The title
- Confirm whether it is freehold or leasehold, and if leasehold, how many years remain. Under about 70 years remaining, financing gets harder.
- Check for a restriction in interest, which may require state consent to transfer and can add months.
- Look for caveats or charges registered against the title.
The property
- Verify the built-up area against the title or floor plan rather than the advertisement.
- For strata, ask for the maintenance and sinking fund statement, and whether there are arrears attached to the unit.
- Check the age of the wiring, plumbing and roof. These are the repairs that turn a bargain into a project.
The money
- Total your upfront cash: deposit, stamp duty, legal fees, valuation and any renovation. It is usually more than people plan for.
- Confirm whether first-home stamp duty relief applies. Below RM500,000 it can remove most of the transfer duty.
- Check outstanding assessment, quit rent and utility bills. These follow the property, not the seller.
The paperwork
- Use your own lawyer, not only the seller's. The cost difference is small and the interests differ.
- Read the SPA before signing, particularly the completion period, the default clauses and what is included in the sale.
- Keep every deadline in writing. Late completion carries interest and, eventually, forfeiture.
Educational only. Auction, legal, tax and financing terms differ by property and may change. Verify primary documents and seek qualified advice.