The title deed will be charged based on the real value of the property. Those who sell properties under the region’s average price will be fined.
The new regulation will be made for title deed fees, which are collected during the sale and purchase transactions.
Thus, the new period will begin in the purchase and sale of real estate.
According to Sabah newspaper, the President is authorized to determine the title deed rate, collected during the sale of real estate, in consonance with the purchase-sale prices of the real estate.
In accordance to the new law, the fees of the land registry will be calculated based on the actual value of the property, determined by the General Directorate of Land Registry and Cadastre, and not on the value determined by the landlord.
According to the law that has been applied previously, the title deed fees were calculated based on the current price and the landlord’s statement.
The residence fee is 3% of the property value.
Thus, with the legal arrangement, the title deed fee will be calculated based on the real value of the property.
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Edit By: Realty Group