Legal Fees & Stamp Duty Calculation 2017 When Buying A House In Malaysia
Purchasing and hunting for a house can be exciting and stressful experience. For certain people buying a house is a major 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 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 Seller or Developer, this agreement called Sale and Purchase Agreement or in short SPA.
When buying from seller, purchaser can choose to appoint his own lawyer. Purchaser do not need to use seller lawyer or even the property agent lawyer. It is always better and more efficient to appoint the bank 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 times. In addition, appointed bank lawyer firm will be more reputable and stable because bank have high criteria to be in their panel.
However, when purchasing from developer is a different story. Purchaser will need to follow developer appointed lawyer firm. This is because 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 Sale and Purchase Agreement. But, if a Purchaser need a bank housing loan, he will need to sign an agreement with the bank which call 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 include Legal fees amount, Disbursement Fees, 6% GST and stamp duty. Both quotation will have slight different in terms of calculation.
Below are the legal fees & stamp duty calculation 2017 when buying a house in Malaysia.