Any tips on how to get the legal fees down. A friend mentioned he used some "hard talk" with the lawyer and managed to get a higher discount on the legal fees. He didn't elaborate on the tactics though.

For those who managed to get the legal fees down, mind to share what reasons you gave to the lawyer to get a higher discount?

i would like to learn this trick as well...

There are plenty of lawyers who would be happy to serve you.

Just give a price you feel is reasonable and if the lawyer doesn't want to match then find someone else. You can always check with a few lawyers to get their quotation as well.

But remember sometimes what you pay is what you get.

Normal discount oledi @65%

What is the percentage of discount that you usually get for the legal fees?

There are 2 sections for the legal fees as follows.

1. Professional Legal Fees
2. Disbursement Charges

The Total Professional Legal Fees = Professional Legal Fees + Disbursement Charges + GST.

Say if you get 20% discount, is it on Professional Legal Fees only, or it is on the Disbursement Charges as well?

Mind to share what is the discount in % you are getting from your lawyer?

I agree with the suggestion of comparing the fees of several law firms. Then you will be able to know which one is "overcharging".

I find that some lawyers, especially young ones can surely talk rubbish ie. not very knowledgeable. The older ones can be quite sly.

I solely believe you get what you paid for, if professional also you ask for discount for their skills, just proves how confident they are in their capability.

As for the "you get what you pay for", although it may be true for most cases, it does not apply to all as sometimes people overcharge. There are not much "skills" involved in professional legal documentation as it is all standard documents. As long as the legal documentation serves the purpose of getting the transfer of title of property done, that is all that matters. The main difference only lies in the efficiency of the feedback as in how fast the lawyer can respond to your questions or how fast they act.

Many or most lawyers can give discounts. It is tough competition these days as people compete to get more business, not only in the legal industry but all other industries as well.

Other than price, another factor you'll also need to consider especially for secondary properties, is whether the lawyer has done similar case for the same property, or whether the lawyer has close contact with that particular developer. A lot of time, the delay is usually cause by developer taking their own sweet time with title issuance. A good lawyer with close contact from inside developer will be able to ensure you are able to get your keys in the shortest time possible. This is helpful if you are currently renting and want to move in asap to save on rental.

I'm all into minimizing my costs but I also don't expect that the firm gives me 100% undivided attention to my case if I bargained with them to lower down their legal fees like in the morning market.

I sort of know where I stand.

So, if you do not get the same response time/feedback (after paying hefty discounted price) then please do not complain to any relevant parties/bodies that you are being short changed.

You cannot be expecting to get 5 litres of fuel in your tank when you are only willing to pay 1 litre.

General rule is, don't be a cheapskate when appointing a legal firm to represent you. You ask for discounts but ask reasonably and rationally. Don't make threats/demands for 65% if the purchase price property is only RM300,000.00 or around that region.

Legal firms are not charitable bodies and they are just like everyone else in the world who are into business, they also need to profit.

If you can't afford to pay the legal fees then chances are, you can't afford to buy whatever property you wanted to purchase.

i find this hard to believe...

mind sharing how much is your loan amount ?
maybe that plays a role in discount being offered i guess...

hhmmm...that's odd
my loan amount similar to yours and guess how much discount i get ?
10% max

your purchase is sub sale or under con?

Only a person who is not strong financially will waste money taking MRTA especially if he plans to settle the loan in 3 yrs. If really required a smart investor would take MLTA not MRTA. And we both know that you do not possess the financial capacity to settle a 470K loan amount in 3 yrs so why boast and talk rubbish?

As I said before, I think you should stop misleading ppl and giving out poor advice. Spend more time on the Investment thread and learn how to manage finances and grow your wealth from the sifus there. You are clearly far behind if your net worth is only RM600K (despite you claiming you have RM20mil).



This post has been edited by cybermaster98: Jul 27 2016, 02:59 PM

Keep trying and keep reporting me. I know it hurts when someone exposes you and your lies.

Again as ive said before, lets keep the discussion real, true and factual. Don't mislead ppl by sharing something that isn't true.

Cheers!

that's why i also wonder why bought 10years MRTA when the plan is to settle loan in 3 years. i mean if he is loaded, why bother the MRTA?

Most ppl who try and pretend to be someone they are not will end up making mistakes like this in their stories. They make such mistakes because it wasn't true in the first place.

You were the only one who was caught many times telling lies. Not only by me but by a number of other forumers. Nobody is protecting me and no mods are twisting the facts. They are experienced enough to manage the forum. let them do their jobs.

What ive shared so far (against you) are facts and facts cannot change. Its nothing personal. Im very much against ppl who use this forum to mislead others by giving baseless advice. If you aren't sure of anything, then either don't share or use a disclaimer so that others can do their own due diligence.

As for MLTA/MRTA, a buyer with strong financials can get the best interest rate WITHOUT MRTA/MLTA. Did u know that? You were asked by the banks to get MRTA to enjoy a lower rate because your financials were not strong. And that's also the reason why your loan application for your average cost double storey house was REJECTED.

You have very limited knowledge about property and investment in general and sadly your unwillingness to learn from the more experienced ppl on LYN prevents you from improving yourself.

Of course the bank loan officer will tell u that. What do u expect him to say? He gets a % of the MRTA cost as his commission. If he says u can get the same interest rate even without MRTA then would ppl take MRTA? U cant be that naïve can you?

Learn to negotiate. If u walk into a bank without any knowledge and act like a blur case, they will take u for a ride. Trust me. I bought 4 properties with a combined loan amount of approx. RM2.5mil.

This post has been edited by cybermaster98: Jul 28 2016, 10:50 AM