My experience and tips in Property Sub Sale Procedure

Confirm Property, Pay Earnest Deposit and Sign Booking Contract- After the buyer decided on the property to purchase and confirm the price with seller. Buyer (purchaser) and seller (vendor) will need to sign the booking contract prepared by the housing agent and buyer pays booking fee (min 1% or more). The booking contract stipulated clearly identification of the property and its terms and conditions including seller and buyer right to confiscate booking fee or compensation.

My experience was we need to calibrate what is the next step buyer or seller can take (refund, cancel transaction etc..) if the developer of a strata title units which individual title is still not available found to be winding up or involved in a legal petition that might cause the developer to wind up before the S&P transaction completed.

Applying Loan- If the buyer borrows to finance the purchase then buyer will need to look for a loan from bank (government for civil servants).
Considerations of loan package including how long is the loan, some banks offer up to age 70/75 or 35yrs loan which ever earlier, interest rate, term loan or flexi loan, tie in period, early settlement penalty and etc. I'll make sure monthly loan installment plus service charge <>

Appoint Solicitors, Sign S&P and Loan Documents- While applying loan, buyer/seller can appoint solicitor(s). Solicitor will conclude the details of S&P within a prescribed time agreed by the parties. Upon signing of S&P, buyer will pay the balance of the 10% deposit for 90% loan. Buyer sign loan offer letter and loan agreement after loan approved by bank. Prior signing S&P, normally searches will be done by solicitor include title search, official bankruptcy, CTOS search on vendor, acquisition and assessment search.

Full purchase price released to vendor and vacant possession delivered to purchaser- Transaction process completed and bank release 90% of remaining purchase price to vendor within 3 months from the signing date of S&P. Need to take note of the definition of this 3 months period in S&P, when the clock start and end because interest incurred when buyer request 1 month extension.

My understanding was if unit has individual title or non strata, the 3 months start from the date of signing S&P but for strata with master title, the 3 months period is from the date consent received from developer. Work with your solicitor to under detail of the clause.
We can also consider requesting a join inspection of the property right before the 90% balance released to vendor.

Take possession of property upon full payment and handover of keys. For our convenience, make sure solicitor help and attend to change of name in assessment, quit rent, Indah water, TNB and PBA of the said property.