What are the costs involved to buy a property in Malaysia? Below are the summary of it : -
Booking fee:
2% of the purchase price. The amount is subject to negotiation between the seller and buyer.
Down payment upon signing of Sales & Purchase Agreement (SPA): 10% of the purchase price (inclusive of the booking fee.
Stamp duty for Memorandum of Transfer:
First RM 100,000
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1%
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Next RM 400,000
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2%
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Above RM 500,000
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3%
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Legal fee:
Legal fee for Sales & Purchase Agreement *
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First RM 150,000
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1%
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Next RM 850,000
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0.7%
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Next RM 2 million
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0.6%
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Next RM 2 million
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0.5%
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Next RM 2.5 million
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0.4%
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Next RM 7.5 million
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Negotiable
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*The legal fee is subject to a minimum RM 300 fee and for the purchase of a low-cost or medium cost houses governed by the Housing Development (Control & Licensing) Act 1966 (HAD 1966), special concession of flat rate of RM 250 is given to the lower income group.
Valuation fee (applicable for subsale buyer for loan security purposes):
Fee for other capital valuation / rating valuation services based on an 'Improved Value' basis 1
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1/4% of the first RM100,000
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1/5% of the residue up to RM2 million
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1/6% of the residue up to RM7 million
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1/8% of the residue up to RM15 million
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1/10% of the residue up to RM50 million
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1/15% of the residue up to RM200 million
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1/20% of the residue up to RM500 million
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1/25% of the residue over RM500 million
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Estate agency fee (applicable if you engage an Estate Agent):
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Sale or purchase
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Land and buildings
Maximum fee of 3%
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And of course abit of miscellaneous charges from developer, lawyer and banks to be paid for buying a property in Malaysia.
