Malaysia Real Estate

bluesky · Joined: 25 Oct 2005 Posts: 22

Hi all,

I just booked for a 300K condo. I would like to know how much in total do I have to pay. (Stamp duty, processing fee, loan stamp duty, lawyer fee, disbursement fee,......)

Any of the experience gurus out there please advice.

Thanks a lot.

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi bluesky!

I need more details of the property to be able to help you.

Cheers!

bluesky · Joined: 25 Oct 2005 Posts: 22

Thanks Noor for your help.

This is my first propert, lack of experience, thanks for your help.

Condo price is 315K, planning to take 260K loan. Condo at Desa ParkCity. Hmm... what else do you need?

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi bluesky!

Are u buying from the developer or is this a sub-sale?

Cheers!

bluesky · Joined: 25 Oct 2005 Posts: 22

Yes, direct from developer

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi bluesky!

I am sure the developer's has its own panel lawyer for the S&P. Free legal fees too. No Stamp Duty required for any transfer yet - no strata title. Maybe just a bit of disbursements. Ask the developer, k?

For loan of RM260K:
Legal Fees should be around RM1560, Service Tax RM78.00
Disbursements : Stamping of 3 sets of security docs - RM1455.00

Total fees and disbursements cant be more than RM3500.00

Cheers!

kswong34 · Joined: 03 Jan 2006 Posts: 22 Location: Brisbane, Australia

Hi Noor713,

How about for a property of $522k?? Buying from developer. Loan 65%. Thanks in advance

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi kswong!

Dont think you need to pay the legal fees for S&P. FOC from the developer's panel solicitors, right?

Fees & Service Tax for loan should be around RM2772.00
Disbursements should be around RM2,000.00

Cheers!

kswong34 · Joined: 03 Jan 2006 Posts: 22 Location: Brisbane, Australia

Hi Noor,

Thanks for your reply.

I got a quote from the bank, the legal fee is RM2,600 and the disbursement fee is RM2165.00

Then from the solicitor, I received a "bill" showing:-
Adjustication : RM10
Stamping SPA : RM40
Stamping Deed of mutual covenate: RM40
Estimated Stamp duty of transfer: RM9,648
Registration of Memorandum of Transfer: RM400
Land search : RM60
etc

which make up to RM10,448.

Are these normal charges?? and the amount seem very much different from what you mentioned..

Thanks in advance..

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi kswong34!

My quotation was based on my understanding that no individual title yet. But from your recent post, it seems otherwise. Now, please confirm again with the developer on this matter as fees and disbursements can be different.

If this property you're buying has no individual title yet, take a visit to your lawyer's office, show your fangs and bang on the lawyer's desk and ask him/her why are they charging you for the Stamp Duty NOW?!!
Be extra careful, ok? FDs earn more interest now.... Wink

Cheers mate!

kswong34 · Joined: 03 Jan 2006 Posts: 22 Location: Brisbane, Australia

Hi Noor,

Thanks again for ur prompt reply.

Yes, the property had the individual title already. The developer had just sent me a copy of the title as reference too.

So, what will be fee like since the property had the individual title already...

Thanks

leonamanutd · Joined: 23 Feb 2006 Posts: 2

since the property had an individual title, means you have to pay more than 10k as adviced by your lawyer. the most pricey being the transfer fee, which is counted as 1% of purchase price for first 100k and 2% of purchase price for the next 500k.

qkhcad1 · Joined: 26 Feb 2006 Posts: 79

Hi Noor,

I too just purchased a house valued at RM355k. I plan to loan at RM301750. It already have individual title with the developer. Legal fees on the S&P is bear by the developer except the stamp duty for the individual title.

1. How much will be the legal fees for the loan agreement?
2. I was told that I need to pay the stamp duty for the individual title to the developer after signing the S&P. How about on the loan agreement side, do I need to pay the stamp duty for the legal fees as well?

Thanks in advance...

lovehome · Joined: 26 Feb 2006 Posts: 119 Location: Kuala Lumpur

Hi,Noor!
I'm new to this this forum.
Bought a RM210.00 condo (first time buyer).me and my fiance a bit nervous on this issue. Embarassed

Like to know what is the hidden cost that i need to pay so i can estimate my expenses.
need your favor ,thanks. Embarassed

djenrelle · Joined: 06 Feb 2006 Posts: 106

Hi Noor,
Wow you're very popular here!

I've got my loan (RM192100)approved last week from BSN. It's panel lawyer is charging me the ammount of RM3846.64 (RM1643 disbursement & RM2203 professional fee). No discount will be given. Do you think it's reasonable? btw it's an islamic loan.

Hey if somebody can offer best price i'll probably appoint him/her,since I dunt commit to any lawyer yet. But must be a BSN panel lawyer.

pls PM me asap.

winnie the pooh · Joined: 24 Jan 2006 Posts: 1999

since we're on the topic, noor713, as i understand from the "conflict on interest" argument earlier on, isn't the bank's panel lawyer bank-bias? can i not engage my own lawyers to prepare the loan documents... and the bank can have theirs if they so choose to do so? i know it saves time but at the expense of explanation (most loan documents are at least half an inch thick!).

p.s. and is it really necessary to initial on each and every page? i don't seem to have to do so with all my other agreements and m.o.u.

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi qkhcad1/lovehome/djenrelle!

Each one of you need to give me more details....pls. For those with individual title, need to know if there is any bridging loan (if buying from developer), need to know any existing loan from seller (if buying from an individual/co.). Where is/are the properties? Registration fees or whatever fees with the land office varies.

Cheers!

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

It is quite possible to engage your own lawyer to prepare loan documents 10 years ago but not anymore. All bank loan docs have been drafted, scrutinised and printed by the banks themselves..in other words..they are telling you...TAKE IT OR LEAVE IT.

Very important for you to initial every page of any legal documents so as to avoid any tampering, amendments without your consent/knowledge and so forth. So, winnie..those you did not initial, initial them NOW before its too late.

Cheers!

lovehome · Joined: 26 Feb 2006 Posts: 119 Location: Kuala Lumpur

mine bought from developer.
loan 189,000,condo. Wink

nick1994 · Joined: 24 Apr 2005 Posts: 6116

.....effectively, from what winnie & Nor said, lets put it this way......

the loans r prepared in favour of the banks by their lawyers................oh and yeah, the banks made u pay 4 lawyers acting on their behalf..........

winnie the pooh · Joined: 24 Jan 2006 Posts: 1999

the moral of the story? buy by cash. Laughing

the issue of tampering did cross my mind before but my solicitors (not in malaysia) gave me the assurance that their office keeps a copy of all agreements and will be more than happy to produce the same for verification purposes in the event of dispute... not unlike what they do for disputed wills and such. but i guess better be safe than sorry...

qkhcad1 · Joined: 26 Feb 2006 Posts: 79

Hi Noor,

Here's the details of my property. Mine is Puchong Hartamas. I bought from developer and already with an individual title. Not sure if there's loan bridging. The value is RM355k, and I'm getting 85% loan. I was told no valuation is needed since it's new property. Are these info sufficient? Thanks... Laughing

thauyang · Joined: 13 May 2006 Posts: 2

Hi Noor,

Thanks for your sharing among those questions.
Now, i would like to know what is the formula for S&P on residential vacant land? What is others fees need to pay instead of S&P?
Please advice and thanks....

wildquest · Joined: 28 Feb 2007 Posts: 3

Hi, I'm buying property for the first time, so definitely hoping for advise here!

I approached a lawyer and got the following quotation, but found it to be very high! Can let me know if it's reasonable?

Property is Leasehold apartment, strata title not yet assigned. Cost is 252500.

S&P Estimated Bill

Legal Fees
Legal Fee + 5% service tax -- 2328.38

Disbursement
Stamp Duty -- 40.00
Adjudication Fee -- 10.00
Estiamted Stamp Duty on Deed & Assignment -- 4080.00 (<-- why this one so high??!??)
Land Search -- 60.00
Bankruptcy Search -- 30.00
Transportation -- 50.00
Misc -- 50.00

Total Disbursement -- 4320.00

Total Fee -- 6648.38

Please advise? Thank you very much!
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cynthusc · Joined: 16 Sep 2005 Posts: 306