Bank's valuation of the Ipoh property
The Bank's valuation, obtained through its appointed panel of valuers in Ipoh, may be lower or higher than the purchase price. In the event the Bank's valuation is lower than the purchase price for the property in Ipoh, the purchaser has to pay the difference between the purchase price and the bank's valuation using his own funds. As such, the cash required up-front for the purchase of the Ipoh property will be higher of course.
Appoint a lawyer in Ipoh
You will need to appoint a local lawyer in Ipoh to act on your behalf for the purchase of the Ipoh property. Banks in Ipoh will also need to appoint a local lawyer for the mortgage documentation relating to the bank loan.
Current Market Value of Ipoh property
Obtain the Current Market Value of the Ipoh property from a Bank in Ipoh. The Current Market Value of the Ipoh property is obtained through a panel of valuers which has to be approved by the banks in Ipoh.
You might minimise your legal costs by engaging a local lawyer in Ipoh who can act for both the purchase of the Ipoh property and mortgage documentation for the Bank in Ipoh. After securing a suitable candidate in Ipoh, get him to assist you with the following:
Provide the following information
- Title search of the property in Ipoh to determine if the seller is in fact the rightful owner of the Ipoh property
- Bankruptcy search on the seller in Ipoh to ensure that he is not delcated a bankrupt in Ipoh
- Requisition searches in Ipoh (e.g., road lines, drainage etc. which may affect the value of the Ipoh property)
- Vetting through the Option to Purchase (OTP) of the Ipoh Property to ensure that it is in full order
- Real Estate in Ipoh
- Housing Agent's Commission and Legal Fees in Ipoh
- How do I ensure satisfactory condition for uncompleted properties in Ipoh?
- Bank's valuation of the Ipoh property
- Appoint a law firm in Ipoh
- Formal loan application to a Bank in Ipoh
- Meet with your lawyer in Ipoh again
- Transfer your new Ipoh property to you.
- Commercial Banks in Ipoh
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