Malaysia Real Estate

[raypc]

Hi, am a newbie here trying to comprehend the legal fees. I've received 2 bills for legal fees and disbursements for the transfer of strata title and MOT and would like to know whether the lawyer is charging too excessively. Would appreciate some comment from sifus especially from cynthusc who have been so gracious in providing comments for us newbies.

Type : Condo (freehold)
Property Price : RM199,880
Loan Amt : RM175,596.38
Same lawyer for both S & P and Loan Agreement

BILL A

Legal Fees for prep. & attending to execution of MOT = RM462.29

Disbursement :
5% tax = RM23.11
Stamp duty on MOT = RM 2,998.00
MOT Adjudication + RM10.00
MOT Registration Fees = RM100.00
Extraction CTC / Reg. Blanket Consent to Transfer = RM100.00
Master/Strata Title Search = RM 120.00
Travelling = RM90.00
Misc. (postage, tel. fax etc) = RM50
Sub Total = RM 3,491.11

BILL A - LEGAL FEES & DISBURSEMENT TOTAL = RM 3,953.40


BILL B

Legal fees for prep. & registration of Charge Annexure = RM419.79

Disbursement:
5% service tax = RM20.98
Stamping of Charge Annexure = RM 40.00
Charge Annexure Registration fee = RM 120.00
Printing Charges = RM 30.00
Extraction/Reg. CTC - Consent to Charge = RM100.00
Stamp Letter of Offer = RM20.00
Travelling = RM90.00
Sub-Total = RM 420.98

BILL B - LEGAL FEES & DISBURSEMENT TOTAL = RM 840.77


BILL A + BILL B GRAND TOTAL = RM 4,794.17


Are the fees too high and is there any way I can get it discounted?

Any comments or feedback is appreciated. Thank you in advance.

[yewkhuay]

how come my loan was 192K and all loan legal fees + SPA i paid only about 3600 ?
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Have a nice day!!!

[yewkhuay]

i m buying a 445K house with 378K loan, can i check how is the loan facility agreement charges and other charges like stamp duty + miscelleneous is gonna be like ?
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[YYS]

Hi Yewkuay,

Loan sum = 378K

stamp duty: 0.5% x 378K =RM1890

Legal Fee: 1% for 1st 150K = RM1500
0.7% for 22K = RM1596

Disbursements (eg. documents, registration fee etc): >< RM700

Total: >< RM6000

Hope this would be a guideline for you.

[yewkhuay]

thanks ! then i would expect tht kinda charges.....if anything more than 6K will ask again...
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[isomatrix]

Hi All,
Malaysia 2008 budget will cut stamp duty fee by 50% and i see the report is from Sept onwards. What is the current stamp duty charges now?
Cos i received my quotation, it is still first RM100K, 1%, next is 2%.
I thought the 50% cut is already started?

Thanks for reply.

[yewkhuay]

since u said 2008, so all d charges still d same....
_________________
Have a nice day!!!

[isomatrix]

One more question, is the 5% tax charges necessary for legal fees? My quotation doesn't apply this 5%.

[maomao998]

Dear All,

Sincerely need advise on how much will be charges for S&P & Loan Agreement for my case below:

House Price - RM 305,000
Loan Amount - RM 274,500
House Desc - 2nd Hand, Freehold, 1 sty landed, individual title.

Thanks

[sasa]

helo,i'm newbie here...
any one can explain to me wat is the standard legal S&P legal fees schedule?
example:

1st 150k-1%
2nd 400k-0.7%
consideration up to 2 mil -0.6%

or

1st 150k-1%
thenafter all is 0.5%

Plz advise!!

nice days!!
sasa

[EA_pg]

Hi All,

I have just received the quotation for Loan agreement & Transfer bill from the same lawyer for the SnP. This is my first time buying house, so really need advise from those with experience, especially Noor713, cynthusc, or anyone

Property details:
Landed Double Storey with individual title at Penang - under construction property. Buying from developer. SnP only RM500 (rest bore by developer).
Purchase price: RM398,000.00
Loan amount: RM359,649.00 (including MRTA, taking loan with my wife)

SnP agreement: RM500

Quotation for Loan agreement
Fees
-> Facility Agreement: RM2967.55 (less 30%)
-> Charge: RM296.75
-> Caveat and withdrawal of caveat: RM350

Disbursement:
Stamp Duty on
-> facility agreement: RM1830
-> charge: Rm40
-> Letter of Offer: RM10
Registration Fee
-> Charge: RM 130
-> Caveat: RM 180
-> Withdrawal of caveat: RM 150
Search fee: RM100
Bankruptcy search: RM24
Statutory Declaration: RM50
Bank Forms: RM150
Printing charges: RM30
Miscellaneous: RM50
5% service charge: RM136.20

Total amount: RM5604.20


Quotation for Transfer
Fees
->Transfer: RM809

Disbursement:
Stamp duty on transfer: RM6960
Registration fee on transfer: RM500
Search fee: RM60
Adjudication fee: RM10
Travelling: RM20
Printing Charges: RM30
Miscellaneous: RM50
5% Service tax: RM40.45

Total amount: RM8479.45


So,the total amount I need to pay for S&P agreement and Loan agreement are RM14,583.65. Please kindly advise. Thanks a lot.

[micky]

hmm... actually there is a simple calculation on Loan Agreement ..
It will be + - 2% of your loan amount { Loan RM 200k , so charges will be around RM 4k (all in) }

After get the quotation, you can call up to the solicitor and ask for discount. Normally they will discount 30%, and some even can give up to 50% discount.

BTW , there are a lot of Zero Moving Cost packages at the market now.. which mean purchaser dont have to pay for the Loan Agreement fees, all borne by bank & this will help a lot to save on the expenses...

Hope it is helping ...

[euanne]

Hello,

I am glad to have found this website, there seems to be people with real knowledge who are willing to share. As we are living in the UK, we are completely at a loss with the charges in Malaysia.

We have just secured a property (under construction) with Sunrise and offered a mortgage by HSBC.

What we would like to know are:

1. Are there stamp duties relating to all sorts of things, like the S&P agreement, loan agreement, Deed of Assignment and Power of Attorney? After all these, when the property is ready, 2-3 years later when the title transfer can take place, is there another stamp duty to be paid?

2. How does one calculate the Stamp Duty on Loan Agreement?

3. What is the Deed of Assignment? And does that apply to us? (We are buying directly from Sunrise, the Developer, and the property is still under construction

4. What is the Power of Attorney? And does that apply to us?

5. We know there would be legal costs associated with the Sales & Purchase Agreement and the Loan Agreement. Are these the tiered 1%, 0.7%, etc. charges stipulated by the Legal Profession? Should we be charged legal costs for Deed of Assignment and Power of Attorney? If yes, how much should that be?

We would really appreciate some guidance on the above. Many thanks in advance.

[cynthusc]

[lynnette]

Hi,
Can someone please help me to check the fees for individual title transfer? The fees for loan will be covered by the bank and the fees for S&P will be covered by the developer so I have to pay only for the individual title transfer. Is it right for the lawyer to charge me again on the legal fees for individual title transfer even though the developer is already paying for the S&P legal fees? Is the RM1000 charge for the individual title transfer registration fees too much since I noticed from the other postings that they are all paying much less. Is there a scale or standard for the registration fees?

Property: Landed property in Penang Island
Purchase price: RM722,800

Here is the quotation by the lawyer for individual title transfer:
Transfer = RM1377.40 (25% of the full legal fees)
5% government tax = RM68.87
Stamp duty on transfer = RM15684.00
Adjudication on Transfer = RM10.00
Registration on Transfer = RM1000.00
Courier Charges = RM50.00
Misc Charges = RM50.00

Total = RM18240.27


Thanks very much in advance

[qsh8504]

Need some help here?

Do we need to sign both DOA(for SnP and loan document)?
I really confuse about this one.

Property: Not completed but the developer already sale to subcon. Does it mean i bought a subsale property?
This property does not have land title yet.