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Legal Fees & Stamp Duty Calculation When Buying A House In Malaysia
Purchasing and hunting for a house can be an exciting and stressful experience. For some people buying a home is a significant milestone that tops many people’s lifetime to-do lists.
To know how much down payment, lawyer fees, and stamp duty needed are so important. Lots of people can have a meltdown and overwhelm with the home loan process. It doesn’t have to be…That’s why we create this handy chart for you, which helps to give you guidance on the Loan & SPA Legal fees as well as stamp duty too.
Foremost, when buying a house in Malaysia, Purchaser will enter an agreement with the Seller or Developer, this agreement called Sale and Purchase Agreement or in short SPA.
When buying from a seller, the purchaser can choose to appoint his own lawyer. Purchaser does not need to use a seller lawyer or even the property agent lawyer. It is always better and more efficient to select the bank’s panel lawyer as your SPA lawyer too. Because, when the same lawyer firm doing both SPA and Loan file, it will be faster. The liaison and communication part will save tons of time. A bank panel lawyer firm will be more reputable and stable than those who don’t carry bank panels. A bank always has high criteria in choosing their partnership lawyer firm.
However, when purchasing from a developer is a different story. The Purchaser will need to follow the developer appointed lawyer firm. This is because the developer might offer certain goodies or rebate by following them. And as usual, it’s always wise for the loan part to be appointed the same lawyer too.
If the Purchaser is a cash buyer, then he will only involve in one agreement, which is the Sale and Purchase Agreement. But, if a Purchaser needs a bank housing loan, he will need to sign an agreement with the bank which call the Loan Agreement.
Stamp duty for Memorandum of transfer in Malaysia ( MOT Malaysia) can be extremely pricey and do check out the chart below for the tier rate.
SPA & Loan Agreement quotation includes Legal fees amount, Disbursement Fees, 6% SST, and stamp duty. Both quotations will have slightly different in terms of calculation.
Below are the legal fees & stamp duty calculation when buying a house in Malaysia.
Latest Update – Sale And Purchase Agreement Professional Fees & Loan Agreement Professional Fees
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