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Buying property – Lawyers fee

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Besides the 10% downpayment, what else do you need to prepare when you are buying a property? Actually, there’s another component which is quite a lot of money. Yes, it’s the lawyer’s fee. In fact, this can be quite a huge amount depending on the price of the property that you are buying. In fact, to be honest, when I bought my first property I forgotten to factor this in and even had to take out my fixed deposit. Sigh. Anyway, I hope new investors would not forget this. Let’s look at the calculation below:

legal feeAs an example, if you are buying a RM500,000 property, how much lawyer’s fee would you have to pay? Look at the calculation below:

First RM150,000 x 1% = RM1,500

Remaining RM350,000 x 0.7% = RM2,450

Total: RM3,950

Then, you plus all the other fees as stated.

Now, are all lawyer firms the same? Let me tell you seriously, answer is NO. The lawyer will not make you fail in buying the house but they may not follow up closely enough and you ended up waiting one extra month if not more. Thus, it will be wise to ask your close agent friends on which lawyers are good. Alternatively, ask your banker friends. Once you found a good lawyer, stick to them. Can they give you discount? The answer is NO……………..

written on 30 Jan 2014

Next suggested article: GST and property

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