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3% deposit for 2nd hand property. Is this a norm?

 
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JohnEve



Joined: 24 Jan 2007
Posts: 3
Location: Cheras, Kuala Lumpur

PostPosted: Mon Mar 19, 2007 12:11 am    Post subject: 3% deposit for 2nd hand property. Is this a norm? Reply with quote

I'm new here and currently looking for 2nd hand freehold double storey. Met a very good deal today. I was suggested to pay 3% down payment to secure the deal as there are other interested buyers. I would like to seek for advise from all the gurus here, what should I do to make sure the 3% down payment won't get cheated? Do I need to consult a lawyer to handle this? I'm not sure what is the proper procedure or is that a norm to proceed this without a lawyer? Any expert's advice would be very appreciated.

Many Thanks.
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marxdean



Joined: 06 Nov 2006
Posts: 477

PostPosted: Tue Mar 20, 2007 4:03 pm    Post subject: Reply with quote

Hi JohnEve,

I hope you can read chinese words, and if so, the following article should shred some light into your ambiguity :

.://..orientaldaily.com.my/news_item.asp?NewsID=5482 (credit to and copyrighted by Oriental Daily)

Allow me to do some translation if you are not able to understand the chinese words:

As per the initial sales & purchase agreement, the buyer (you) needs to pay 3% of the sales price as deposits to the seller. Then, the buyer will be given 2 weeks to have all required legal documents prepared by his/her lawyer. Upon signing the actual S&P Contract, the buyer needs to pay another 7% of the purchase price.

Then, the buyer has 3 months to get the housing loan (if required, of course). The remaining 90% of the purcase price should be settled within this time frame of 3 months, after which the seller should handover the "key" to the buyer. And this purchase is considered closed finally.

It is advisable that the 10% deposits/downpayment should be channeled through a lawyer or real estate broker.

I hope there is no "lost in translation" Embarassed Embarassed

Hope this input is still helpful at this juncture. Laughing
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JohnEve



Joined: 24 Jan 2007
Posts: 3
Location: Cheras, Kuala Lumpur

PostPosted: Thu Mar 22, 2007 12:00 am    Post subject: Reply with quote

Hello marxdean, thank you so much for the reply. (Yes I understad Chinese Razz it is very comprehensive, Thanks again)
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