Malaysia Hotline: +603- 2141 8908
Sales
and Purchase Agreement is a legal
contract that obligates a buyer to buy and a seller to sell a property,
Governed by the Housing Development (Control and Licensing) Act 1966 where All
purchases direct from housing developers must use the Schedule G (for purchases
of houses) or the Schedule H (for purchases of apartment respectively of the
Housing Developers. Payment of the purchase price the said Schedules G and H is
by progressive payment based on completion of work as certified by the
architects.
A
memorandum of transfer, which is Form 14A of the National Land Code 1965, must
be completed to transfer the title from the seller to the purchase. In
instances where the title has not been issued, then if the purchase is from a
developer, the developer will undertake in the sale and purchase agreement to
transfer the title when the same is issued; and if the purchase is through a
sub-sale, the transfer will be through an assignment of the sale and purchase
agreement between the developer and the seller (Principal SPA) to enable the
buyer to take benefit of the developer’s undertaking to transfer the title
contained in Principal SPA.
Stamp
Duty
Stamp
duty is levied on the document of transfer (i.e. the memorandum of transfer if
the title has been issued, or the deed of assignment of Principal SPA if the
title has not been issued) based on the purchase price as follows:-
a. 1% on
the first RM100,000.00
b. 2% on
the next RM400,000.00
c. 3% on
the nest RM1,500,000.00
and
d. 4% on
the remainder
(item 32
[a] of the Stamp Act 1949)
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my