Comments on: Legal Fees for Property Transaction – Sales & Purchase

By: pablopabla

pablopabla — Tue, 07 Sep 2010 04:56:02 +0000

AL : On the 2nd part of your question, again, this lawyer is quoting based on what the law stipulates. I am not in a position to recommend another lawyer. If you were to come to me, I will also be charging the same. Do note that any lawyer who gives a discount are in breach of the Solicitor’s Remuneration Order 2005. Would you willingly pay a lawyer to do your job albeit at a discount if this very lawyer is one who knowingly breaks the law?

By: pablopabla

pablopabla — Tue, 07 Sep 2010 04:52:27 +0000

AL : On the first part of your question, the lawyer’s quote is correct and follows the provisions under the Legal Profession Act 1976 and the Solicitor’s Remuneration Order 2005. Under the SRO 2005, no discount may be given for the legal fees charged – which is RM4,150.00 only in your case. Whilst you may feel that it is a friendly transaction, the solicitor is rendering a professional service and he is taking his work seriously.

By: AL

AL — Mon, 06 Sep 2010 22:40:07 +0000

sorry, i accidentally sent the incomplete email to you.

Continue
————

My cousin’s fee is :

RM300.00

Receipt & Reassignment RM 400.00

Direct Consent RM300.00

CKHT 1 RM300.00 RM1,300.00

=========
RM 1,300.00
5% GST 65.00
Disbursement
1. Affirmation on Statutory Declaration RM 20.00
2. Stamping on the Deed of Receipt & Reassignment RM 50.00
3. Registration of Power of Attorney RM 20.00
4. Telephone, photostating & fax RM 100.00
5. Travelling charges RM 200.00
6. Courier Charges & Posting RM 150-00
7. Miscellaneous RM 60.00 RM 650.00
==============
RM 2,015.00 ==============

May I know if this fee is reasonable considering that we are using the same lawyer and that I am paying cash and paying off her bank loan soon. I am paying her the total of 500k directly without going through the lawyer. We just go and sign the S&P without question. My cousin and I are very close and we have no problem. In fact, I have already paid half of the amount and waiting for bank to let us know the redemption amount to settle off her loan. We just need an S&P to transfer the condo to my name. Will I be able to get a cheaper rate than the above from another lawyer? We thought by using her existing lawyer (whom she bought the condo from), we can save some money. But it appears to be quite expensive. Do you think the fee is reasonable? If not, can you recommend me another lawyer? Thank you.

Thank you.

By: AL

AL — Mon, 06 Sep 2010 22:31:05 +0000

Dear Pabloplabla,

I wish tp purchase a condo from my cousin at RM500k. I am intending to settle all her outstanding loan with the bank and pay her the balance without taking a bank loan (ie: cash buyer). Her condo is already 7 years old and therefore will not incur any RPGT. We both wish to have a standard S&P and will sign it with the same lawyer as the one she appointed earlier when she purchased her condo. Therefore, I believe our legal fees shd be cheaper. Her developer just issued letter to inform her tht her strata title is out and since she is selling to me her leasehold condo, can it be transfered to my name directly? I receive the quote from the lawyer and they are charging me:

Legal feesRM3,950.00

CKHT 2 RM 200.00 RM4,150.00
==========
RM 4,150.00
5% GST RM 207.50

Disbursement
1. Stamp Duty on the Sale & Purchase Agreement RM 40.00
2. Registration of transfer RM 400.00
3. Registration of Blanket Consent RM 130.00
4. Stamp Duty on the Memorandum of Transfert (estimated) RM 9,000.00
5. Developer’s Confirmation fees RM 50.00
6. Land Search RM 100.00
7. Telephone, fax and printing RM 120.00
8. Courier service RM 150.00
9. Travelling RM 200.00
10. Miscellaneous RM 60.00 RM 10,250.00
==========
RM 14,607.50
=========

By: pablopabla

pablopabla — Thu, 02 Sep 2010 02:40:58 +0000

Li : All immovable property sale transactions require a valuation by the Revenue Office to ascertain the market value and stamp duty payable. Once the Revenue Office ascertains the market value, eg. RM300,000.00, then your solicitor’s fees would be based on half of RM300,000.00. In other words, RM150,000.00. Then, apply the scale fees on the RM150,000 to determine the legal fees payable.

By: Li

Li — Thu, 19 Aug 2010 03:12:20 +0000

What do you mean by the legal fees chargeable would depend on the Revenue Office’s assessment of the market value of the property divided by half. Can you give an example?

By: pablopabla

pablopabla — Fri, 06 Aug 2010 04:49:37 +0000

Sherry : Your lawyer is right. Firstly, redeem the property from the financier. Then, get your sister to transfer her portion to you for love and affection. The legal fees chargeable would depend on the Revenue Office’s assessment of the market value of the property divided by half.

By: pablopabla

pablopabla — Fri, 06 Aug 2010 04:48:09 +0000

Harvy : The endorsement of a transfer on the land title takes place when the Land Office receives the duly executed and stamped Memorandum of Transfer. The whole process (length of time needed) from the signing of the sale & purchase agreement leading to the endorsement of transfer on the land title depends on many factors which is difficult for me to advise without having fuller details.

By: Sherry

Sherry — Fri, 06 Aug 2010 04:43:11 +0000

What will be the simplest and cheapest way to transfer the ownership of the property between siblings? In year 2003, me and my sister bought an apartment RM165K. We have not done the perfection of transfer upon issuance of strata title. Now, my sister sold her share to me and I have paid her. I intend to make full settlement to the end financier. My problem is how to remove my sister name from the title? I was advised by lawyer to do a Love & Affection transfer? What will be the cost incurred? Do you have any advise?

By: harvy

harvy — Thu, 05 Aug 2010 01:10:52 +0000

May I know how long it takes to complete a Memorandum of Transfer?
I’ve paid for the charges 9 months ago and have yet to hear from the lawyer firm.