Real Estate Agent
Real estate agents also know as Property agent who’s provide a wide range of professional services related to buying, selling and renting real property such as houses, apartments, commercial buildings, industrial factory and land.
The primary role is to facilitate real estate transactions and ensure that the process goes smoothly for all parties involved. Real estate agents play a crucial in the real estate industry by providing valuable expertise, facilitating transactions
helping clients navigate the complex process of buying, selling or renting property essential for both individuals and businesses involved in real estate transactions.
Keys Services
Determine the market value by conducting comparative market analyses, access various factors including property condition, location, recent sale data and market trends.
Create detailed property listings that include essential information, high-quality photos and descriptions to attract potential customers .
Promote properties to a wide audience includes utilizing online platform, social media, advertising and networking to reach prospective buyers or renters.
Representing respective interests between buyers and sellers negotiate behalf to secure the best possible deal in price, terms and conditions.
Schedule and conduct property showings for potential buyers, highlight the property’s features and address relate questions or concerns from clients.
Stay updated on local real estate trends, property values helps clients make informed decisions about buying and selling.
Help to following the paperwork and documentation involve in transactions ensuring that all parties meet deadlines and fulfill their obligation.
Advice clients through the closing process includes the proper transfer of funds and facilitating the signing of legal documents.
Specialize in property rental and assist landlords in finding tenants and handling lease agreements.
Offer investment advice to clients looking as an investment access the potential for rental income, property appreciation.
Mortgage Officer
June 8, 2023 / 0 comments / 566 viewsMortgage Officer
also known as loan officer is an individual who works in the mortgage industry usually within a financial institution such as a Bank, credit union, mortgage brokerage, Their primary role is to assist purchaser in obtaining mortgage loan for purchasing real estate property.
Mortgage officer play a crucial role in facilitating the loan application process and ensure that customer find suits loan options base on their financial circumstances.
The duty of mortgage officer include;
- Customer interaction: Mortgage officer work directly with potential customers guiding them through the loan application process, provide information about difference types of mortgage products, interest rate, terms and payment options helping them make informed decisions.
- Application and Pre-qualify: Assist in completing loan applications and gather necessary financial information such as income, employ history, credit scores and debt levels, base on this information they perform a pre-qualification assessment to determine the amount of loan that might be eligible for.
- Financial Analysis: analyse the financial information to access their creditworthiness and ability to recommend loan product that align with their needs and financial capacity
- Assistance with documentation: help borrower gather and submit the necessary document require for loan approve that can include pay stubs, tax returns, bank statements and other financial records.
MESSRS RAMESH YUM & CO ADVOCATES & SOLICITORS
June 8, 2016 / 0 comments / 1402 views- Banking, finance and securities, business and corporate Specializing in all areas of corporate and commercial law including mergers and acquisitions, consultancy on anti money laundering laws, stock exchange, joint ventures, cross border investments, agency, dealership, franchising, licensing,distributorship and employment matters.
- Conveyancing Specializing on all areas of sub-sales, tenancy and loan documents for banks,developers and individuals.
- Info-communications and technology Specializing in legal matters related to information technology,telecommunications, broadcasting and multimedia practices.
- Insolvency and reorganization Specializing both in insolvency related matters like bankruptcy, liquidation and receivership.
- Intellectual property Advising and submission of trade mark protection, copyright and design rights, patent protection, intellectual property litigation, franchising, licensing, distributorship and technology transfer.
- Litigation and dispute resolution Our clients include offshore companies as well as high -profile individuals. The full ranges of matters that we have handle are commercial claims, industrial disputes, criminal matters, defence of alleged money launderers.
- Trusts, estate planning and probate advising and preparation of Wills, matters related to trust, estate planning and probate.
Real Estate Negotiator
June 8, 2016 / 0 comments / 549 viewsReal Estate Negotiator
A real estate negotiator is a professional who facilitates real estate transactions on behalf of buyers or sellers. Their main role is to negotiate and mediate between the parties involved to help reach mutually agreeable sale terms
key responsibilities of a real estate negotiator:
- Negotiation: They negotiate the price and terms of the sale to ensure the best possible deal for their client.
- Mediation: They act as a mediator to resolve any disputes or issues that arise during the transaction process.
- Market Analysis: They analyze market trends and property values to provide informed advice to their clients.
- Documentation: They handle the necessary paperwork and legal documentation required for the transaction.
Sale And Purchase Agreement review
June 8, 2016 / 0 comments / 344 viewsSPA review
A Sale and Purchase Agreement (SPA) in real estate is a legally binding contract between a buyer and a seller that outlines the terms and conditions of a property sale. Here are some key elements typically included in an SPA:
- Purchase Price: The agreed-upon price for the property.
- Property Description: Detailed information about the property being sold.
- Contingencies: Conditions that must be met for the sale to proceed, such as financing approval or satisfactory home inspections.
- Closing Date: The date when the property ownership is officially transferred from the seller to the buyer.
- Earnest Money Deposit: A deposit made by the buyer to show their serious intent to purchase the property.
- Title and Deed: Information about the transfer of the property title and deed to the buyer.
- Disclosures: Any known issues or defects with the property that the seller must disclose to the buyer.
Once a Sale and Purchase Agreement (SPA) is signed, both the buyer and seller have specific commitments to fulfill.
Commitment of the buyer
- Payment of Purchase Price: The buyer must pay the agreed-upon purchase price by the closing date.
- Securing Financing: If the purchase is contingent on financing, the buyer must secure a mortgage or loan.
- Property Inspections: The buyer may need to conduct inspections and address any issues within the agreed timeframe.
- Closing Costs: The buyer is responsible for paying closing costs, which may include fees for appraisals, inspections, and legal services.
- Adherence to Contingencies: The buyer must meet any contingencies outlined in the SPA.
Seller Commitment
- Transfer of Title: The seller must provide a clear title to the property, free of any liens or encumbrances.
- Property Condition: The seller must maintain the property in its current condition until the closing date.
- Disclosures: The seller must disclose any known defects or issues with the property.
- Closing Costs: The seller may also be responsible for certain closing costs, such as real estate agent commissions and transfer taxes.
- Adherence to Contingencies: The seller must meet any contingencies outlined in the SPA, such as completing agreed-upon repairs.
Both parties needs work together to ensure all conditions and contingencies are met for a smooth transaction. If either party fails to meet their commitments, it could result in delays, penalties, or even the cancellation of the sale.
This article will focus on the salient items in a SPA. There is no such thing as a standard SPA as the spirit of an agreement is to set out the terms mutually agreed by the parties.
The purchase price is fixed upon signing the Letter of Offer before the SPA is signed. The good news for homebuyers in Peninsular Malaysia is where the lawmakers have laid down a set of SPA terms for the Developers to adopt in the Housing Development (Control and Licensing) Regulation 1989.
The developers may only amend the stipulated SPA if they are offering better terms, i.e.. shorter delivery of vacant possession period or longer defect liability period.
Although this set of SPA is only applicable when one buys residential properties from developers, it also serves as a good guideline for all other SPA terms to follow, ie. buying commercial property from developers, buying any property from sub-sale market. As a result, it will absolutely cut down the people who go to court due to the ambiguity of the SPA signed.
Manner of payment
When purchasing a property, the terms of payment can vary, but here are some common elements you might encounter:
- Purchase Price: The total amount agreed upon by the buyer and seller for the property.
- Earnest Money Deposit (EMD): A deposit made by the buyer to show their serious intent to purchase. This is usually around 2-3% of the purchase price.
- Down Payment: A portion of the purchase price paid upfront by the buyer. This can range from 5% to 20% or more, depending on the loan type and lender requirements.
- Closing Costs: Fees associated with the transaction, such as appraisal fees, title insurance, and attorney fees.
- Contingencies: Conditions that must be met for the sale to proceed, such as securing financing.
- Payment Schedule: The timeline for making payments, including the initial deposit, down payment, and any subsequent payments.
These terms are usually outlined in a real estate purchase agreement (SPA), which is a legally binding contract between the buyer and seller.
Vacant Possession
What purchasing a property, your next major concern will be the time you can get the vacant possession. Vacant possession is a legal term that means the property is in a state fit to be occupied In simpler words, this means the delivery of access keys and cards to your newly purchased property.
For residential development by developers, vacant possession has to be delivered within 24 months for landed property and 36 months for high rise stratified building. On the other hand, delivery of vacant possession for sub-sale is usually 3 – 5 working days after the purchaser settle the full purchase price.
Purchase Subject to Tenancy
Defect Liability
Defect liability by a developer, often referred to as the Defect Liability Period (DLP), is a specified timeframe during which the developer is responsible for repairing any defects in the property that arise due to poor workmanship or materials.
Duration: The DLP typically lasts for a certain period after the property is handed over to the buyer. In Malaysia, for example, the DLP is usually 24 months from the date the buyer receives the keys.
Scope: During this period, the developer is obligated to fix any defects reported by the buyer at no additional cost. This includes issues like cracks in walls, faulty plumbing, or electrical problems.
Reporting Defects: Buyers need to report any defects within the DLP to ensure they are covered. It’s important to document and communicate these issues promptly.
Legal Obligations: Developers are legally bound to address these defects. Failure to do so can result in legal action by the buyer.
Sub-sale Property
The Defect Liability Period (DLP) can still apply when purchasing a completed property, especially if it’s a new development.
Newly Completed Properties: If the property is newly completed and you’re the first owner, the developer typically provides a DLP. This period usually lasts for 24 months from the date you receive the keys.
Existing Properties: For existing properties, the situation can be different. If you discover defects after purchasing, the seller may be liable if they failed to disclose known issues.
This is often covered under laws related to latent defects and seller disclosure obligations.
Inspection Reports: It’s crucial to have a thorough inspection done before purchasing any property. This can help identify potential issues early on.
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Draft SPA
Drafting a Sale and Purchase Agreement (SPA) involves several key points to ensure that the document is comprehensive and legally sound.
- Parties Involved: Clearly identify the buyer and seller, including their legal names and contact information
- Property Description: Provide a detailed description of the property being sold, including its address, legal description, and any fixtures or fittings included in the sale.
- Purchase Price: State the agreed purchase price and the payment terms, including any deposits, down payments, and the balance due at closing.
- Conditions Precedent: Outline any conditions that must be met before the sale can proceed, such as financing approval, satisfactory inspection, or obtaining necessary permits.
- Warranties and Representations: Include any warranties and representations made by the seller regarding the condition of the property, title, and any encumbrances.
- Closing Date and Procedures: Specify the closing date and the procedures for transferring ownership, including the delivery of keys and documents.
- Default and Remedies: Define what constitutes a default by either party and the remedies available, such as forfeiture of deposits or specific performance.
- Dispute Resolution: Include a clause outlining how disputes will be resolved, whether through mediation, arbitration, or court proceedings.
- Governing Law: State the governing law that will apply to the agreement, which is typically the law of the jurisdiction where the property is located.
These points ensure that the SPA covers all necessary aspects of the transaction and protects the interests of both parties.
Letter of Offer
A Letter of Offer is a formal document that a potential buyer sends to the seller or developer, expressing their intent to purchase a specific property.
This letter typically includes key details such as the offer price, payment terms, and any conditions or contingencies related to the purchase.
It often comes with a financial deposit to show the buyer’s commitment and seriousness about the transaction.
- Buyer and Seller Information: Names and contact details of both parties.
- Property Details: Description and address of the property.
- Offer Price: The amount the buyer is willing to pay.
- Payment Terms: Details on how the payment will be made (e.g., cash, financing).
- Conditions: Any contingencies such as financing approval or property inspections.
- Deposit: An initial payment to demonstrate commitment.
- Closing Date: Proposed date for completing the transaction.
This letter helps to formalize the buyer’s interest and can serve as the basis for further negotiations leading to a final sale agreement.
Mortgage Reducing Term Assurance vs MLTA
May 31, 2016 / 0 comments / 740 views
Mortgage Reducing Term Assurance
This is a type of insurance policy designed to pay off the remaining balance of a mortgage if the borrower passes away or becomes permanently disabled. It’s commonly used to protect homeowners and their families from financial hardship.
MRTA Why do your need it?
Mortgage Reducing Term Assurance (MRTA) is a type of insurance designed to protect your home loan. Here are some key reasons why you might need it:
- Financial Protection: MRTA ensures that your outstanding mortgage balance is paid off in the event of your death or total permanent disability. This means your family won’t be burdened with mortgage payments during such difficult times
- Peace of Mind: Knowing that your home loan will be covered can provide peace of mind, allowing you to focus on other aspects of life without worrying about the financial implications of unforeseen events
- Requirement by Lenders: Some lenders may require you to have MRTA as part of the mortgage agreement. This is to ensure that the loan is secured even if something happens to you
- Single Premium Payment: Typically, MRTA involves a single premium payment, which means you pay once and are covered for the entire duration of the policy
Option Types of Mortgage Insurances
In Malaysia there are two types of mortgage life insurance available which is Mortgage Reducing Term Assurance (MRTA) or Mortgage Decreasing Term Assurance (MDTA) and Mortgage Level Term Assurance (MLTA).
MRTA (Mortgage Reducing Term Assurance)
- Coverage: The coverage amount decreases over time, in line with your outstanding loan balance
- Purpose: Primarily designed to pay off the remaining mortgage in the event of death or total permanent disability (TPD)
- Beneficiary: The bank is the beneficiary, ensuring the loan is paid off.
- Premium: Typically, a single lump sum payment is made at the start of the policy
- Cost: Generally more affordable compared to MLTA
Conclusion: MRTA is suitable if you want a straightforward, cost-effective way to ensure your mortgage is paid off in case of unforeseen circumstances.
MLTA (Mortgage Level Term Assurance)
- Coverage: The coverage amount remains constant throughout the policy term
- Purpose: Provides both mortgage protection and additional benefits like savings and potential returns on premium.
- Beneficiary: You or your family can be the beneficiaries, offering more flexibility in how the payout is used
- Premium: Premiums are paid regularly (monthly or annually)
- Cost: Higher premiums due to the added benefits and consistent coverage
Conclusion: ideal if you prefer a policy that offers additional financial benefits and flexibility for your family.
Property Agents
May 31, 2016 / 0 comments / 1957 viewsProperty Agents
also known as a real estate agent, is a professional who assists clients in buying, selling, or renting properties.
key of duties:
- Client Representation: They represent either the buyer or the seller in real estate transactions.
- Property Listings: They list properties for sale or rent and market them to potential buyers or tenants.
- Property Showings: They arrange and conduct viewings of properties for interested clients.
- Negotiation: They negotiate terms and prices on behalf of their clients to ensure the best possible deal.
- Paperwork: They handle the necessary legal and administrative paperwork involved in real estate transactions.
Property Agent
May 31, 2016 / 0 comments / 1008 viewsProperty Agent
also known as a real estate agent, is a professional who assists clients in buying, selling, or renting properties.
key responsibilities:
- Client Representation: Represent either the buyer or the seller in real estate transactions.
- Property Listings: List properties for sale or rent and market them to potential buyers or tenants.
- Property Showings: Arrange and conduct viewings of properties for interested clients.
- Negotiation: Negotiate terms and prices on behalf of their clients to ensure the best possible deal.
- Paperwork: Handle the necessary legal and administrative paperwork involved in real estate transactions
