Do your parents intend to transfer their house or condominium to you?
In Malaysia, parents can transfer property to their children by way of love and affection, without requiring an ordinary sale and purchase transaction.
This is a common arrangement where parents wish to give property to their children during their lifetime.
Do You Need to Pay Stamp Duty?
Eligible property transfers from parents to children may qualify for stamp duty exemption under the Stamp Duty (Exemption) (No. 3) Order 2023.
For qualifying transfers:
- The first RM1 million of the property’s market value is fully exempted from stamp duty.
- The stamp duty attributable to the portion exceeding RM1 million is reduced by 50%.
The recipient must be a Malaysian citizen, and the applicable conditions must be satisfied.
Note: The information above is accurate as at the date of publication and is subject to changes in the applicable laws and regulations.
What Documents Are Required?
The documents generally include the property title or ownership details, identification documents of the parties and documents establishing the parent-child relationship.
Additional documents may be required depending on whether the property is charged to a bank or subject to restrictions in interest.
Transfer Your Parents’ Property With TEH & YU
TEH & YU provides conveyancing legal services for transfers of property from parents to children in Malaysia.
Contact our lawyers in Kuala Lumpur to enquire about the process and legal fees involved.