In this first series of our CSR event “Afternoon Break With Lawyers” we cover the title of Process of Buying and Selling a House. In this series our lawyer explained the important of doing due diligence before selling or purchase a property. Besides that, the relevant documents and what are the preparation need to be done in order to buy or sell a house also being discussed.
Three(3) important tips before starting to purchase or selling the house including:
- Checks the status of the house– it is important to get the copy title or master title of the house in order to know what type of the house whether landed or strata, the owner of the house, the status of the house whether it is still under bank loan charge or have caveat.
- Know the details of the vendor and purchaser– Both parties must be clear to whom they dealt for the process of buying and selling a house. Thus it is important to get the copy of identification certificate (IC) from both parties vendor and purchaser, then check for the bankruptcy status of the both parties.
- Purchase price of the house– last but not least it is important to know the purchase price of the house.In order for both parties to be ready with the legal fees and disbursement and the purchaser can ready with the deposit to be paid toward vendor once settle signing the Sale and Purchase Agreement.
In conclusion, it is advisable for both vendor and purchaser to get the right information before selling or buying a house.
