Process of Selling a Property In The Secondary Market

Check with bankers on the market indicative value of your property and also check with real estate agents who are focus in the area/location of your property on what are the market asking price, numbers of similar units for sale and other relevant information to be use as the reference to set the selling price for your property.

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Appoint a few good real estate agencies that are willing to act on your best interests to market your property. During the real estate agency appointment, discuss on the estate agencies’ job scopes, marketing strategies and also the agency fees to avoid any misunderstanding in the future.

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Once agreed on the purchase price, sign the acceptance of the Letter of Offer and make sure that the earnest deposit is being paid to the real estate agency and NOT TO INDIVIDUAL.  At the same time, engage your own lawyer to represent you and draft the Sales & Purchase Agreement.

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Sign the Sales & Purchase Agreement and receive the balance 8% of the purchase price.
(*Total of 10% of the purchase price has to be paid by the purchaser upon signing SPA)
Real Estate Agent claim their professional agency fee.

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Your lawyer will proceed with the transfer of the ownership of the property to the new purchaser.

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Handover Vacant Possession of your property to the new purchaser. (* If transaction can’t be done within 90 days, in the norm, there will be an extension of another 30 days @ the charges of interest rate of 8% per annum.)

 

Source: PTLM

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