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Lawyers Corner, A one-stop centre on lawyers and queries
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iceanise
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 Nov 30 2010, 10:54 AM
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Getting Started
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hi dariofoo,
Need to get some opinion from you. My sister-in-law (SIL) want to do a transfer of her property to my mother-in-law(MIL). It’s a low cost unit in Shah Alam. Particular as below;
1) Unit with freehold title
2) MOT has been perfected previously with the name of MIL & SIL
3) Free of encumbrances
4) Current market value about RM60,000
SIL wish to transfer her 50% portion to MIL. She doesn’t want to have ownership to the house anymore. Can this be done through “Love and Affection”? Heard that there’s some discount on the fees if done thru this way. Some of them mentioned sub-sale, but SIL didnt plan to get any moeny from MIL. Roughly how much need to paid for the fees?
Thank you.
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iceanise
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Dec 1 2010, 02:45 PM
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Getting Started
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hi dariofoo,
Need to get some opinion from you. My sister-in-law (SIL) want to do a transfer of her property to my mother-in-law(MIL). It’s a low cost unit in Shah Alam. Particular as below;
1) Unit with freehold title
2) MOT has been perfected previously with the name of MIL & SIL
3) Free of encumbrances
4) Current market value about RM60,000
SIL wish to transfer her 50% portion to MIL. She doesn’t want to have ownership to the house anymore. Can this be done through “Love and Affection”? Heard that there’s some discount on the fees if done thru this way. Some of them mentioned sub-sale, but SIL didnt plan to get any moeny from MIL. Roughly how much need to paid for the fees?
Thank you.
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iceanise
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Dec 2 2010, 12:41 PM
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Getting Started
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QUOTE(dariofoo @ Dec 1 2010, 04:17 PM) Sorry for the late reply. I was doing some research on it first before giving you a reply.
Basically by Stamp Duty (Remission ) (No.7) Order 2002 [P.U.(A)434/2002] - a donor who transfers the property by way of a gift will be entitled to a 50% discount on STAMP DUTY payable.
* donors in this case only covers parent-child, child - parent. With regard to husband-wife or wife - husband - it is a 100% exemption (there's an Order issued in 2007 regarding this)
In your SIL's case, she will receive a 50% discount on the stamp duty as she is transferring it to your MIL by way of a gift, without any consideration (money,etc).
With regard to legal fees, the scaled fees would be 1% of the value of the property [as the half-share is worth RM30,000.00] - so it would be RM300 (which is actually the minimum fees stated in the Solicitors' Remuneration Order).
The rest of the fees would be RM300 being CKHT2A and RM200 for CKHT 1A (both forms to be filed at the Inland Revenue Department), and disbursements (travelling, photocopy, papers, stationery, etc).
..Plus the stamp duty as stated above.  Thanks alot dariofoo, U are very informative. U own a lawyer firm? |
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