If you were to buy a property for investment, you should be well aware of the cost involved in buying the property, as well as the cost to sell it later.
The typical cost of selling the property consists of:
1. Advertisement fee to look for buyer (if any).
2. Agent fee (if you engage property agent to help you to sell your house): 3% of selling price. There is a 6% government tax on this agent fee too.
3. Lawyer fee for Sales and Purchase Agreement
(calculated based on the property's selling price, if you engage a lawyer on your behalf. You can save on this if you use the buyer's lawyer. Lawyer can only on one-side, so if you use your buyer's lawyer, the lawyer is only helping you to fill in & submit forms. You also need to pay for the cost):
First RM150k = 1% (or minimum RM300, whichever higher)
Subsequent up to RM1 million = 0.7%
Subsequent up to RM3 million = 0.6%
Subsequent up to RM5 million = 0.5%
Subsequent up to RM7.5 million = 0.4%
Above RM7.5 million = negotiable
4. 6% government tax on total lawyer fee
5. Deed of Receipt & Reassignment, Revocation of Power of Attorney, Letter of Undertaking, Statutory Declaration, etc. = a few hundreds
6. Miscellaneous legal fee (disbursement charges such as transportation costs, searching cost etc) = at least a few hundreds
7. Submission of CKHT 1A form per seller = RM300 (RM600 if the house is jointly owned by 2 owners)
8. Real Property Gain Tax = payable to LHDN.
For 2015 (individual RPGT)
below 3 years = 30%
4 years = 20%
5 years = 15%
after 5 years no RPGT
You may also request for once in a lifetime waiver
9. Penalty payable for early mortgage settlement (if still within lock-in period) = depends on the loan agreement
Besides, you can get back some surrender value (partial refund on premium paid) from the following (if applicable):
Mortgage Reducing Term Assurance (MRTA)
Fire insurance
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