JC Properties: Sg Long Freehold Land for sales

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Wednesday 30 March 2011

Sg Long Freehold Land for sales

Area: 3 acres
Tenure: free hold residential

Posted by JC Properties at 00:42

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Labels: Land near KL (selangor)

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JC Properties: We are a group your property consultants that able to give you the recommandation, senceable, fair opinion for your real estate property selection and provide you a one stop solution ranging for solution of the loan application, property management, sales and marketing for secondary and primary property including, land, factory, house, apartments and etc

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Useful Tips 1 -Real Property Gain Tax (RPGT) in Malaysia

Real Property Gain Tax (RPGT) in Malaysia(updated 2011)
With effect from 1 January 2010, RPGT of 5% flat will be applicable on gains on disposal of real properties in Malaysia or disposal of shares in real property companies within 5 years from the date of purchase. The scale rates from 5% to 30% depending on year of possession is no longer applicable.

However, RPGT is exempted or no RPGT is levied for disposal of real property or shares in real property companies held for more than 5 years. You are tax free to sell in 6th year onwards.

Some tax exemptions are available for individuals, even though they are disposed of within the first 5 years from the date of purchase:-

1.Disposal of a residential property once in a lifetime by an individual.
2.Transfer as gifts between parent and child, husband and wife, grandparent and grandchild (transfer between sibling/brothers or sisters is not applicable); and
3.Exemption of RM10,000 or 10% of the chargeable gain, whichever is greater, for each disposal of a property by an individual. Chargeable gain is generally meaning sale proceeds less purchase cost.
Example:
Sale proceeds 500,000
Less: original purchase cost (300,000)
Chargeable gain 200,000
Less: exemption of RM10,000 or 10% (20,000)
Taxable amount 180,000

RPGT tax at 5% 9,000

FAQ and Useful informations for property purchasing in Malaysia

Q. Will you be staying in the district for more than 5 years ?

Buying a house and reselling it in less than five years is usually not financially feasible. Buying a house incurs the following fees, which can be substantial:

Sales and Purchase Agreement legal fees

Sales and Purchase Agreement stamp duty

Housing loan agreement legal fees

Loan agreement stamp duty

Valuation (Appraisal) fees

Title transfer fees

And to sell the house, you need to pay:

Capital Gains Tax (click to check the rates)

Legal Fees for the Sale and Purchase Agreement

Unless the property market is hot and the price of houses has increased considerably, you will not be able to recoup all that you have put in to own the house initially.

Q. What is your credit status ?

Check your credit status to ensure that you are able to obtain a loan to finance the purchase. Many first time buyers have had their 10% down payment forfeited after failing to obtain the loan from financial institutions.

Q. What can you afford ?

A big master-bedroom, a spacious living hall and a large compound looks very impressive, but never let your impulse make the decision. Let your pocket do it. The rule of thumb here is you probably can afford a house that is 2.5 times your annual salary. Then again, your other committed commitments will also have to be taken account.

Q. What do you look for in buying a house ?

1. Location, Location, Location

An established neighborhood with a good mixture of middle and high-income group should be your first criteria. There should be at least two access roads leading to the property. Ensure that there is economic vitality in the district by checking that the commercial units are well occupied with a mixture of commercial retail, banking and service industries. The presence of reputable financial institutions usually signifies a good economic vitality in the district. Properties located near to a highly regarded school generally commands better value.

2. The Good, Bad and Ugly

Housing developers belong to these three categories. Residential units built by a good and reputable developer typically fetch a much better price on the secondary market. Checking out the reputation of the project developer can save you a lot of heartache later.

3. Layers and layers

Residential units are more often than not, built in rows perpendicular to the main roads. The row that faces the main road is known as the first layer, the row behind it is the second layer and so on. In most residential project sales, the first layer units are usually the last to go. Reason being the noise and air pollution from traffic and you cannot park cars on the side of the road in front of your house.

4. Religious facilities

In Malaysia, most big residential estates are served by at least a mosque. Those of the Islam faith prefer houses close to this facility for convenience. For the others, the early-morning prayer call takes quite some time to get used to.

5. Superstitions

There are still many superstitious people around in this jet-age. Houses that face a junction, the west, and retaining wall are taboos to many, especially the Chinese.

Q. You have identified your dream house, what next ?

Negotiating the best price.

Before you start to negotiate on the price, get your facts and figures ready. It is recommended that you engage a reputable real estate agent to assist you. Major registered agency firms in Malaysia do not charge you for such services. Your real estate agent should be able to provide you with an indication of the property’s current market value. Knowledge of information such as asking prices of similar properties on sale and the past two years transaction records in the district would be a strong bargaining tool.

Option to purchase.

Once the price has been agreed upon, most sellers would require an initial deposit (Option Sum) to secure the deal. The Option to Purchase Agreement will prevent the seller from reneging and selling the property to somebody else who bids higher than you. The Option Agreement usually is valid for seven working days during which time you must deposit a 10% down payment into an escrow account with your lawyer. Once this is done, the seller will draft the Sale and Purchase Agreement.

Closing the Deal

Always get professional help with the Sale and Purchase Agreement. Insist on the inclusion of a contingent clause that allows you to conduct a thorough inspection of the house 24 hours before the final payment is released by the bank to the seller (assuming a loan is obtained). This is especially important if the property you initially inspected was occupied. You might find a gaping sinkhole in the living room where the TV cabinet was placed.

Upon signing of the Sale and Purchase agreement, you will be given usually 90 days to obtain the loan to finance your purchase. If you fail to do so within the stipulated time, your down payment will be forfeited. The only time your down payment will be returned to you is if the seller failed to comply with any of the contingent clause in the Agreement.

Once your loan is approved, the bank will inform you the date the money will be disbursed to the seller. Conduct a thorough investigation of the property, which should be vacant, be this time. If you are satisfied, grant permission to your bank to release the money. As soon as the money is released, vacant possession of the property should be handed over to you. Enjoy your new home.

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