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 <WTA> Transfer Of Ownership from Father

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segiempat
post Mar 12 2022, 11:00 AM

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Sorry can tumpang this tread, my house under dad and my name and he wanted to change it all to my name as he is old. Whats the process like and rough cost involved? Property around RM300K now
segiempat
post Mar 13 2022, 11:27 PM

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QUOTE(nihility @ Mar 13 2022, 09:58 AM)
1st, you have to make sure the properties is free from all encumbrances.

https://www.jkptg.gov.my/en/soalan-lazim-3/...use-of-a-lawyer

"All land transactions can be done without a lawyer depends on the consensus between seller, buyer and the bank as well.

For the land transaction of nothing in return (pemberian secara kasih sayang) such as from a husband to a wife, a father to a child or a mother to a child, the Form 14A can be signed (attestation) in front of a Registrar/ Land Administrator for free. After that, one must deal with LHDN/ JPPH for the purpose of land valuation to get to know the amount of stamp duty to be paid. Once the stamp duty is paid, presentation can be made at the Director of Land and Mines Office (for Registry Title) / Land Office (for Land Office Title) where the land is situated. .

Besides that, land transaction via cash payment can also be made without a lawyer. Otherwise, if the land transaction is via bank loan, the bank will normally request it is done by a lawyer."

https://www.selangor.gov.my/petaling/resour...sih-Sayang).pdf

You can get help from Commissioner of Oath to assist to fill up the document if you are not familiar, the cost will be minimum. The stamp duty on the transfer will get 50% waiver .

The standard rate of Stamp Duty will be applied.

Your current ownership 50% - no transfer = 0 cost
Your father ownership 50% of 300k, transferring the 150k ownership to you.

1st 100k @1% = RM 1k
Next 50k @2% = RM 1k

There are 2 options for the transfer :-

1) Transfer using Form 14A at Pejabat Galian & Tanah.
2) Surat Ikatan Pemegang Amanah (Trust Deed)

If I'm at the parent position, I'll go for option 2.
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Thanks for the great info! Do you mind elaborate more on why Option 2 is better?


 

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