Taking
effect on 17th March 2017, following the revision of the fee structure in the
Solicitors’ Remuneration Order by the Bar Council, property transaction valued
at RM500,000 and below will be subjected to 1% conveyancing fee. For property transaction valued above RM500,000 and below RM1 million, 0.8% conveyancing fee will be imposed.
Prior to the revision, only properties worth RM150,000 and below were subjected to a 1% fee while for property valued above RM150,000 and up to RM1mil were imposed with a 0.7% charge.
For property transactions from licensed housing developers, the automatically reduction between 25% and 35% in fees will still remained unchanged, depending on the value.
Prior to the revision, only properties worth RM150,000 and below were subjected to a 1% fee while for property valued above RM150,000 and up to RM1mil were imposed with a 0.7% charge.
For property transactions from licensed housing developers, the automatically reduction between 25% and 35% in fees will still remained unchanged, depending on the value.
Under
the new Order, for a property worth
RM500,000, the new conveyancing fee is RM5,000 but will only come up to RM3,500
following reductions. In the past, the fee was RM2,765.
For
a property transaction at RM 1 million (refer
to the following table), the new fee will at RM5,850, increased from
RM4,842.
The fee structure had previously remained the
same for the past 11 years.
