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Transfer of joint property ownership to single name. What are the cost and procedure involved?

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asked on Jun 8, 2016 at 15:47
by   lwaisan
edited on Jul 25, 2016 at 05:22
 
I have a property joint name with my sister. Currently she is willing to transfer the property under my name as I am paying the monthly loan installment.

May I know what is the cost involve on this transfer? And what is the procedure to go about it?

Thank you very much.
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answered on Jun 30, 2016 at 14:52
by   shtanyc
Hi Iwaisan

The cost to transfer your sister's share in the property to you would involve:-

1. legal fees on the transfer (calculated based on value of the property);
2. legal fees for filling of the relevant CKHT forms (at RM300 per form for transferor and RM200 per form for transferee);
3. stamp duty on the transfer (calculated based on value of the property); and
4. disbursement charges such as registration fees, search fees, travelling charges, etc (estimated range between RM500-RM1,000).

Whilst the procedures are generally standard involving searches, execution of transfer, stamping and registration, the procedures and documents required may differ depending on the status and type of property to be transferred, for example (since you mentioned about monthly loan instalment), I presume that the property is currently charged/assigned to the bank and in this case, the prior consent of the bank may be required before you can effect the transfer.  
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answered on Sep 3, 2016 at 00:35
by   Hakuna Matata
In case you are wondering about the stamp duty for transfer. Sibling to sibling, no exemption/remission!
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