Do you know how much legal fees are payable?
Below is the table of what lawyers are permitted under the Solicitors Remuneration Order 2023 to charge for effecting the transfer of your real estate properties to a corporate trustee to manage your trust.
Based on the latest revised SRO 2023 scale shown above, here are a few examples of the legal fees you can expect to pay the lawyers (excluding the land office charges and lawyers’ expense charges).
Example A: If you inject a property having a market value of RM1,000,000, then the legal fees payable will be RM11,250
ie (RM500,000 x 1.25%) + (RM500,000 x 1%)
Example B: Even with a smaller property with a market value of just RM500,000, the legal fees payable is still a significant amount of RM6,250
ie (RM500,000 x1.25%)
Example C: If you have 2 properties, one valued at RM800,000 and another RM1,500,000, the legal fees payable will be a significant RM25,500!
ie [(RM500,000 x 1.25%) + (RM300,000 x 1%)] + [(RM500,000 x 1.25%) + (RM1,000,000 x 1%)]
Calculate your own property transfer Legal Fee: click here to calculate it.
The above legal fees payable do NOT yet take into consideration the stamp duty chargeable for effecting the transfer of the real estate properties to the corporate trustee.
Here at Generations-ASIA, we assist you in setting up your trust without having to pay these stamp duties and legal fees for the transfer of real estate properties. That is a significant saving to you while securing the benefits of trust-protected assets.
To find out more and how we do this, click here and choose 'General Enquiry' to get in touch with us.
(You will get a 30-minute free consultation that explains more on how you can avoid paying legal fees when setting up a trust for your real estate property assets.)
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