How much is the Legal Fees Payable when Buying a Property?
The legal fees payable to a lawyer acting for you when you buy a property is calculated based on the purchase price as follows:
- For the first RM150,000, the legal fees payable is 1%
- For the next RM850,000, the legal fees payable is 0.7%
- For the next RM2,000,000, the legal fees payable is 0.6%
- For the next RM2,000,000, the legal fees payable is 0.5%
- For the next RM2,500,000, the legal fees payable is 0.4%
- For the remaining, if any, negotiable
For instance, if the purchase price is RM1,000,000. The calculation is as follows:
Total legal fees payable: (RM150,000 X 1%) + (RM850,000 X 0.7%) = RM 7,450.00