) for you (but on record you will be deemed unrepresented by lawyers since they can't act for both buyer and seller) in which case, you may not need to pay anything (if you can negotiate) or just very minimal fees, since title is clean.
H/w - do consider the point that as there will only be one lawyer (ie the buyer's lawyer) acting on this matter, what happen if the lawyer turns out to be one-sided favouring your buyer? e.g. terms in the SPA may not be in your favour, typically, lawyers pressing you to release keys to buyer earlier then the actual time to do as per SPA etc etc, in gist, your interests as seller may not be protected since you hv no lawyer acting on your behalf...?
Firstly, let's assume that your house has been issued with title by the Land Office,
The process to sell is pretty simple, you need:
1. a contract to record the sale of the house to buyer (ie SPA)
2. to attend to transfer of title of the house in Land Office
3. if your buyer needs financing, to attend to all necessary docs/undertaking letter facilitating your buyers' loan
Thus, you need lawyers to help you to attend to legal docs and advise you on legal issues arising from (1), (2) & (3) above. For sure, you can't do (2) on your own as Land Office needs law firm's endorsement on all docs presented to them for registration.
what you can consider is to ask if your buyer's lawyers if he/she can attend to matter (2) for you (but on record you will be deemed unrepresented by lawyers since they can't act for both buyer and seller) in which case, you may not need to pay anything (if you can negotiate) or just very minimal fees, since title is clean.
H/w - do consider the point that as there will only be one lawyer (ie the buyer's lawyer) acting on this matter, what happen if the lawyer turns out to be one-sided favouring your buyer? e.g. terms in the SPA may not be in your favour, typically, lawyers pressing you to release keys to buyer earlier then the actual time to do as per SPA etc etc, in gist, your interests as seller may not be protected since you hv no lawyer acting on your behalf...?
my lawyer call me yesterday,she mention the "extract of title" from land office already completed, she is waiting for me to sign the title now. Is there anymore step after this? I want to sell my house but I am not sure about the procedure side.
What is the market value like ? If you don't mnd me asking ?
Are there any renovations ?
I was just wondering if there was demand for leasehold properties ?
A lot actually just that not many owner selling as if you are talking about my area. If you try search thru all the real estate advertisment almost none I can say. In my area becos of its convenient for those aunties to go morning market, supermarket,shopping center as well as big playfield for those old folks that like to do morning walk as in my case.
My house is renovated, think already spent about RM60-80k to extend the kitchen, car park side wall, kitchen cabinet,wardrobe as well as home security system,autogate, 3 airconds, 2 water heaters etc.
rachel sj
21-08-2008, 02:05 PM
my lawyer call me yesterday,she mention the "extract of title" from land office already completed, she is waiting for me to sign the title now. Is there anymore step after this? I want to sell my house but I am not sure about the procedure side.
looks like your leasehold title has yet to be (but in the process of being) issued... in that case, why not you ask the lawyer who is attending to the extraction of your title to act for you on this sale ?
and it is best to wait till your title being successfully extracted from the Land Office first before proceeding with the sale, since there is a big difference in documenting the sale...
1. w title - spa & registration of transfer of title
2. without title - spa & deed of assignment
oh, since it's leasehold title, i forgot to mention transfer of title from you to new buyer takes longer since you need to get consent from Land Office before effecting the transfer...that's why it's more troublesome to own a leasehold property - every "dealings" with the title (ie charge, lease, transfer) require you to get Land Officer consent which takes 3 to 6 months...
looks like your leasehold title has yet to be (but in the process of being) issued... in that case, why not you ask the lawyer who is attending to the extraction of your title to act for you on this sale ?
and it is best to wait till your title being successfully extracted from the Land Office first before proceeding with the sale, since there is a big difference in documenting the sale...
1. w title - spa & registration of transfer of title
2. without title - spa & deed of assignment
oh, since it's leasehold title, i forgot to mention transfer of title from you to new buyer takes longer since you need to get consent from Land Office before effecting the transfer...that's why it's more troublesome to own a leasehold property - every "dealings" with the title (ie charge, lease, transfer) require you to get Land Officer consent which takes 3 to 6 months...
Thanks for the swift feedback.
How long will land office take to issue the title from the date of submission?
pepsi
21-08-2008, 02:48 PM
A lot actually just that not many owner selling as if you are talking about my area. If you try search thru all the real estate advertisment almost none I can say. In my area becos of its convenient for those aunties to go morning market, supermarket,shopping center as well as big playfield for those old folks that like to do morning walk as in my case.
My house is renovated, think already spent about RM60-80k to extend the kitchen, car park side wall, kitchen cabinet,wardrobe as well as home security system,autogate, 3 airconds, 2 water heaters etc.
I would assume you are selling with profit :D
Yes, I guess location with plenty of amenities is a plus ...
I would assume you are selling with profit :D
Yes, I guess location with plenty of amenities is a plus ...
a little bit i guess :D
the only hassle about leasehold is the longer period waiting for land office approval, the rest of the things about the house is relatively no different from a freehold house.
rachel sj
21-08-2008, 03:32 PM
Thanks for the swift feedback.
How long will land office take to issue the title from the date of submission?
consent to transfer usually takes 3 to 6 months from date of submission...(hv seen cases extending to 9 or even 12 months..dpding on your luck and which officer in Land Office handles your matter...)
only upon consent to transfer is obtained, your SPA starts running and you will allow 3 + 1 months (3 months interest free with 1 month bearing late payment interest) for your buyer to complete the sale...
rachel sj
21-08-2008, 03:37 PM
oh miss your question...you mean time to issue the title ??
not sure ...dpd on type of lands and which land office..ranging from 1 to 20 years, but with the new Act, Developer has to submit application to issue indv title within 2 years (i think) from completion of property...
looks like your leasehold title has yet to be (but in the process of being) issued... in that case, why not you ask the lawyer who is attending to the extraction of your title to act for you on this sale ?
and it is best to wait till your title being successfully extracted from the Land Office first before proceeding with the sale, since there is a big difference in documenting the sale...
1. w title - spa & registration of transfer of title
2. without title - spa & deed of assignment
oh, since it's leasehold title, i forgot to mention transfer of title from you to new buyer takes longer since you need to get consent from Land Office before effecting the transfer...that's why it's more troublesome to own a leasehold property - every "dealings" with the title (ie charge, lease, transfer) require you to get Land Officer consent which takes 3 to 6 months...
Pardon me for the miscommunication, actually I heard it wrongly from my lawyer, tommorrow she say i am there to sign ""acknowledgment collection" of my house title. The house title already issued by Land Office and its sitting in my lawyer office waiting for me to collect after waiting for 5 months. What a relief! :D
pepsi
21-08-2008, 03:42 PM
a little bit i guess :D
the only hassle about leasehold is the longer period waiting for land office approval, the rest of the things about the house is relatively no different from a freehold house.
hmmm....I thought buyers would be concern about the number of years left but I note property prices for even leasehold properties keeps going up especially strategic locations. If we compare a freehold and a leasehold, by right a leasehold would be cheaper but at some places, it's actually more expensive than a freehold property.
So, I guess you are a upgrading from 1 storey to 3 storeys ???? :D
hmmm....I thought buyers would be concern about the number of years left but I note property prices for even leasehold properties keeps going up especially strategic locations. If we compare a freehold and a leasehold, by right a leasehold would be cheaper but at some places, it's actually more expensive than a freehold property.
So, I guess you are a upgrading from 1 storey to 3 storeys ???? :D
:eek: 3 storey???? bangalow 3 storey as advertis recently is it? :D Can't afford it, a decent double storey is good enough for my family. :p
pepsi
21-08-2008, 09:27 PM
:eek: 3 storey???? bangalow 3 storey as advertis recently is it? :D Can't afford it, a decent double storey is good enough for my family. :p
Sato, not necessary a bungalow, but it would seem like developers are building more 2 1/2 and 3 storey houses...
Bless your new home....
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