Have your grandparents decided to give you their house, condominium or land?
In Malaysia, grandparents may transfer property directly to their grandchildren by way of love and affection, subject to the relevant legal requirements.
Is Stamp Duty Payable?
Qualifying transfers between grandparents and grandchildren may benefit from the stamp duty exemption provided under the Stamp Duty (Exemption) (No. 3) Order 2023.
Where the grandchild receiving the property is a Malaysian citizen, the transfer may qualify for full exemption on the first RM1 million of market value and 50% remission on the stamp duty attributable to the excess.
Note: The information above is accurate as at the date of publication and is subject to changes in the applicable laws and regulations.
How Does the Transfer Work?
The process generally involves preparing the necessary legal documents, verifying ownership, checking for restrictions or encumbrances, attending to stamp duty matters and registering the ownership transfer.
Where the property remains charged to a financial institution, additional steps may be required.
It is also important to distinguish between a property transfer made during your grandparents’ lifetime and the inheritance of property following their death, as different procedures apply.
Need a Property Transfer Lawyer?
At TEH & YU, we assist with property transfers between grandparents and grandchildren in Malaysia.
Contact our conveyancing team for assistance with the transfer process and relevant legal documentation.