After selling the shop, can you just sit back and enjoy a stable income? No~No~No~! Don’t think that selling the shop means you can just lie back and collect money. In reality, there are still some fees to be paid, and the last one is a must! Definitely! Let’s take a look at what fees need to be paid!
1) Property Agent Fees:
When you decide to hire a real estate agent to sell your shop, you must pay for their services. Real estate agent services include pricing and advertising your shop, arranging viewings and bookings, and negotiating on behalf of the seller with potential buyers.
In return for these services, the real estate agent will charge a commission, typically 2-3% of the shop’s selling price, with a maximum of 3%.
For example, if your property is sold for RM500,000, the maximum commission the real estate agent can earn is RM15,000.
2) Legal Fees:
After confirming the sale of the shop, you will need a lawyer to draft the Sales and Purchase Agreement (SPA) and prepare all the necessary documents and information for the sale of the shop.
The cost of legal fees is based on the selling price of the shop and is as follows:
| SHOP SELLING PRICE | COST |
|---|---|
| First RM500,000 | 1.0% |
| Next RM500,000 | 0.8% |
| Next RM2,000,000 | 0.7% |
| Next RM2,000,000 | 0.6% |
| Next RM2,500,000 | 0.5% |
Therefore, if your selling price is RM2,000,000, you will pay RM16,000 in legal fees:
– The first RM500,000 will be 1%, which is RM5,000.
– The next RM500,000 will be 0.8%, which is RM4,000.
– The remaining RM1,000,000 will be 0.7%, which is RM7,000.
3) Real Property Gains Tax (RPGT)
The final mandatory payment is the Real Property Gains Tax, abbreviated as RPGT, and must be paid within 60 days after the sale.
RPGT is a form of capital gains tax imposed by the Inland Revenue Board of Malaysia (LHDN). When you make a profit from the sale of your property, you are required to pay tax to the government. This applies to both locals and foreigners. However, if there is no profit, or if you incur a loss from the sale, the government does provide tax exemptions.
If you want to know more about shop sales and rentals, you can contact us and let us answer your questions.
[ Click here ] or call the number 010-222 0400
Bizlocate, Business Location Solution Provider | Specialized in assisting businessmen who want to open a store to find a suitable store location
Website: https://bizlocate.com.my/
Phone: +6010-222 0400
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