Version: CN
Starting Saturday, legal fees for conveyancing transactions in Peninsular Malaysia will rise due to a law revision. The purpose is to assist lawyers in managing escalating operating costs.
The revised Solicitors’ Remuneration Order (SRO 2023), recently gazetted, will specifically affect non-contentious matters like property sales, purchases, financing, and tenancies.
Nevertheless, licensed housing developers will benefit from fee reductions of up to 50% based on property value, providing some relief amidst the changes.
Source: The Star
Datuk Roger Tan, a senior lawyer representing the Malaysian Bar in the Solicitors Costs Committee (SCC), confirmed the upcoming changes and the implementation of the Solicitors’ Remuneration Order (SRO 2023) that will take effect on Saturday.
- Property valued at RM500,000 and below will have a conveyancing fee of 1.25% (previously 1%).
- Properties valued between RM500,000 and RM7.5 million will have a conveyancing fee of 1%.
Conveyancing fees for specific property values:
-
- RM200,000 property: RM2,500
- RM500,000 property: RM6,250
- RM1.1 million property: RM12,250
- RM1.5 million property: RM16,250
- RM7.5 million property: RM76,250
Previously, conveyancing fees ranged from RM2,000 to RM48,000. (Refer to the table for more details.)
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