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3. Fee for other capital valuation/rating valuation services based on an “Improved Value” basis.
4. Fee for rental and rating valuation services.
Minimum Fee : As above, subject to a minimum fee of RM 400 per property.
5. Fee for mass valuation services for local authorities.
The above fee is inclusive of all costs, except for the additional claims for attendance at objection meetings and judicial hearings. 5A. Fees for update valuation For all update valuations carried out under the Malaysian Valuation Standards published by the Board, the fees payable shall be at a minimum of 15% of the appropriate scale of fees or RM400 per property, whichever is higher. 5B. Fees for revaluations For revaluations carried out under the Malaysian Valuation Standards published by the Board, the fee payable shall be a minimum of 30% of the appropriate scale of fees or RM400 per property, whichever is higher.
5C. Fees for Retrospective Valuations
Fees up to ten times the scale fees may be charged, depending on negotiations with the client.However, such valuations shall not apply to land acquisition valuations. Such valuations must be retrospective to at least 5 years from the current date.
6. Additional Claims.
In addition to the fees stated in (1) to (5C) claims may be made for :
1. The cost of printing, plans, copies of documents, lithography travelling and other expenses actually incurred;
2. A fee of RM 150 per hour or RM 800 per working day of 8 hours for negotiations, attendance at meetings with solicitors, consultants or authorities;
3. A fee of RM 200 per hour or RM 1000 per working day of 8 hours for giving evidence before judicial bodies;
4. Additional fees can be charged to the client for additional works done in preparation for negotiations and court attendance.
Note :
1. The fees stated in items 6(2) and 6(3) are chargeable for actual appearance at meetings or before judicial bodies. In the case of postponements, adjournments, etc, (where less than 24 hours notice is given) a minimum fee of RM 400 is chargeable if the meeting or judicial appearance is in the same town/city as the location of the practice and a minimum fee of RM 800 is chargeable if the meeting or judicial appearance is outside the location of the practice.
2. The claims and fees stated in item 6(1) to 6(4) with respect to land acquisition valuations shall not be claimed against the land administrator.
B. PROPERTY MANAGEMENT
An annual fee based on:
* The fee is applicable to each holding. The expression ‘holding’ as used here has the same meaning as defined in Section 2 of the Local Government Act 1976. The expression ‘gross annual rent’ means the rents reserved or deemed to be reserved by the lease or lettings plus any incidental receipts collected or accounted for or both in the course of management. Minimum fee : As above subject to a minimum fee of RM50 per month.
ADDITIONAL CLAIMS
In addition to the above, claims may be made for-
1. The cost of printing, plans, copies of documents, lithography, travelling and other expenses actually incurred;
2. A fee of RM 150 per hour or RM 800 per working day of 8 hours for negotiations, attendance at meetings with solicitors, consultants or authorities;
3. A fee of RM 200 per hour or RM 1,000 per working day of 8 hours for giving evidence before judicial bodies.
Note :The fees stated in items (2) and (3) are chargeable for actual appearance at meetings or before judicial bodies. In the case of postponements, adjournments, etc. (where less than 24 hours notice is given), a minimum fee of RM 400 is chargeable if the meeting or judicial appearance is in the same town/city as the location of the practice and a minimum of RM 800 is chargeable if the meeting or judicial appearance is outside the location of the practice.
C. ESTATE AGENCY
1.
(a) Land and BuildingsMaximum fee of 3% (b) Fees for other services such as joint venture, sale of company, property swaps, etc. Maximum fee of 3% (c) Chattels including Plant and Machinery Minimum fee : As above, subject to a minimum fee shall be RM1,000 per property. The above scale applies to any sale or purchase by way of private treaty, tender or any other mode of disposal or acquisition. For The above scale of fees shall not apply to the sale of foreign properties in
2. Lettings
Minimum fee : As above subject to a minimum fee of 1 month rental. For tenancies less than one year, the fee may be calculated on a pro rata basis. The above scale shall not apply to serviced offices or apartments or any other premises of a similar nature. 3. Rent Reviews - 50 % of the fees chargeable under lettings 4. Additional Claims In addition to the fees stated in items 1 to 3, claims may be made for: (a) the cost of printing, plans, copies of documents, lithography, travelling (only where the distance between the estate agent’s office and the property is more than 40 km) and other expenses actually incurred; (b) the cost of media advertisements, signboards, brochures and other promotional material. Note : The above additional claims may not be incurred by the registered estate agent without the prior concurrence of the client. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Friday, December 19, 2014
The Board of Valuers, Appraisers and Estate Agents Malaysia - Reference
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