useful information

Standard Procedure to Buy
Standard Procedure to Rent
Stamp Duty



Standard Procedure to Buy

1. Pay an earnest deposit of 3% PURCHASE PRICE upon signing of the Letter Of Offer / acceptance.
2. Pay 7% Purchase being the balance of 10% of the sale price within 14 days from the date of acceptance and upon signing the SALE and PURCHASE AGREEMENT.
3. Pay 90% of the remaining PURCHASE PRICE within the next 3 MONTHS from the signing date ofthe SALE and PURCHASE AGREEMENT.
4. Take possession of Property upon full payment.

Standard Procedure to Rent

1. Pay 1 month of rental as the booking deposit upon signing of the Letter Of Offer / acceptance.
2. Signing of the Tenancy Agreement within the next 14 DAYS from date of acceptance and pay TWO (2) MONTHS rental as security deposit and ½ or 1 MONTH rental as utility deposit plus the stamping fees and disbursement fees.
3. Take possession of the Property.


Stamp Duty

The real estate industry is a billion ringgit industry and the Federal Government also wants a piece of the cake. It does this in the form of stamp duty on real estate transactions.


Stamp Duty on Transfers
All transfers of property attract stamp duty regardless whether the acquirer gives consideration for the transfer or not. Usually, acquirers of property pay money for the acquisition. But sometimes the acquisition may be way of gift.

VALUE OF PROPERTY RATE OF STAMP
Up to RM 100,000 1%
From RM 100,001 to RM 500,000 2%
From RM 500,001 onwards 3%

Stamp Duty on Charges
A charge on property is an instrument created by statue, namely the NLC. It affords the Chargee a security for loan granted to the Chargor over the property charged.
Stamp duty is calculated at the rate of about 0.5% of the loan amount.