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BASIC TERMS AND CONDITIONS
EARNEST DEPOSIT
The Purchaser to pay 2% of the Purchase Price as Earnest Deposit to the Vendor or to the Vendor's Estate Agent or Solicitor, upon agreement to the principal terms and conditions of the Pre-Agreement of Sale and Purchase.
SALE AND PURCHASE AGREEMENT
The Sale and Purchase Agreement is to be executed by the Purchaser and the Vendor on or before 21 days from the date of the Vendor's or the Vendor's Estate Agent or Solicitor's receipt of the Earnest Deposit from the Purchaser.
DOWNPAYMENT
The Purchaser to pay 8% of the Purchase Price to the Vendor, upon execution of the Sale and Purchase Agreement.
BANK LOAN
Upon execution of the Sale and Purchase Agreement, the Purchaser shall make the necessary arrangements for a bank loan, if required.
BALANCE SUM
The Purchaser to pay the Balance Sum of 90% of the Purchase Price on or before 90 days from the date of execution of the Sale and Purchase Agreement. An extension of 30 days is normally granted, subject to the Purchaser paying an interest of 8% per annum on the Balance Sum calculated on the actual period exceeding 90 days.
GOVERNMENT STAMP DUTY / LEGAL FEES
The Vendor and the Purchaser shall each bear their respective legal fees incurred in a transaction, while the Purchaser shall be further required to bear the Government Stamp Duty in respect of the Memorandum of Transfer (for a property with a title deed) or the Deed of Assignment (for a property without a title deed) as the case may be.
ESTATE AGENTS PROFESSIONAL FEES
A fee equivalent to 3% on the Purchase Price plus 5% Government Service Tax on the total fee thereof shall be payable to the Real Estate Agent upon the execution of the Sale and Purchase Agreement.
APPROVALS AND/OR CONSENT
In the event the transfer of the property shall require Approval and/or Consent from any Authorities including the Developer / Management Company, PGK, FIC, CIC, Ruler-In Council or Pengarah Tanah dan Galian, then the Vendor and/or the Purchaser to whom this Approval and/or Consent shall be applicable shall apply to obtain the same from the Relevant Authorities and to pay the charges thereof.
FOREIGN PURCHASERS
Foreigners are exempt from obtaining approval from the Foreign Investment Committee (FIC) for the purchase of residential property exceeding RM500,000.00., per unit in most States, with no limit on the number of properties purchased, however Consent from the State is required, while the purchase of secondary or newly launched shop houses, commercial and office space must also exceed RM500,000.00. per unit, and shall similarly require State Consent .
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