|
Generally, legal fees are borne by the buyer. However, certain
developers and financial institutions may offer to pay the legal fees on
the legal documentation as part of their marketing package.
In addition, some financial institutions also extend financing for the
loan documentation fees.
Legal Fee
Effective from January 1, 1992 (Renewed in 2006), legal fees are
standardized by the Solicitors’ Remuneration Order 1991/2006(renewed in
2006). There are two types of calculation for legal fees:
First Schedule (Sale and
Transfer)
Lawyer
fees are determined by value of the house in the Sale and Purchase
Agreement.
|
House Value
|
Buyer
|
Seller
|
|
1st RM150,000.00
|
1% of House Value
(Minimum RM300) |
1% of House Value
(Minimum RM300) |
|
Next RM850,000
|
0.7% of House Value
|
0.7% of House Value
|
|
For the next RM
2,000,000 |
0.6% of House Value
|
0.6% of
House Value |
Fourth Schedule (Charges,
Debentures and Security Loan Documents)
Lawyer fees are determined by the loan amount for the above
documentation.
|
Loan
Amount |
Legal Fees to buyer
|
|
1st RM150,000.00
|
1% of the Loan Amount
(Minimum RM300 per transaction) |
|
Next RM850,000
|
0.7% of Loan Amount
|
|
For the next RM2milliom
|
0.6% of Loan Amount
|
** Fees
subject to 5% government tax.
Stamp
Duty
There are two types of Stamp Duties:
1) Stamp Duty on Loan Amount
|
Loan
Amount (RM’000)
|
50 |
100 |
150 |
200 |
250 |
300 |
|
Stamp Duty (RM)
|
250 |
500 |
750 |
1000 |
1250 |
1500 |
2)
Progressive Present Stamp Duty on Transfer of House Title
|
House Value
|
Stamp Duty Payable
|
|
1st RM100,000 |
1%
|
|
Next RM400,000 |
2%
|
|
Excess RM500,000 |
3%
|
|
