How To Sell My Property in Malaysia If I Am Not in Malaysia

How To Sell My Property in Malaysia If I Am Not in Malaysia

You may be asking, “How to sell my property in Malaysia if I am not in Malaysia?”. Can you sell your property if you are currently living overseas?

The short answer to this question is, yes.

You can still sell your property in Malaysia even if you are not physically present in the country. Property ownership and transactions are also not limited to Malaysian residents or citizens.

That said, there are certain legal and practical considerations you should be aware of when selling a property from abroad. Here are some key points to keep in mind:

1. Engage a trusted representative: Since you are not physically present, it’s advisable to engage a trusted representative in Malaysia who can assist you with the sale process. This can be a real estate agent, lawyer, or property management company. They can act on your behalf and handle the necessary tasks.

2. Power of Attorney: You may want to grant a Power of Attorney (POA) to your representative, giving them the authority to act on your behalf in selling the property and to sign on your behalf. However, this is totally optional and such a POA must be prepared and notarized according to the legal requirements in Malaysia. Kindly get advices from Malaysia lawyers.

3. Marketing and negotiations: Your representative can help market the property, find potential buyers, and negotiate the sale on your behalf. They can also handle property viewings, answer inquiries, and provide necessary information to interested parties.

3. Legal and administrative procedures: You will have to engage your own lawyers in Malaysia and the lawyer will guide you through the legal and administrative procedures involved in selling a property in Malaysia. This includes preparing the necessary documentation, such as the Sales and Purchase Agreement, and ensuring compliance with local regulations. Your lawyers will also advise you on how to execute the necessary documentations in accordance to the legal requirements in Malaysia.

4. Tax and financial considerations: Selling a property will be subjected to the Real Property Gains Tax, if you’re a foreigner and/or if you’re selling the property within 5 years after you have acquired the property. It’s important to consult with a tax professional to understand the tax obligations and potential exemptions or reliefs.

5. Repatriation of funds: If you are a non-resident selling a property in Malaysia, there may be restrictions or requirements on repatriating the sale proceeds to your home country. It’s advisable to consult with your bank or financial institution to understand the regulations and facilitate the transfer of funds.

Above are the few considerations when you decide to sell your property in Malaysia. It’s crucial to seek professional advice from a good and reputable conveyancing lawyer to ensure a smooth and legally compliant sale process.

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