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 Lawyers Corner, A one-stop centre on lawyers and queries

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Kain_Sicilian
post Aug 10 2011, 10:31 PM

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Dear sifus,

I'm a complete n00b in property. I'm currently in the proccess of purchasing my 1st property as my own residence. I was led to understand that in purchasing a property (subsale) the only legal fee I had to pay was for the S&P Agreement, which I have already paid for. Now that my bank loan is approved, the bank's panel lawyer sent the Loan Agreement to me for signing, and there I'm to be charged another RM5k++ as legal fees. Is the correct? That means my legal fees would amount up to abt RM10k (of which 4k was paid for S&P) including both S&P and Loan Agreement (Property Sales Agreement).

Is the the usual practice or have I been conned or overcharged?

Thanks!
Kain_Sicilian
post Aug 11 2011, 01:10 AM

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Thanks a lot for your kind reply sir. I was confused for a moment why I had to pay twice.

On a side note, I was charged Stamp Duty during the S&P, and I'm charged again for Stamp duty for the Loan documentation. Is that the usual practice? Sorry for being such a bother, I really have no clue when it comes to matters of legality.

Thanks in advance.
Kain_Sicilian
post Aug 12 2011, 09:56 PM

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QUOTE(dariofoo @ Aug 11 2011, 11:44 AM)
Yes you have to pay twice, i.e. stamp duty on the MOT/DOA for the transfer/assignment, and also ad valorem stamp duty on the facility agreement (loan agreement) for your loan documentation.

icon_rolleyes.gif
*
Thanks for the kind advice. Seems I'll have to pay again then sad.gif

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