What is a Deed of Assignment
In Malaysia, we have the Torrens System in respect of our Land Law. Modelled just like the system used in Australia, immovable properties are issued Documents of Title (some call them “Grants”) to prove ownership of such properties. It is just like the Registration Card for motor vehicles which endorses the ownership of the vehicle. Now, what happens when the property - say, a newly constructed landed house or apartment, has not been issued the relevant Document of Title? This may happen because when a developer develops a piece of land, the developer usually has not submitted an application to the Land Office to carve out the piece of land into individual lots. This is where a Deed of Assignment comes into place.
A Deed of Assignment is a document or agreement which an assignor (the transferor) states his promise that from the date of the assignment or any date stipulated therein, the assignor assigns his ownership in that property to the assignee (transferee). A simple illustration would be when the developer signs a Deed of Assignment to transfer their ownership of that piece of property to the purchaser. When that purchaser decides to sell that property to a subsequent purchaser and the Document of Title has yet to be issued, the purchaser will sign a Deed of Assignment assigning his rights under the original Deed of Assignment to the subsequent purchaser. This will go on until the Document of Title is issued. Read more
Legal Fees for Property Transaction - Sales & Purchase
One of the most asked questions in a Sales & Purchase transaction involving immovable property is How much do I pay for legal fees? For a general outlook on what these legal fees cover, read my article on Legal Fees for Property Transaction and I would suggest that you start reading from there so that you can fully appreciate and understand the fee structure applicable. Today, I will share with you what you are expected to pay to your solicitors in legal fees for sales, purchases or other form of conveyances for completing any transaction involving immovable properties - be it a house, apartment, condominium, shophouse, commercial buildings, other types of buildings or land.
The remuneration of the solicitor is governed by the First Schedule to the Solicitors’ Remuneration Order 2005 (which only applies to transactions from the 1st January, 2006 onwards) and this remuneration applies whether the solicitor is acting for the vendor, purchaser, transferor or transferee. Read more
Legal Fees for Property Transactions
In Malaysia, the current remuneration of a solicitor in respect of non-contentious business is governed by the Solicitors’ Remuneration Order 2005 which came into operation on 1st January 2006. For purposes of this article, non-contentious business relates to the following:-
- sales, purchases or other forms of conveyances for completing any transaction involving immovable properties;
- tenancies or leases, agreements for tenancies or leases and agreements reserving rents;
- charges or mortgages, agreements for charges or mortgages, agreements for financing under the Islamic banking business as defined under the Islamic Banking Act 1983, debentures by way of a fixed or floating charge and other instruments executed by way of security;
- discharges of charges or deeds of reassignment pertaining to charged or assigned properties;
- preparation, filing or witnessing of miscellaneous documents; and
- other non-contentious work for which there are no provisions made to regulate the remuneration of a solicitor by means of a scale or fixed fee.
The remuneration specified in the Schedules to the Order does not include any of the following:- Read more
