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WolleyDragon
22-06-09, 09:43
Hi All,

Need to check something with you guys.. I recently bought a unit and went to the lawyer to do the necessary documentation & stuff..

I have a question; eg.

Stamp Duty - $30,000.00
mortgage fee - $500.00
payable to lawyer for stamp duty - $30,500.00

I just want to find whether it's a common practice for the lawyer to charge the add'l $500.00 fee? I know that we have legal fees to pay but to my understanding, all the legal fees should be settled upon completion of sale..

Thks
Acer
22-06-09, 10:23
Hi All,

Need to check something with you guys.. I recently bought a unit and went to the lawyer to do the necessary documentation & stuff..

I have a question; eg.

Stamp Duty - $30,000.00
mortgage fee - $500.00
payable to lawyer for stamp duty - $30,500.00

I just want to find whether it's a common practice for the lawyer to charge the add'l $500.00 fee? I know that we have legal fees to pay but to my understanding, all the legal fees should be settled upon completion of sale..

Thks
I ask 2 lawyers. Both of them told me mortgage fee is not to the law firm. It is for the mortage, pay to Government.
Just that the law firm collect it and pass to Government

I don't recall, had this mortgage fee few yrs back. So I'm also wondering, is this a new requirement.
WolleyDragon
22-06-09, 11:22
I ask 2 lawyers. Both of them told me mortgage fee is not to the law firm. It is for the mortage, pay to Government.
Just that the law firm collect it and pass to Government

I don't recall, had this mortgage fee few yrs back. So I'm also wondering, is this a new requirement.

Thks Bro..

On another note; stamp duty is a duty fee payable to the Government for filing of documents.. why generate a new mortgage fee right?? isn't it a LPPL fee related to stamp duty??

next time when you buy property maybe got to pay government;
1) Stamp Duty
2) Mortgage Fee
3) Photocopy Fee
4) Stationary Fee
5) Paper Clip Fee
6) Pen & Pencils Utilization Fee
7) Ruler Regulatory Fee

notice items 5~7 is a deliberate reproduction of stationery fee.
kyongpar
22-06-09, 12:18
Stamp duty for Mortgage is payable by a buyer and is SGD500.
Acer
22-06-09, 13:42
Stamp duty for Mortgage is payable by a buyer and is SGD500.

is direct purchase from developer also subject to this stamp duty?
Autonomy
22-06-09, 13:44
is direct purchase from developer also subject to this stamp duty?

Yes its applicable...
Acer
22-06-09, 13:58
thanks Autonomy

WolleyDragon, I find this in IRAS
Stamp duty rate for mortgage


http://www.iras.gov.sg/irasHome/page04.aspx?id=8708
WolleyDragon
22-06-09, 14:14
thanks Autonomy

WolleyDragon, I find this in IRAS
Stamp duty rate for mortgage


http://www.iras.gov.sg/irasHome/page04.aspx?id=8708



Thanks Acer for the info. :)
thomastansb
23-06-09, 03:22
Nope. I didn't pay the $500. It is ridiculous. The money is for the Government. Why would the firm charge you? I bought three times and three times, the firms did not charge me. I went to two different firms btw...
louisebrown
23-06-09, 09:14
It is NOT an issue of having purchased a property.

It is stamp duty on mortgages, that is if you had secured a mortgage for the property purchase. If you had paid cash for your property, well good for you.:)

Secondly, the stamp duty on the mortgage is $4 per $1,000 or part thereof BUT capped to $500.00
If you had secured a loan more than $125,000, you will pay max $500.
louisebrown
23-06-09, 09:19
Wollydragon

Congratulations. You've bought a $1,180,000 property :)