Malaysia Real Estate

[Andee_Xander]

My 90% loan has been approved. I have just signed S&P for a subsale property this week. No tenant, no electricity, no water. Nothing in the unit, just empty.

By right, when can I move in? After 60-90 days of S&P dates ? (i.e after 90% bank loan disbursement?) or can I move in immediately now?

If can only move in after 90% loan disbursement, can I request from seller to move in early/immediately? (as I still need to do some renovation, install electricity, water, & wiring). By right, shouldn't the property now be mine, as I have already signed the S&P & paid the 10% deposit?

I also need to give 2 months quit-renting notice for the apartment I'm renting right now.

Hope, someone can shed some light.

TQ.

Rgrds,
Andee Xander
019-366 3031

[cynthusc]

Paying 10% does not mean you own the property. Paying 100% does. You can move in early if you can pay rent to the owner pending the completion of the sale. If you want to go in early to the renovation, you do so at your own risk as if the sale is not completed the owner is not obligated to repay you for the renovations. In fact if there are renovations that are not to the owner's liking you may have to restore it to its previous condition. So IMHO it is better to wait until the property is legally yours before doing any extensive renovations.

Regards