23 September, 2006

Guidance in Buying & Selling a Property

Purchasers are required to identify the following,
1. Whether a land search on the property has been done?
2. Is the property subject to developer's consent?
3. Is the property subject to state authority's consent?
4. Is the property subject to a charge /assignment in favour of a bank/financial Institution?
5. Will i be subject to pay Interest for late payment of the balance purchase price (BPP)?

What should be take note as a Vendors,
1. Does the vendor's bank have the right to Consolidate?
2. Is the vendor subject to Penalty Interests for early repayment?
3. Is the sale of the property subject to any real property gain tax RPGT?
4. What will happen if the purchaser and the vendor default in their obligation?

Spare some time do find out the answer for the above status, it could help to minimise the possibility that your hard earned money will not be drain off into the river as it may cause a big sum to lose if fail to scrunitise it seriously. Always remember the more detail you know about the property, the lower the risk of losing money. It is always worthy to spend some effort on it.