Property assessed value for tax calculation

Freezingfireball0 — Thu, 12 Jan 2023 14:57:07 +0800

I am in the process of buying a condo and I asked an estimate of the annual assessment tax.

The management showed me the latest assessment tax they paid, and the form also shows the "assessed value" of the condo unit.

My question is, how is this "assessed value" calculated? Does the government use a formula?

I am concerned because the property value from the bank was more than this "assessed value". The purchase price is close to the "assessed value". Did I get a good deal?

Thanks!

"As is where is" term on SPA

Freezingfireball0 — Tue, 11 Oct 2022 06:53:35 +0800

I am planning to sign the booking form, but just found out from agent that the property will be sold in "as is where is" condition. I was also told by agent to not expect the property in 100% perfect condition.

About the property: It is 7 years old, a strata (high rise), freehold, sold by the developer. It has been vacant since it was built because it was reserved for bumi quote but now released for non-bumi. I have only seen the property video as I am a foreigner and cannot be there. The unit looks good in the video, and the agent said the seller has been maintaining it very well although vacant.

The agent said I can ask seller for a one time repair of any defects if I find any before the handover.

My questions are:

1. Is it normal in Malaysia to have a "as is where is" clause on SPA?

2. Is it reasonable to get a professional home inspection done before signing booking form?

3. If the seller doesn't allow a professional home inspection, and I am able to visit the condo in-person, what defects, if any, should I check for?

4. Will this purchase be considered a sub-sale since the condo is not new anymore (7 years old)

5. If it is a sub-sale, can I hire my own lawyer, instead of going with the developer lawyer?

Thanks in advance.

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Property assessed value for tax calculation

"As is where is" term on SPA