PETALING JAYA: Property buyers of new units from licensed developers can now enjoy a significant discount in legal fees, thanks to the latest changes in the Solicitors’ Remuneration Order. The amendments recently gazetted in the Solicitors’ Remuneration Order (SRO 2023) entitle buyers of properties from developers falling under the Housing Development (Control and Licensing) Act to up to a 50% reduction in conveyancing fees. Previously, lawyers were only allowed to offer discounts ranging from 25% to 35%.
Datuk Roger Tan, a member of the Solicitors Costs Committee (SCC) responsible for approving the amendment to SRO 2023, expressed optimism that these changes would alleviate the financial burden faced by potential house buyers. He emphasized that this move serves as a testament to corporate social responsibility.
Prior to this revision, the last modification to the Solicitors’ Remuneration Order was made in 2017, even allowing fee discounts for buyers of second-hand homes and commercial units. It is important to note that lawyers were not previously permitted to offer any discounts under the Solicitors Remuneration Order 2005.
The SCC approved the Solicitors Remuneration Order 2005 (now replaced by SRO 2023) as a regulatory guideline governing legal fees for non-litigation conveyancing matters. These matters encompass a range of transactions, including sale and purchase agreements, tenancy agreements, lease agreements, transfers, loans, assignments, and more.
Credit: The Star : News Feed
