Dear all,
Am purchasing a property at RM495,000.
Taking a 90% loan which means housing loan amount is RM445,000
I am a first time buyer.

If I am not wrong, there are 2 sides to pay the lawyer for this.

1. I need to pay for legal services between MYSELF and the VENDOR

This means I need to prepare:
SPA agreement
CKHT 2A
reimbursements
stamp duty on MOT
stamp duty on SPA

this will cost me about RM9.8k


2. i need to pay for legal services between MYSELF and the BANK LOAN

this means i need to prepare for:
Facilities agreement
charge form 16A (WHAT IS THIS FOR?)
private caveat (is this even necessary?)
reimbursements
stamp duty on facilities agreement etc
registraction of entry & withdrawal of caveat

this will cost me RM7.3k


Am I getting conned or is this the market rate? what can i negotiate for?

No such thing as conned. Legal firm cant simply charge as its governed by solicitors remuneration act. Which its all under bar council. Its either how much they rebates on the principal legal fees.

They didnt offer you with SPA aggrement?

stamp duty on MOT
stamp duty on SPA

These 2 are different things? I always thought SPA stamp duty = MOT..

Is this a subsale? Which area is your property?

no they are not la
SD must be paid for every time they stamp the document.
MOT is for transfer at land office
SPA need stamping oso
not same

1. correct. cost seem ok. ask for discount on legal services for prep of spa. one mistake u wrote "I need to prepare". u only need to prepare questions for your lawyer and $$.. solicitor does the rest. make them work for your money, baby
2. correct.
charge form - to prepare the charge ofyour property to the bank. so that if u cannot pay the bank can lelong ur prop
caveat.. yes, but not under loan lei? should be under spa, lawyer to check for any caveat and lodge a caveat ie chope the property.
same for all the entry/withdrawal of caveat.
again if ur lawyer is also panel lawyer of bank, ask discount on preparation of facilities agreement
looks ok.... loan facilities fees etc can be lumped into your bank loan, in case u didn't know, no need for you to fork out cash. i would do that and get a flexi and just dump the 7k back into the loan account. at least i could withdtaw it in case of emergency...not saying youcan't afford to pay that 7k cash...


This post has been edited by corleone74: Aug 13 2015, 07:02 PM

2. Yes loan need to enter caveat on behalf of bank if the subsale property that you purchasing is encumbered to bank. This is to protect the interest of your financier and its a must do step in order to release your first disbursement.

2. Yes loan need to enter caveat on behalf of bank if the subsale property that you purchasing is encumbered to bank. This is to protect the interest of your financier and its a must do step in order to release your first disbursement.