Hi, I need some help here.
Currently, I have a joint name property with my dad (still alive), but loan is under my name only.
FYI, we are not in bad terms, previously we purchased this property under joint name due to some reason. But now, my dad has given the consent to remove his name from the property/ transfer the ownership to me.
Is there any way to remove my dad's name from this property without involving too much cost (eg: lawyer fees, stamp duty, rgpt and etc).

1. What is the procedure if we do the transfer now? Can we do it without re-financing as the loan is under my name only.
2. If he write a will to transfer this property to my name, what will be the cost involved to exercise the will after he passed away?

I'm looking for a most cost effective method.

Thanks!

Good question

1. Since the loan is only under your name, you can check with the bank whether they allow for transfer of your dad's share to you now without refinancing the loan. You will need to pay for the lawyer fees and stamp duty (50% waiver for parents & child) for the transfer. No rpgt.

2. The cost is approximately 5-8k depending how much assets your dad has.

1. no

2. probate about 5-8k, transfer property depends on the market value of the property (approx 1%)

Thanks both for the reply.
1. The stamp duty basing on SPA price or market value? This is consider as Love and affection transfer right?
2. Assume only this property, the fees to exercise the will is 5-8 k including lawyer fee?
If the property price continues to increase after a few years, then I will need to pay more to exercise the will for the transfer?

According to this website, https://www.iproperty.com.my/guides/transfe...y-members-76617 there is 100% exemption of stamp duty for first RM1 million. Is this still valid?

1. Market value. Yes, love & affection.
2. Yes & yes but the increase shouldn't be a big sum la

For the stamp duty exemption, no official gazette as to date. So not applicable

1. if u do SPA, stamp duty will be based on SPA price or market value, whichever higher. if you do love & affection, stamp duty is based on current market value, with discount of 50%

2. to extract grant of probate around that price. then u need to do the transfer summore (which is a separate transaction), legal fee is charged around 1% of the market value at that time.

3. it is proposed but the official gazette is not issued (means not in force yet currently, hence still fall back to 50% discount instead of 100% discount)

Correct me if I'm wrong,
1. Love & affection- MOT charges (50% stamp duty + legal fees) + refinance loan agreement (stamp duty + legal fees)
2. Will- 5-8k + stamp duty for transfer (RM10) + legal fee (1% of market value)

warta issued . parent to child 100% exemption for first 1m.

Thanks for informing!