Hi;

Need some advise.

Currently, I have joint named loan with my sister, but the property is under my name alone. Since this is our family commercial property (shop lot), my family wants to to add other siblings name as well.

Btw, the property is still under loan. Still long way to be settled. I've called the bank & they said can add my siblings name as owners too, no issue. After filling up the ''Change Property Owner'' form at the bank, they'll engage with the bank's laywer to liaise with me.

So, now i just want to get an idea how much would this cost? what are the costs involved? The present market value of the shop lot is estimated to be RM400-500K.

Thanks

This post has been edited by sx09: Jul 24 2023, 04:23 PM

Not sure how much legal fees the bank's lawyer will charge you but just the stamp duty will cost you 3-5k alr. Bear in mind, you might need to pay RPGT too

how many name u want to add?

think of it as now you have 100% share of the property

now if u want to add 1 name and each person equal share, it's you transferring 50% of your share to your sis.

so the legal fee n stamp duty is based on 50% of the market value.

i cant give u an answer until u tell me how much of your share u want to 'give away' to your siblings.