The sale and transfer of property valued at RM500,000 and below are now subjected to a 1% conveyancing fee. The revision took effect on Wednesday.<\/p>\n
According to the Bar Council, the decision came about with the review of the fee structure in the Solicitors\u2019 Remuneration Order by the council last year.<\/p>\n
The revision will see 0.8% conveyancing fee for properties worth more than RM500,000 but below RM1 million.<\/p>\n
Previously only properties worth RM150,000 and below were subjected to a 1% fee while those costing above RM150,000 and up to RM1 million were imposed with a 0.7% charge.<\/p>\n
But like the old Order, property transactions from licensed housing developers will automatically get between 25% and 35% reduction in fees depending on the value.<\/p>\n
This means that 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.<\/p>\n
For a RM1 million property, the fee is RM5,850, up from RM4,842.<\/p>\n
According to the association, the sum is calculated by charging the 1% fee on the first RM500,000 before adding the 0.8% fee on the subsequent value. This total is then deducted with the 35% reduction.<\/p>\n
Before the revision in March last year, the fee structure had remained the same for the past 11 years.<\/p>\n