An owner can still sell houses in Malaysia even if he or she is not physically present in the country. Property ownership and transactions are not limited to Malaysian residents or citizens. However, there are certain legal and practical considerations one should be aware of when it comes to selling a property from abroad. Here are some key points to keep in mind:-
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Since the owner is not physically present in Malaysia, it’s advisable to engage a trusted representative in Malaysia who can assist you with the sale process. This can be a real estate agent, lawyer, or property management company. They can act on your behalf and handle the necessary tasks.
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Your representative can help market the property, find potential buyers, and negotiate the sale on your behalf. They can also handle property viewings, answer inquiries, and provide necessary information to interested parties.
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Once a buyer is secured, the owner will have to engage a lawyers in Malaysia and the lawyer will guide the owner throughout the sale process in accordance to the laws in Malaysia. This includes preparing the necessary documentation, such as the Sales and Purchase Agreement, and ensuring the compliance with local regulations. It is mandator that the necessary documentations must be executed in accordance to the legal requirements in Malaysia.
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Selling a property may attract the Real Property Gains Tax, if the owner is a foreigner and/or if the owner sells the property within 5 years from the date of acquisition.
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Note that during the sale of the property in Malaysia, the owner is required to settle all the outstanding maintenance, outgoings, quit rent and assessment of the property up until the delivery of the vacant possession. Therefore, the owner should speak to the lawyer in order to assist in extracting all the current bill.
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If the owner is a non-resident or does not own a local bank account in Malaysia, there may be restrictions or requirements on repatriating the sale proceeds to the foreign country. Therefore, it’s advisable to consult with the bank or financial institution in the home country to understand the regulations and facilitate the transfer of funds.
