Weekly Industry News

Property sales could move than halve during MCO period

Weekly Industry News

The property market may see a sharp fall of over 50% in sales during the current movement control order (MCO) period.

The Malaysian Institute of Estate Agents (MIEA) president Lim Boon Ping said the sale and purchase (S&P) agreements for property transactions cannot be carried out during the MCO period as Malaysian laws require physical signatures.

“Digital signature in property transactions is not admissible evidence in court. If you can’t go to the law firm, where the lawyers witness you personally signing the document, there cannot be any S&P agreement done,” he told SunBiz.

Media Title: The Sun

Date: 30 Mar 2020

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