Some of us have not had the pleasure of owning many properties in this lifetime to be familiar in transferring the same, so please bear with any inaccuracies that may show up in this article intended for exposition of greed of the current ‘toll keeper mentality’ system. Because some of us have the finances to ignore these fees which are excessive to others, or take for granted that this is written in stone (most assuredly the MPs have the power to change this, or Bar Council the power to address this but both have not spoken, thus rendering them unvotable or not carrying out their responsibilities to better the system of governance leaving loopholes in place to parasities off), does ot mean everything is fine or that the system is fair, this is a very serious issue that must be addressed.
The current property sale or transfer process follows :
– a lawyer charges fees that vary (often equal to a month or few of salary) for representing transferring party
– transfer form is obtained and signed
– stamp duty department contacted by lawyer about sale
– stamp duty department will give notice how much the govt. to determine stamp duty based on excessive Stamp Duty Act figures.
– buyer or transferring parties will pay stamp duty which is 1% or more (this is excessive, in fact no Stamp fees should be levied at all – if someone wants to give you something, who’s business is it to say you have to pay the government first? MPs who neglect such things and do no amend such things, do not deserve your vote.)
– if deceased and within family, the stamp duty is waived
– if alive they have to pay stamp fee (why the difference? can’t family members transfer properties without stamp fees before they die and not be charged? why after dead then waived? this speaks of the viciousness of the system)
– if a family member the stamp duty is waived 50%
Effectively the transfer will be subject to interference by the government valuation (which could be colluded with at higher rates for pro-government of the day legal firms, or colluded against for anti-government of the day legal firms). This should be altered by the MPs of the day.
The Stamp Duty Act in all cases gives too much power to the government Land Office to decide what stamp duty is to be paid to the lawyer by the arbitrary power to decide the value of the property. The MPs and candidates for MPs should on top of the removal of Eminent Domain powers removal, and granting of Allodial titles (for freehold owners) requirement, be ready to promise to AMEND the Stamp Duty Act which is both invasive, wastes the time of all parties and adds unnecessary layers of administration.
WHATS WITH THE EXTREME COSTS FOR TRANSFER? It’s your property not the government’s property, and transfer should not cost anything (to witness and smudge some ink, they want us to pay nearly a month’s salary or even a year or few in high value properties?!? An officer can be assigned at the Land Office to sign themselves as a witness for a moment – yeah right I saw the Stamp being placed on the triplicate government issued titles in the presence of the owner and lawyer – this can be further proven with live videos made of EVERY signing) be so cumbersome or invasive.
This toll keeper mentality fo the government and law has to go. If anyone gave another person any property not sold it, for any reason, from a few properties, why should ANYONE much less government be allowed to demand and extract a pound of flesh or fees for a private property transfer in which no money passes between the giver and receiver? Who knows the commission that property agents charge could be an industry of making people move out of neighbourhoods to cause them to spend money on the system as well. With this sort of stamp fees in place, the legal profession could not be doing REAL work and rather parasiting off people’s property transfers. Ethics please! Both parties don’t exchange a cent but the lawyer and the government get 1% or more % costing 1000s or even 10s of 1000s?!? AMEND THE LAW!
Property Transfer should be done in the below fashion :
– transferring parties (or party and Will) with lawyer shows up at Land Office as proof
– officer in charge of land transfers witnesses the transfer at Land Office (new owner, lawyer present), token stamp fee for RM1 ONLY (no valuation based fees or involvement of valuer state or private)
– 3 parties stamp or sign or mark in triplicate 3 single titles
– one copy kept by land office for proof, another by the owner, the 3rd copy kept by lawyer’s firm (in the event the lawyer’s firm goes bust, the lawyer has to pass all records to another legal firm of choice and inform the current owner of any property being moved and land office that the record has been transferred to the new legal firm)
We are civilised now, what you earn can be used to buy what you own, but DO NOT vote for anyone who has this toll keeper mentalty which has doubtless led to the sense of entitlement that led to the government daringly placing toll booths everywhere. PAS who knows how to bulldoze the toll booths, so PAS ready to get your legal team in your poltical party to work on this an propagate the unvotability of all other political parties who do not understand this? Bloodsucking ‘kutu’ policy coalitions who ignore these issues need to be thrown out!
It’s YOUR property, if you want to give anyone it’s your business, WHO THE HELL HAS A RIGHT to demand fees against what property one owns when given away ESPECIALLY when no money passes between the giving and receiving parties?!?
If 66% of the MPs decide Stamp Fees only cost $1, the Stanp Fees will indeed cost $1. These are the MPs needed to be voted in, so find out which MP concurs with this and which MP does not. The MP who does not, thinks they can extract a pound of flesh everytime someone moves their goods and property to a loved one or relative, they will be sadly mistaken.
Consult your MP on if they will grant this to decide if your MP is revotable or deserves your vote or needs to be run against, they too pay for stamp fees. Then there is the issue of candidate deposits? Those who keep the deposit at 8000 and 15,000 respectively effectively keeping out all the people who do not have this sort of money are efgfectively barring the ENTIRE low wealth class from participating in politics. This is UNACCEPTABLE. Find out which MPs want to lower these deposits to 8000 and 15,000 to 8.00 and 15.00 or at least refund the entire deposit IF that candidate did not win and that deposit is more than 50% of their total liquid asset and if they do not own a second home. Otherwise UNVOTABLE again!