Contributor: Aini Mat Pin, associate director at Valley Property Consultants, Ipoh, Malaysia. For enquiries, call +605-930029 or email email@example.com. Thank you!
Selling a Malaysian home without an agent, no matter how fun it may seem – what with all the excitement of staging and taking photos and making the listing – can be very stressful. This gets even more stressful when you try to close the deal.
So you already get an offer, or at least you got a serious offer on the home although without the formal written offer yet. This process can be quite straining since most of the technical stuff of selling a house in Kuala Lumpur is concentrated on this stage of the process.
Sidenote: much of the information here was derived from a property deal involving Binjai 8 condo at KLCC – email me if you want the insider story. – Aini MP
Quick Ways to Close a Deal
There are things that you can actually do to speed up the process and rid yourself of the unnecessary delays associated with closing the deal on your FSBO home sale. Here are some of them:
- Get your papers ready. All the papers that your home buyer would need – from the land and home title, a declaration of the house’s history of repairs (legally binding by Malaysian law), the mortgage status of the house, etc – get them all ready, put them in a single envelope that’s ready to go should your buyer need them. A lot of home owners in Malaysia make the mistake of working too late or too slow on the papers that they themselves are the major cause of delay.
- Comply with your end on the contingencies pronto. So your buyer wants you to submit an inspection report, or to shoulder the repair of a damage that she found on the second floor bedroom – whatever it is that you have agreed to get accomplished to make the sale done, do it pronto! Don’t waste a single minute of it; you may not have a hold on how soon the other party complies with their end of the conditions, but at least you’d have yours done and ready when they are.
- Pay your real estate lawyer a visit the soonest. There are things and papers that you cannot do and complete yourself and you’ll need a legal expert’s signature on it to make it valid and legally binding. So get all those papers right and ready for your lawyer the soonest you’ve gathered all of them. Real estate lawyers are pretty busy too so you don’t want to be on the waiting list especially if you happen to be a client of a popular real estate lawyer. If you’re targeting properties in, say, KLCC (or somewhere which is as equally upmarket like Mont Kiara or Bangsar). Specifically watch out for areas like Tinjani, Binjai 8 and South Bay.
- Go to your buyer’s mortgage lender as soon as you can. You don’t have a real estate agent to bridge the gap between you – the homeowner – and your buyer’s mortgage financier. So you have to work on whatever needs to be done between the lending institution and yourself; after all, that takes care of how you’re getting the money paid to you. So go on ahead and schedule your visit to them. We are especially partial to Maybank and CIMB because we bank with them!
Pro Tip: the best thing to do when accomplishing all these tasks, especially the paperwork, is to accomplish each of them as soon as the opportunity strikes. Don’t wait for them to pile up and hope to accomplish everything ‘within the day’. You’re only going to make the wait much longer for you and your buyer. Good luck!
Editing by Jin Hsu