Been busy trying to sort out my purchase and learnt a few new things... or at least new to me -
1. There are three sets of legal fees one has to pay in a purchase transaction
a. legal fees on the SPA (usually absorbed by the developer)
b. legal fees on the loan agreement (may or may not be absorbed, but can be tagged onto the loan) and
c. legal fees on the memorandum of transfer, not the same as stamp duties which is paid to govt (also may or may not be absorbed by developer)
2. Seems like there is this regulation (dunno effective when) that requires foreigners buying property under a Master title to cut out the individual title and finalise the transfer before the loan can be disbursed. Because of this, I have to pay the stamp duties now even though property is not completed instead of 6 months after collection of keys as was previously told to me by developer.
3. Difference between the two so-called property tax cukai tanah and cukai pintu. Cukai tanah or quit rent is paying tax to the land authority, it is a tax revenue. Cukai pintu or assessment rate is paying to the majilis or council for the maintenance of roads, drains, lights, collection of rubbish etc. Something like our S&CC I suppose. I had always thought that maintenance fee paid to developer was for this purpose but apparently that is only for the maintaining the security system of G&G... Anyway I got info about the two taxes from here http://www.real-estate-malaysia.com...erence-between-quit-rent-and-assessment-rate/
Hope I got my facts right. Would appreciate if the bros and sis here can enlighten or clarify. Thanks!
1. There are three sets of legal fees one has to pay in a purchase transaction
a. legal fees on the SPA (usually absorbed by the developer)
b. legal fees on the loan agreement (may or may not be absorbed, but can be tagged onto the loan) and
c. legal fees on the memorandum of transfer, not the same as stamp duties which is paid to govt (also may or may not be absorbed by developer)
2. Seems like there is this regulation (dunno effective when) that requires foreigners buying property under a Master title to cut out the individual title and finalise the transfer before the loan can be disbursed. Because of this, I have to pay the stamp duties now even though property is not completed instead of 6 months after collection of keys as was previously told to me by developer.
3. Difference between the two so-called property tax cukai tanah and cukai pintu. Cukai tanah or quit rent is paying tax to the land authority, it is a tax revenue. Cukai pintu or assessment rate is paying to the majilis or council for the maintenance of roads, drains, lights, collection of rubbish etc. Something like our S&CC I suppose. I had always thought that maintenance fee paid to developer was for this purpose but apparently that is only for the maintaining the security system of G&G... Anyway I got info about the two taxes from here http://www.real-estate-malaysia.com...erence-between-quit-rent-and-assessment-rate/
Hope I got my facts right. Would appreciate if the bros and sis here can enlighten or clarify. Thanks!
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got a shocked how fast time flies. 
