hi.. need advice and anything

i purchase a house with the value lower than the market value (by comparing to the next phase launching value)
new lauching is around 320k while i'm getting it at 250k (first launch was only 270k)

the reason given by the owner need fast cash to settle everything..
the owner still owe the bank around 230k only..

everything goes right... until today.. a state government valuer call me asking why the value of the house is so low.. and require me to top up more on stamp duties..

1. do i have to pay more stamp duty just to level with current market value?
2. is it somthing wrong here on the purchase.. until now.. i don' feel nothing fishy yet..

i already withdraw my EPF and already paying 8% downpayment to my lawyer..
thanks..

say because the owner sell it cheap la, may be they suspect you both got some sort of relationship that the seller sell cheap to you, like money laundering stuff like that.

you know, like some one buy a brand new car using company name then resell to the executive for cheap cheap price to declare low tax.

i thought they only care people who over valued their property.. but note under value..

if u put house value lower than market value is considered trying to escape from paying the stamp duty. regardless whether the seller is ur mom or stranger.

ok.. now i understand why the state gomen opis keep on telling me to increase stamp duty..

think this means that u r getting a good deal, kudo's

Btw, stamp duty is calcualted based on either SNP or market valuation, whichever is HIGHER. Hope this clarifies.

how much is the valuation of the house?

my bank value the house 300k.. based on their valuer..

ok.. now i understand.. the stamp duty is based on which ever higher value..
thanks

which is a good news for u now, u r buying at 20% cheaper than market value, congrats!

YES, you have to pay the stamp duty according to the current price. your deal with the seller is a different story !