Saturday, July 18, 2009

Legal Fees for Sale & Purchase Agreement and Loan Agreement...

There are 2 legal fees to take into consideration when purchasing a property.

Legal Fees on Sale & Purchase Agreement (SPA) and Loan Agreement

Shown below are the Solicitors' Remuneration Order 2005 (Effective on 1 January 2006).

Consideration (RM)

Scale Fees

For the first 150,000.00

1.00% (min RM300.00)

For the next 850,000.00

0.70%

For the next 2,000,000.00

0.60%

For the next 2,000,000.00

0.50%

For the next 2,500,000.00

0.40%



Below are the rate for any purchase under Housing Development Act (HDA).

Purchase Price (RM)

Fees

From 100,000.00 to 500,000.00

70% of Scale Fees

More than 500,000.00

65% of Scale Fees



In total, the purchaser will need to pay twice the amount calculated from the tables above. The reason for the double calculation is for the SPA and Loan Agreement.



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