Hi,
I need to know what else I should do/procedure—currently, house under joint name between my wife and me. I want to transfer my 50% to my wife, and I believe stamp duty is exempted under transfer of love in the property.
What else I need to do?
Do I need to go land office to do this procedure or engage a lawyer to do MOT?
I would think this is zero cost except for some fee for the land office for some form to fill up.
Thanks and Regards,
Anthony
Answer:
Hi Anthony,
Thank you for your questions. There are many questions, and I will try my best to reply to them.
I understand the property transfer confusion; I was too confused when I first know about the procedure.
Let me help answer your questions, and hopefully, I can steer you in the right direction.
First of all, it is correct that the stamp duty for property transfer between spouse is exempted;
we called this property transfer transaction as Love and Affection transfer.
And Yes, you can do a property transfer between spouse if you fulfil the criteria.
One crucial piece of information before doing a property transfer is whether the property still charged to a bank.
PROPERTY FREE FROM ENCUMBRANCE
If the property free from encumbrance or no bank loan. You can directly go to the land office to do it or hire a lawyer to do it for you.
You can walk into the land office and get the information and steps to do it. It might take a few trips, fill up a few forms and provide some documents.
On your own, the cost of doing it will be cheaper than hiring a lawyer because you are using your own time and discovering on your own to complete the transaction.
I can’t give you complete information on how to do it as I never do it independently. I prefer to hire a lawyer to do it.
PROPERTY CHARGED TO BANK
If the property charged to a bank or you are still servicing a loan for the house, your wife must refinance the property to another bank.
You can’t complete a property transfer without getting a new bank loan as the existing loan has changed, so you must apply for a new bank loan.
Due to the property still charged with a bank, you are required to appoint a lawyer to do it for both the property transfer and refinancing.
When it comes to dealing with banks, you need a lawyer to do the work.
So, yes. You can’t do it yourself.
The above advice is based on the assumption; the property is under individual or strata title.
If the property under a master title, it will be more complicated. I’d suggest you have a conversation with us so that we can give proper advise.
And if you want to know about the property transfer cost, you can click the link below and request a quotation from us.
TRANSFER OF PROPERTY BY LOVE AND AFFECTION MALAYSIA
AUCTION PROPERTY MALAYSIA
SELLER QUOTATION FOR SUB SALE PROPERTY MALAYSIA
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