The seller facing two additional costs
Posted: Sat Dec 28, 2024 6:32 am
This practice can result in an increased legal fee and a higher Real Property Gain Tax (RPGT), both calculated based on the inflated price. To avoid these issues, the seller can require the purchaser to bear all additional costs resulting from the mark-up. Alternatively, the seller can opt to utilize their one-time RPGT exemption. 2) Unperfected Ownership If the developer has not transferred the property title to the seller (a process known as ‘perfection’), the seller must first obtain ownership before transferring it to the buyer.
This can adversely extend the sale duration. The seller canada whatsapp number database may also incur costs for the Memorandum of Transfer and the developer’s admin fee. Therefore, if you have a master-title property, it’s advisable to check the status of your property title with the developer and plan your sales accordingly. 3) Deposit Deductions After signing the sales and purchase agreement, you might think you’ll get the full 10% deposit.
But that’s not the case. First, the lawyer will take out their fees and costs. Then, they’ll keep 3% of the sale price for the Real Property Gain Tax (RPGT) payment to the Inland Revenue Board of Malaysia (IRB). You’ll get the difference back if your RPGT is less than 3%. If it’s more, you’ll have to pay the extra. So, don’t expect to receive the full deposit amount.
This can adversely extend the sale duration. The seller canada whatsapp number database may also incur costs for the Memorandum of Transfer and the developer’s admin fee. Therefore, if you have a master-title property, it’s advisable to check the status of your property title with the developer and plan your sales accordingly. 3) Deposit Deductions After signing the sales and purchase agreement, you might think you’ll get the full 10% deposit.
But that’s not the case. First, the lawyer will take out their fees and costs. Then, they’ll keep 3% of the sale price for the Real Property Gain Tax (RPGT) payment to the Inland Revenue Board of Malaysia (IRB). You’ll get the difference back if your RPGT is less than 3%. If it’s more, you’ll have to pay the extra. So, don’t expect to receive the full deposit amount.