Date : 28 November 2002
TO : ALL REGISTERED VALUERS, APPRAISERS, ESTATE AGENTS, PROBATIONARY VALUERS AND PROBATIONARY ESTATE AGENTS
Marketing Of Foreign Properties
The Board wishes to remind all registered estate agents that pursuant to Section 22C (1) (ba) of the Valuers, Appraisers and Estate Agents Act 1981 any offer for sale or invitation of offers to purchase any foreign properties in Malaysia shall be made by or through an estate agent practising and residing in Malaysia.
In line with this provision, foreign estate agents or principals are required to engage the services of a local registered estate agent to jointly market or sell foreign properties in Malaysia. In this connection the following conditions are required to be adhered to by all registered estate agents before they proceed:
1. all applications shall be submitted to the Board one (1) month before hosting an exhibition or preview at one's office;
2. written permission shall be obtained from the Board before the sale or marketing of the foreign properties;
3. the local registered estate agent shall play a pivotal role in the marketing of the property;
4. the local registered estate agent shall acquaint himself with the real estate laws of the particular country's properties he is promoting;
5. due prominence should be given to the local registered estate agent in all advertisements;
6. the approval number given by the Board shall be prominently displayed in all advertisements;
An application under paragraph 1.1 shall be accompanied by -
1. approval letter of development and building plans (where applicable);
2. details of selling prices and annual maintenance cost for the properties intended to be sold (where applicable);
3. financing arrangements;
4. details regarding sale and purchase agreement;
5. the appointment letter, the artwork of the advertisement and all other relevant documents to substantiate any claim made in the advertisement;
6. the requisite fee of RM5O for processing and RM1,000 for approval.
Any application that does not adhere to the aforesaid requirements shall be deemed as incomplete and shall be rejected forthwith.
Please be guided accordingly.
LEMBAGA PENILAI, PENTAKSIR DAN EJEN HARTATANAH MALAYSIA