Top 10 Tips To Avoid Being Cheated When Buying A House

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Top 10 Tips To Avoid Being Cheated When Buying A House

Buying a house is a decision that you need to make a great deal sense and prudence. For all the Malaysians who are considering buying a house, here are Top 10 Tips To Avoid Being Cheated When Buying A House.

1. When buying a completed or subsale house, deal directly with registered property agent or seller.
a. Dealing with Property agent
– Check property agent REN Tag through Ren website.
Website link: http://search.lppeh.gov.my/
– Deposit Cheque should pay to Property agency, not an individual name.
– Never deal with cash, at least get a bank draft.
– Always request for a receipt for payment or Letter Offer of Purchase from Property agent.
– Request a full refund for the deposit paid in the event your loan not approved.

b. Dealing with Seller
– Appoint your own SPA lawyer. Don’t use Seller’s Lawyer.
– Request Seller to appoint his own lawyer or ask Seller to use your lawyer.
– Pay the deposit to SPA Lawyer.
– Request your SPA Lawyer to do a Land Search on the Property to check on the property background.
– Request Lawyer to do bankruptcy search on Seller.
– Request a full refund for the deposit paid in the event your loan not approved.

2.Negotiate With Seller Before Putting Down A Deposit
You want to negotiate everything up front before giving out the deposit, because once you put that booking, it’s kind of difficult to request anything else. If seller agreed to sell with furniture, make sure you have an agreeable inventory list between the seller and you, and if seller agreed to repair the leaking pipes before the handover, make sure you put it in the SPA. Everything should be in the SPA, but the initial step will be putting down everything agreed on the booking receipt.

3. Appoint Your Own SPA Lawyer
Don’t use Seller or Property Agent Lawyer to avoid the lawyer favouring Seller when drafting SPA.

The best way is waiting for your Loan to approve and appoint Loan Lawyer as your SPA Lawyer. In this article, 3 Tips To Choose A Good SPA & Loan Lawyer, I mention, why it is wise to appoint Loan Lawyer as your SPA Lawyer.

3 Tips To Choose A Good SPA & Loan Lawyer
https://malaysiahousingloan.net/3-tips-choose-good-spa-loan-lawyer/

Tip: Regardless, you’re using Seller Lawyer or your own lawyer for SPA, you’re still paying the same amount of Legal Fees. However, if you’re using Seller’s recommended lawyer, the seller will pay a lower price.

4. View the Property
Before putting any deposit, viewing process is necessary. Set an appointment with the agent to see the property. The best time to see the property is during day time around noon. You can see the house clearly such as water leaking, cracks marks, the direction of sunlight, the surrounding ( is there any negative factor e.g., oxidation pond, near to TNB house or even near to a factory area) and the view from the balcony or in front of the house. While at night, you might miss some marks due to reducing visibility.

5. Do A Land Search
Go to Land Office and do a Land Search. Land Search will take about RM30-RM50. Check on the property caveat and restrictions, or you can ask your SPA lawyer to do it.

6. If Buying From Developer
Is crucial to check developer profile and background when purchasing from a developer. You can visit KPKT website to ensure the developer is not under blacklisted list or project abandoned list.

And also check with SSM, do a formal search on the company. The search will include all the financial and nature of business of the company. If the nature of business included other unrelated business with the property, you might want to dig further into the background and profile. Some Sdn Bhd company only set up with RM2 capital but selling million of ringgit property which can be quite suspicious.

7. Do Research Online
Do research on the property or project. Visit all the property forum to see what others said about the property/project. The place that I’d go is Lowyat and CARI forum.

8. Ask Around With People Who Have Experience In This Industry
While buying a house is a huge commitment and a long one too. You might want to ask your friends, family or other experience people that you know. Ask them about their experience and what they can share with you. You might learn one or two tricks of buying a house.

9. Master Title Or Individual/Strata Title
Ask the property agent or seller whether the property is still under master title or individual title/strata title?

Stay away from property more than ten years and still under the master title. The bank no longer keen to finance such property.You might have difficulty in getting a loan now, sell the property and refinance in the future.

If master title property and developer went bankrupt, the process will take longer and become more complicated. Even, certain banks will shy away from such cases.

10. Check Property Market Value
You want to know the property value before purchasing the property. Instead of just listening to the property agent, it’s better to get some idea or confirmation on the property value.

You’ll know whether the property is expensive, below market value or reasonable. In the same time, by knowing the market value you’ll know the estimated loan can be approved.

There are a few ways to check the property market value. A direct step will be directly calling the bank and request for one. However, you’d want to request for property valuation when you confirm to buy the property. Bankers will not entertain too many requests for free valuation check.

Another way is by visiting Brickz.my and key in your property address to estimate what’s the value of the property.

For more information about how you can secure a home loan, contact us today, so we can help you follow the right path towards owning your home.

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For more Home Loan information and inquiry, please call/ Whatsapp us at +6012-6946746
or visit our website www.malaysiahousingloan.com

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About the Author:

Hey guys, thank you for coming here and check out our website. We have been doing this housing loan loan services more than a decade and i truIy feel old already. Our website is updated frequently. You can always find us at google+ or our youtube channel http://www.youtube.com/user/malaysiahousingloan. Along the years, we helped thousands of people with their home loan. Sometimes we felt our works is worthy because we help many people to get their dream house. Please come and engage our services. We promise to guide you through and be there when you need us. Until next time, Good Luck!

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