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Hi al,
Need sifu's advice on the following. Im trying to help my client on their finances, but im still not 100% sure of the calculations. Can sifu's advice and check if the following is correct?
Deposit and fees requirement
Fees are cal based on selling price unless specified
Payable - Buyer
1) 3% +/- Earnest Deposit/ Booking fees:
2) 7%+/- Deposit:
3) Transactional Fees:
a) Stamp Duty: <100K= 1% , > 400K= 2%
>500K=3%
b)Legal Fee/Lawyer :
First 150,000 1%
Next 850,000 0.7%
Next 2,000,000 0.6%
Next 2,000,000 0.5%
Next 2,000,000 0.4%
c) Other FEES
Stamping fee (per document) 10*4
Adjudication fee 10
Search fee 60
Registration fee 100"
Calculation of Due's:
Selling price of house 122,000.00
Deposit Payable 10% 12,200.00
1) Earnest Deposit 3% 3,000.00
2) Balance of deposit 7% 9,200.00
Note: Balance of 7% can use EPF to pay
Transactional Fees: est 2,950.00
1) Stamp duty: 1% of Selling Price 1,220.00
2) Legal Fees: 1% of Selling Price 1,220.00
3) Stamping Fee's (4 sets) Seller,Buyer,Bank,Gov) 40.00
4) Adjudication Fee/caveat check on prop 10.00
5) Search Fee/bankrupcy/court case on seller 60.00
6) Registration gov. 100.00
7) CKHT 1A per Vendor - RM 300 est 300.00
Total 2,950.00
Note: Transactional fees can be added on loan
Sum of purchase excluding interest on loan: 124,950.00
Loan = 90% on 30 years (BLR -1.8% on 6.3 BLR= 4.5%) est 123,000.00
Est repayment monthly: 650.00
Fees,Taxes Payable by Seller
Fees are cal based on selling price unless specified
1) Agent Fees= 3% or 2%
2) 5% Service Tax on 3% of agent fee
3) Property Sale & Purchase Legal fees:
"1% on the first RM100,0000 of the property's selling price
0.5% on the next RM4,800,000
0.25% on any amount over RMRM4,900,000 "
Note: Some sellers do not instruct a lawyer and therefore save on the legal fees. This is possible because the buyer’s lawyer will draft the Sale and Purchase Agreement. However, not using a lawyer is not recommended unless you really know what you are doing. The Sale & Purchase agreement may seem simple enough to read but you will be surprised how often your lawyer will point out something that you would not have noticed that could have a material impact
4) Early redemption penalty: if applicable
a) Est penalty = 3% on loan amount
Note: Before selling, check your mortgage policy to determine whether any penalty for early redemption may be applicable.
5) Deed of Receipt and Reassignment - RM 400 est
6) CKHT 1A per Vendor - RM 300 est
7) Stamping of Receipt and Reassignment: RM 10 percopy
4 sets required (RM10x4)
8) Purchase of Deed of Receipt & Reassignment = est RM200
9) Registration of Receipt and Reassignment at the High Court =est RM80
10) Disbursement= traveling,stationary and telephony =est RM200
11) RPGT: Real Property Gain Tax
a) 30% on profit made for sale within 2 years of purchase
b) 20% on profit made for sale in 3 years of purchase
c) 10% on profit made for sale in 4 years of purchase
d) 5% on profit made for sale in 5 years of purchase
e) 0% on profit made for sale after 6> years of purchase
Companies would be charged 5% on profit made for 6 yrs>
Note: Payment of real property gains tax is also normally incorporated in the sale and purchase agreement. Usually the solicitors acting for the seller will act as stakeholders retaining 5% of the purchase price unit payment of the same.
Calculation of Seller Due's:
Selling price: 122,000.00
1) Agent Fees= 3% or 2% 3,660.00
2) 5% Service Tax on 3% of agent fee 183.00
Total 3,843.00
Transactional Fee est:
1) Property Sale & Purchase Legal fees: 1,220.00
1% on the first RM100,0000 of the property's selling price
0.5% on the next RM4,800,000
0.25% on any amount over RMRM4,900,000 "
2) Early redemption penalty: if applicable
a) Est penalty = 3% on loan amount early redemption penalty -
3) Deed of Receipt and Reassignment - RM 400 est 400.00
4) CKHT 1A per Vendor - RM 300 est 300.00
5) Stamping of Receipt and Reassignment: RM 10 percopy
4 sets required (RM10x4) 40.00
6) Purchase of Deed of Receipt & Reassignment = est RM200 200.00
7) Registration of Receipt and Reassignment at the High Court =est RM80 80.00
8) Disbursement= traveling,stationary and telephony =est RM200 200.00
9) RPGT: Real Property Gain Tax (Taxable income)
a) 30% on profit made for sale within 2 years of purchase
b) 20% on profit made for sale in 3 years of purchase
c) 10% on profit made for sale in 4 years of purchase
d) 5% on profit made for sale in 5 years of purchase
e) 0% on profit made for sale after 6> years of purchase -
Total 2,440.00
Total Liability to seller est( Agent Fee + Trans Fee) 6,283.00
Net Gain Calculation
1) Value of house purchased inclusive of deposit X
a) Loan amount X
b) Loan amount + interest X
2) Total Loan paid X
3) Full redemption value (Not balance as balance & redemption value is diff) X
4) Transactional & agent fee's X
5) Selling price X
6) Selling price - redemption value - transactional & agent fee X
7) Net Gain after deductions Total X
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Dec 1 2009, 02:10 PM
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