Homeowner's Guide

Tips For New Buyers

Choosing your dream home
Below are some points you should have in your checklist before choosing your dream home. They are:
  1. A purchase price that is affordable to your budget and relative to the property
  2. Buy a home that you can sell at a profit
  3. What are the requirements that you need for your dream home? List them down
  4. Call our Sales Advisors who can advise you on your choice of location
  5. Visit properties that are on sale for comparisons. Do not make a rash decision as it will be a long-term commitment
  6. Read through the classified advertisements in the papers for existing properties to make comparisons on specifications and market price
Some points that you should note before making your choice:
  • Sale and Purchase (S&P) Agreement
    • Property under construction

      The developer would usually appoint a lawyer to draw-up the S&P Agreement. Be prepared to pay legal fees on S&P, however we at Sime Darby Property will absorb the legal fee providing the S&P lawyers are in our panel.

    • Completed property

      You would need to engage a lawyer from the start until transaction is completed. The lawyer should be able to advise and act on your behalf when signing the S&P agreement and making payments. We at Sime Darby Property provides our purchasers with lawyers without additional cost providing the lawyers are in our panel.

      And, try to engage a licensed inspector to help you evaluate the condition of the property, give you sound advise on the environmental condition of the area, check for wood-damaging insects and other relevant issues.
  • Insurance
    There are many types of insurance for properties and the contents of the property. However, the most important insurance that you need to purchase is Mortgage Reducing Term Assurance (MRTA), which ensures your home will be paid for in full should anything happen to you. Therefore, your family is assured of a place to stay.

    End-financiers would usually have their panel of insurers. Thus, your annual premium can be included in your loan amount.
  • Stamp duty and Legal Fees on Loan Agreement
    Be prepared to pay stamp duty and legal fees on your loan agreement. However, some banks do absorb this cost, as an added value to the housing loan packages. Therefore, make sure you look for a loan deal that suits you best.
  • Stamp Duty on Transfer
    Be prepared to pay stamp duty on transfer. The S&P lawyer will collect this fee for you on behalf of the Stamp Duty Office. Please ask your Sales Advisor on the exact amount before you make the purchase because the amount is quite substantial based on your purchase price.
  • Handing Over of Keys
    Some extra amount you have to add to your budget after buying that dream property:

    • The monthly service charge (if you’re buying an apartment/condo unit)
    • Deposit for utilities (electricity, water and telephone line)
    • Assessment (twice a year)
    • Quit rent (annually)
Schedule pf Payment of Purchase Price for Residential Strata/Landed Properties
  Installment Payable %
1. Immediately upon signing the Agreement 10
2. Within twenty-one (21) days after receipt by the Purchaser of the Vendor's written notice of the completion of:-  
a. the work below ground level including piling and foundation of the said building comprising the said building 10
b. the reinforced concrete framework and floor slab of the said parcel/building 15
c. the walls of the said building with door and window frames placed in position 10
d. the roofing/ceiling, electrical wiring plumbing (without fittings),gas piping(if any) and internal telephone trunking and cabling to the said parcel/building 10
e. the internal and external plastering of the said building 10
f. the sewerage works serving the said building 5
g. the drains serving the said building 5
h. roads serving the said building 5
3. On the date the Purchaser takes vacant possession of the said building with water and electricity supply ready for connection to the said building. 12.5
4. Within twenty-one (21) working days after receipt by the Purchaser of written confirmation of the Vendor's submission to and acceptance by the Appropriate Authority of the application for subdivision of the said Building. 2.5
5. On the date the Purchaser takes vacant possession of the said Parcel as in item 3 and to be held by the Vendor's solicitor as stakeholder for payment to the Vendor as follows:  
a. two point five per centum ( 2.5%) at the expiry of six(6) months after the date the Purchaser takes vacant possession of the said Parcel 5
b. two point five per centum (2.5%) at the expiry of eighteen(18) months after the date Purchaser takes vacant possession of the said Parcel.  
  Total: 100
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