What Is The Cost Of Buying A Property In Malaysia
You may be asking what is the cost of buying a property in Malaysia.
Cost will always be the first issue to be considered for homebuyers when they want to purchase their dream house. However, they often overlook some additional necessary costs, other than the down payments and monthly installments of their purchase, for their new acquisition.
In this article, we are going to list out, very briefly, all the possible costs which would be incurred by a buyer/purchaser in buying a residential property in Malaysia.
|Down payment / Deposit||It will always be the 10% of the property’s purchase price, although this 10% rule is not inflexible.|
|Balance Purchase Price||90% of the property’s purchase price will need to be paid to the seller/vendor of the property within the completion period.|
|Legal fee/Professional fee of lawyer||Purchaser/buyer will have to engage lawyers to prepare the Sale and Purchase Agreement, all the loan agreements and other necessary document to facilitate the transfer of the property and drawdown of the bank loan to the seller/vendor.
Pay the fees and charges for the professional services provided by his or her lawyers in completing the sale and purchase agreement AND in assisting the buyer/purchaser’s bank in releasing the bank sum Lawyers’ fees are governed by the Solicitors’ Remuneration Order.
|Stamp Duty||As explained in our earlier article in relating to stamp duty, a purchaser/buyer has to pay ad-valorem stamp duty on the Memorandum of Transfer and nominal stamp duty on every copy of the Sale and Purchase Agreement.
In relation to stamp duty on the loan agreements, it is a flat rate of 0.5% of the total loan sum.
|Other disbursements charged by lawyers||The purchaser/buyer will have to pay for all the necessary disbursements, such as registration fee of the Memorandum of Transfer and the accompanying documents, affirmation fees, fees to conduct land searches and other bankruptcy or winding-up searches and so on.|
Get free quotation (for legal fees and stamp duty applicable) by filling in the form below and our property and conveyancing lawyers will send you the quotation in less than 2 working hours via WhatsApp/SMS and you will be informed on all relevant fees involved in purchasing your property in Malaysia.