Something about S&P Legal Fees

Do you know...

If you are planning to sell a property that is fully paid under your name (not the financier), you can save up to RM 3,000 in legal fees for the S&P processing (S&P means Sales & Purchase just in case you are too young to know or have not come across this acronym in your school text book) if both the buyer and seller are using the same lawyer.

The reason was that the lawyer will be safe guarding the interests of both parties without having to bear the risk of transaction not pushing through due to unforeseen circumstances, delays in payments/settlement of balance sum etc. Most importantly, the lawyer will not need to charge you extra expenses and miscellany charges due to the communications and documents exchange with the buyer's lawyer. And because you as the vendor has already settled with your bank and is the rightful property owner, there is no need for the lawyer to sort out the grant, land title etc.

The only catch was that either the property agent or the lawyer must know both buyer and seller well enough to ascertain that the intend to buy/sell is genuine. Also, there is sufficient evidence about the financial status of the buyer or his/her financier granting the loan to settle the agreed purchase price.