Selling a property is just as complex as buying one. From setting the right price to paying taxes, here is your roadmap to a successful sale.
Step 1: Check the Market Value
Before listing, know what your home is worth.
- Bank Valuation: Get a verbal indication from a banker.
- Market Research: Check similar listings on Superhomes in your area.
- Don't Overprice: An overpriced home sits on the market for months, becoming "stale".
Step 2: Appoint a Real Estate Agent
You can sell it yourself (DIY), but an experienced agent can handle potential buyers and negotiation.
- Fees: Standard agency fee is 2-3% of the selling price + SST.
- Exclusive vs. General: Exclusive means only one agent sells it (more dedication); General allows multiple agents.
Step 3: Prepare the House ("Staging")
First impressions count.
- Declutter: Remove personal items and excess furniture.
- Repaint: A fresh coat of white paint makes spaces look bigger.
- Repairs: Fix leaking taps and fused bulbs.
Step 4: Costs of Selling
Be prepared for these deductions from your profit:
- RPGT (Real Property Gains Tax): Tax on your profit.
- See our full RPGT Article for rates.
- Legal Fees: To discharge the bank loan and draft documents.
- Agency Fees: The 2-3% mentioned above.
- CKHT Remittance: Your lawyer retains 3% of the sale price to pay LHDN for RPGT purposes.
Step 5: Accepting an Offer & Booking
When a buyer makes an offer you accept:
- They pay a 2-3% Earnest Deposit (booking fee).
- They sign a "Letter of Offer to Purchase".
- Important: Ensure the letter states that the deposit is refundable if their loan is rejected (standard practice).
Step 6: Signing the SPA
Within 14-21 days, both parties sign the Sales & Purchase Agreement (SPA).
- Buyer pays the remaining deposit (totaling 10%).
Step 7: Settlement & Handover
- Timeline: Usually 3+1 months (90 days + 30 days extension) to complete the transaction.
- Once the full payment is disbursed by the buyer's bank to your bank (to settle your loan) and then to you, you hand over the keys and access cards.
Final Tip
If you are planning to upgrade to a bigger home, check our Search Page to see what's available in your favorite neighborhoods like Bangsar or Mont Kiara.
