Valuation Fees - Housing, Double Charging?
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 Sep 27 2008, 12:32 PM, updated 18y ago
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#1
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Junior Member
9 posts Joined: Sep 2004 
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I just bought a sub-sale at Puchong Area RM152,000.00 and taking up NON-ZEC from Alliance Bank. Just last few days ago, my S&P lawyer informed me I have to pay RM1200.00 for the valuation fees. But i received a call again from the Alliance Bank (using their panel lawyer) saying I need to pay again for the valuation fee by their agent for RM450.00.
I am wondering is this normal to pay valuation to both parties? How come my lawyer didnt include the valuation fees into their original bill for S&P? I thinking my S&P lawyer is trying to be funny here. S&P Lawyer - Valuation Fees - RM1,200.00  Bank Loan Lawyer - Valuation Fees - RM450.00 Total RM 1650.00 Valuation Fess for a rm152K property can consider normal? |
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Sep 27 2008, 01:45 PM
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#2
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Senior Member
2,247 posts Joined: Jan 2003 From: Kuala Lumpur 
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- Did your S&P lawyer did a property valuation for you in the 1st place?
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Sep 27 2008, 01:48 PM
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#3
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Senior Member
4,398 posts Joined: Jan 2003  
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Ask the S&P lawyer to kiss ass. Period.
edit :: Don't remember seeing 'valuation fees' in S&P quotation before.... This post has been edited by ed0gawa: Sep 27 2008, 02:07 PM |
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Sep 27 2008, 02:38 PM
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#4
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Senior Member
2,251 posts Joined: Jan 2003 From: on da move with 3G technology 
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no such thing. the valuation is done mainly for the bank loan purpose which means Alliance Bank would have to appoint their own panel valuers to evaluate the said property. About the lawyer valuation, there is no need unless u requested for it. Plus is way to expensive. Please double check and ask your lawyer who is the valuer.
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Sep 27 2008, 06:53 PM
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#5
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Junior Member
9 posts Joined: Sep 2004
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No i didnt remember asking the lawyer to do valuation. Thats why i am so surprise as hell!! But i do believe the figure quoted by the Alliance Bank. I think i will go up to the lawyer firm and ask them what the heck are they trying to do. Thanks for confirming my suspiscion about them.
By the way they charged me RM3800 for the S&P fees (but duty stamp for the rm152K purchase is excluded). Do you think this is reasonable? |
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Sep 27 2008, 09:08 PM
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#6
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Senior Member
4,398 posts Joined: Jan 2003
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erm, 3800 for s&p without stamp duty... after adding the stamp duty, it'll be around 5-6k
Hmm.... a bit steep i would say. Just asked for a quotation on behalf of a customer for a 200k purchase, prices ranges from RM5500-RM6300 |
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Sep 29 2008, 11:39 AM
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#7
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Senior Member
566 posts Joined: Sep 2005 From: Compulsive Disorder Land
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Got the below reply on my thread. all credit to gilabola
Anybody got charged account set up fee for their house loan? QUOTE(gilabola @ Sep 27 2008, 01:17 AM) There is a standard scale for valuation: 1/4 % on the first RM100,000 1/5 % on the residue up to RM2 million 1/6 % on the residue up to RM7 million 1/8 % on the residue up to RM15 million 1/10 % on the residue up to RM50 million 1/25 % on the residue over RM50 million Minimum Fee : As above, but may be subject to a maximum discount of 30% and a minimum fee of RM300 per case. source: http://www.colliers.com.my/services/value_guide.htm You should negotiate with the valuer.... if the house is in Klang Valley (i.e the valuer does not have to incur much travelling cost for their visit to the house), and the house value is around the range of RM 250K-RM300k, there are valuers who just charge the minimum of RM 300  |
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Sep 29 2008, 02:12 PM
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#8
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Junior Member
462 posts Joined: Feb 2007
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QUOTE(Star @ Sep 27 2008, 12:32 PM) I just bought a sub-sale at Puchong Area RM152,000.00 and taking up NON-ZEC from Alliance Bank. Just last few days ago, my S&P lawyer informed me I have to pay RM1200.00 for the valuation fees. But i received a call again from the Alliance Bank (using their panel lawyer) saying I need to pay again for the valuation fee by their agent for RM450.00. good to bring up this issue, so it can create awareness to people.I am wondering is this normal to pay valuation to both parties? How come my lawyer didnt include the valuation fees into their original bill for S&P? I thinking my S&P lawyer is trying to be funny here. S&P Lawyer - Valuation Fees - RM1,200.00 Bank Loan Lawyer - Valuation Fees - RM450.00 Total RM 1650.00 Valuation Fess for a rm152K property can consider normal? First, i never encounter any thing so called VALUATION FROM LAWYER. You should verify this, which i think is inappropriate. Secondly, bank valuation is compulsory. Mine, 2 properties from Public bank do have BANK VALUATION. It was 200 , but, it also negotiable. |
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