BEING knowledgeable about the processes involved in buying property can save one a lot of trouble and money, according to lawyer Lio Chee Yeong.
He highlighted the things to look out for in a talk titled ‘Legal Aspects to Know Before Investing in Properties’ at the StarProperty.my Fair 2016.
Lio advised attendees to consider the developer’s track record, pick the right type of mortgage that suits one’s situation and be wary of the paperwork.
“Pay attention to the sales and purchase agreement and note the dates before signing it as this determines when the property is supposed to be completed and handed over,” he said.
In another talk, Al Jeffri Dean Tax Advisory senior partner Neoh Chin Wah said property purchasers should be wary of the Goods and Services Tax (GST) when purchasing or selling property.
He said that a buyer must be clear if he is buying a property for residential or commercial use.
“Any disposal of commercial property which is worth more than RM500,000 is subjected to GST,” Neoh said, adding that many people buy a home for residential use but later convert it into a registered business which is subjected to GST when it is sold later.
Another speaker yesterday was numerologist Marinah Ng Wai Leng who provided an insight into how the science of numbers could help people become successful.
