New property and Subsale
Property Market Value Vs Selling Price
Property market price is determined by fluctuations of supply and demand, it indicates that someone is willing to pay for a price of an asset, refer to who is motivated, but not cause by compelled to buy a property. It is the best price reasonably obtainable by the seller and buyer at the date of the valuation.
Malaysia Valuation Standard (MVS) define Market Value is the estimated amount for which a property should exchange on the date of valuation between willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Normally, property price will be transacted on its market value, otherwise purchaser has to top up the amount of differential sum between purchase price and loan financing amount.
Agreement to Purchase/Offer to Purchase
Terms and Conditions
Deposit: Ten (10%) percentage of total purchase price as deposit inclusive of 3% earnest deposit shall pay to Vendor upon signing of Sale and Purchase Agreement.
Balance Purchase Price: The ninety (90%) percentage of balance purchase price shall be paid within ninety (90) days from the date of signing Sale and Purchase Agreement or obtaining developer confirmation or consent, land office consent, or foreigner consent or any relevant authority consent or obtaining certificate of completion and compliance or certificate of fitness whichever is later and applicable.
Extension of Payment of Balance Purchase Price
In the event of purchaser failing to pay the balance purchase price within the specified period, purchaser is granted the extension of one month or as agree period, with the interest rate of eight percentage (8%) or as agree percentage per annum on the balance purchase price, calculated on a day to day basis on the balance outstanding of purchase price.