it has been done before and it's technically viable but with who...
You will pay the buyer 2-3% of deposit at the start. (the buyer will then engage a lawyer to place a request to the stateland authority to ask for waiver, the lawyer needs to put up an ads on the newspaper for a period of time, should there be no bumi buyer withn the period then the lawyer can request that the unit be opened up to non-bumi. This process could however repeat if the officer is not convinced)
Generally 2nd hand transaction between Malaysians non-bumi is around 4-7 mths. A bumi realeased unit is around 10mth-20 mths. (not sure about Singaporean when state consent is involved)
the weak link on this is prolonged transaction, the lack of transparency (in between if you pull out after numerous unsuccessful approval from the authority, your downpayment forfeited to the buyer), dependence on 3rd party agent (half of the time the agent disappeared after getting his commission). You can go for it if the agent or owner is your friend.
my 2 cents opinion is try to avoid funny gimmick in Bolehland.
i came across situation where the seller is a registered company with a bumi signing the S&P form. (These people are generally property investor who flip and try to get tax rebate) i do not know what implication as buyer on this, if anyone know pls share.
i see..
would like to ask all a question....
my agent recommended me a unit in NI, the price is around 600k plus but its a BUMI lot... i am a chinese and he said the lawyer will help to convert to non-bumi unit first before fully transaction, else will fully refundable... seller will pay for the cost for the conversion
Anyone come across this? is this trustable... i just worry after few months i wait and if the transaction is unsuccessful, that time i have to waste lot of time and i believe the price will be super expensive after few months liao.....
give me some advices whether i should proceed with that.... thank you.. thank you...