Everyone is interested to buy a property, either for own stay or for investment. However, do you know that on top of the property price, you have to pay a substantial amount of money for legal fees (Sale & Purchase Agreement between purchaser and vendor) and stamp duty (Memorandum of Transfer payable to the government)?
Legal fees for the Sale and Purchase depend on the property value set out in the Sales and Purchase Agreement. Below are the details on how to calculate legal fees when buying a property.
Note: It’s negotiable but subjected to maximum of 0.4% for the property value is in excess of RM7,500,000 (7.5Million).
For example, if the buying price is RM 500,000. The calculation is as follows:
Total legal fees = (RM 150,000 x 1% ) + (RM 350,000 x 0.7%)
This legal fees is payable to a lawyer who is responsible for you when you buy or sell a property.
Hope this article will help you to calculate the legal fees on your purchased property. Please leave your comment if you have any feedback or looking for more information.