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!

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?

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)

Thanks for informing!