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Many people buy properties in Malaysia as holiday homes, second homes, or somewhere to live where the cost of living is much lower than it is in the West. But figuring out how much you need to pay in transaction costs and so on is a constant challenge. It’s not always clear.
It turns out that transaction costs in Malaysia are usually based on the percentage value of the property. What’s more, they lie on a sliding scale, meaning that the more you spend on a property, the smaller the various charges are as a percentage of the total (however, the absolute cost still rises in many cases).
There are a variety of fees that people buying properties in the country need to pay.
For instance, if you’re buying a sub-sale property or new development, you’ll need to pay a charge to prove that you’ve purchased the property. And you’ll also have to pay a lawyer to check over the various loan agreements that you have with the lender to make sure that you’re repaying the right amount.
However, there are other fees that differ depending on whether you’re buying a new development or a sub-sale. For instance, on a sub-sale, you’ll have to put down a down payment of at least 10 percent. However, you may be able to withdraw this from your EPF if you are eligible for a new development. You’ll also have to pay valuation fees on a sub-sale for the lender’s collateral.
Check out the following infographic which explains it all in more detail.
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