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Process of Buying

Published: February 4, 2022

Stage 1

Explore properties

Stage 2

Submit intention to buy through a Letter of Offer or developer’s sales form with intent to purchase + agreed upfront payment (usually 2 to 3%)

Stage 3

Apply for financing of property if required
- Under MM2H, usually 80% of total purchase price
- Without MM2H, usually maxed out at 70%
- Individuals can consider sourcing home loan overseas as well

Stage 4

Provide lawyer with relevant documents, including:
- Photocopy of passport
- Correspondence address
- Contact details
- Income tax details
- Location of tax payments for purchase of secondary market properties

Stage 5

Sale and Purchase Agreement (SPA) will be signed within 14 days of the letter of offer. The SPA will include the terms and conditions of what is covered in the sale.
- 10%% down payment is required at this stage (inclusive of 2 to 3% paid in Stage 2)

Stage 6

Solicitor will apply for final state authority consent. The property must meet the noted requirements by state prior to this point. Submission documents include:
- 1 certified true copy of SPA
- 1 certified true copy of passport
- 1 certified true copy of company constitution (if applicable)
- Latest quit rent assessment receipt for the property
- Application form as per section 433B of National Land Code

Stage 7

Pay the remaining balance of 90% on the property purchase price as defined under SPA or Schedule H Housing Development (Control and Licensing)(Amendment) Regulation 2015

Stage 8

Developer delivers vacant possession within 24 months for individual title or 26 for strata title properties under development.

Stamp duty

Residential property purchases in Malaysia are subject to payment of stamp duty at the point when the SPA is stamped

Residential Property Price	Stamp Duty
First RM 100,000	1%
RM 100,001 – RM 500,000	2%
RM 500,001 – RM 1 million	3%
Over RM 1 million	4%

Standard Legal costs

Residential Property Price	Legal Cost
First RM 500,000	1% (subject to minimum fee of RM 500)
RM 500,001 – RM 1 million	0.8%
RM 1,000,001 – RM 3 million	0.7%
RM 3, 000,0001 – RM 5 million	0.6%
Over RM 5 million	0.5%
Over RM 7.5 million	Negotiable (will not exceed 0.5%)

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Authors

Disclosure Statement

PLEASE READ THESE WEBSITE TERMS & CONDITIONS CAREFULLY.

1. Introduction

1.1. The website Futuresmartasia.com and its associated microsites, mobile versions, and mobile applications (“our site”) are operated by Odo Solutions & Enterprises Pte Ltd UEN: 202209460W (“OSE”, “we”, “us” or “our”).
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Access
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Security
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Links
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General
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General
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6.1. We collect and process your personal information in accordance with our Privacy Policy, which is incorporated by reference into these Terms accessible.
6.2. Where applicable, you agree and consent to our collection, use, processing and disclosure of your personal information as described in our Privacy Policy.

7. General Terms

7.1. Transfer/Assignment: You may not transfer or assign any rights or obligations under these Terms without our prior written consent. We may transfer or assign our rights and obligations under these Terms to third-parties, including but not limited to subsidiaries, associated companies, affiliates, agents, contractors, and third party suppliers. We will always tell you in writing if this happens and will ensure that the transfer will not affect your rights under the contract.
7.2. Severability: Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
7.3. Waiver: Our rights under these Terms may be waived only in writing, and delay in the exercise or non-exercise of any right is not a waiver of that right.
7.4. Governing Law: These Terms, their subject matter and their formation, are governed by the laws of Singapore. You and we both agree that the courts of Singapore will have exclusive jurisdiction.
7.5. Dispute Resolution: The courts of Singapore shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim arising out of or in connection with these Terms, including any question regarding their existence, validity or termination.

This website (“our site”) is brought to you by Odo Solutions & Enterprises Pte Ltd, UEN: 202209460W (in short “OSE”, “we”, “us” or “our”). We ask that you read this Privacy Policy (the “Policy”) carefully as it sets out the basis on which we may collect, use, disclose and/or otherwise process your personal data in accordance with Singapore’s Personal Data Protection Act (No. 26 of 2012) (the “PDPA”). Throughout this Policy, the meaning of the term “personal data” is as defined in the PDPA.

1. Collection of Personal Data

1.1. We may obtain personal data about you whenever you use our site, or when you voluntarily provide such personal data to us via our site or by various modes of communication. Personal data we may collect about you includes but is not limited to your name, contact number, last 4 alphanumeric characters of NRIC, date of birth, e-mail address, and location details.
1.2. We may monitor your use of our site through cookies and similar tracking technologies, including but not limited to how many times you visit our site, which pages you go to, traffic data, location data and the originating domain name of your internet service. This information helps us to build a profile of our users. Some of this data will be aggregated or statistical, which means that we will not be able to identify you individually.
1.3. If you voluntarily provide us with your personal information, you will be consenting to our processing it for the purposes set out in Clause 2 of this Policy.

2. Use of Personal Data

2.1. We may use, combine and/or process your data for the following purposes:
- verifying your identity;
- administrative purposes (e.g. responding to, handling, and processing your queries, complaints and/or feedback);
- managing your relationship with us;
- research, statistical analysis and behavioural analysis;
- sending news and updates via emails and newsletters;
- marketing and advertising any goods and services to you by us or by any of our related companies, agents, contractors and third party suppliers that may be of interest to you;
- fraud prevention and detection;
- improving our services;
- any other purposes for which you have voluntarily provided your personal information; and
- any other incidental purposes related to or in connection with the above.
2.2. We may continue to use, combine and/or process your personal data for the purposes listed in this Clause 2 after your relationship with us (e.g. pursuant to a contract) has been terminated or altered in any way for a reasonable period thereafter (including, where applicable, to enable us to enforce our rights under any contract with you).

3. Marketing and Opting Out

If you have granted us permission, we may use your personal data to send emails and newsletters, and to market products, services, initiatives, promotions, special offers, lucky draws, membership and rewards schemes, charitable causes or other promotions by us or by any of our related companies, agents, contractors and third party suppliers that may be of interest to you. If you prefer not to receive any direct marketing communications from us, you may opt out at any time. Please see Clause 9 of this Policy for more information.

4. Disclosure of Personal Data

We may disclose your personal data to:
- our agents, contractors and third party suppliers;
- our vendors, consultants, marketing partners, research firms, and other service providers or business partners; and
- our legal advisors, law enforcement agencies and government officials, where it is necessary in the public interest or to respond to an emergency or in connection with any investigation into unlawful activity; and
- third-party sellers.

5. Protection of Personal Data

5.1. We will take reasonable legal, organisational and technical measures to safeguard your personal data from unauthorised access, collection, use, disclosure, copying, modification, disposal or other similar risks, including:
- storing your personal data on secure servers;
- limiting our employees’ access to your personal data on a need-to-know basis; and
- requiring those processing your personal data to do so in an authorised manner and to treat your information with confidentiality.
5.2. While we will make reasonable efforts to safeguard your personal data, you acknowledge that the use of the internet is not entirely secure and for this reason we cannot guarantee the security or integrity of any personal data that is transferred from you or to you via the internet.

6. Retention of Personal Data

6.1. We may retain your personal data for as long as reasonably necessary to fulfil the purposes for which your data was collected, or as required or permitted by applicable laws.
6.2. We will cease to retain your personal data or remove the means by which the data can be associated with you, as soon as it is reasonable to assume that such retention no longer serves the purpose for which the personal data was collected, and is no longer necessary for legal or business purposes.

7. Personal Data of Other Individuals

If you provide us with the personal data of other individuals, you represent and warrant that you have obtained their consent for their personal data to be collected, used and disclosed in the manner set out in this Policy.

8. Transfer of Data out of Singapore

We generally do not transfer your personal data to countries outside of Singapore. However, if we do so, we will obtain your consent for the transfer to be made and comply with our legal and regulatory obligations in relation to your personal data.

9. Our Contact Details

If you have any queries or feedback on our personal data protection policies and procedures, or if you wish to make any written request under this Policy, please contact us at:
Odo Solutions & Enterprises Pte Ltd
1 Essex Road 19-02
Singapore 309329
Or:
john@odoplatforms.com