When to pass the money to the lawyer?
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 Oct 26 2009, 11:33 PM, updated 17y ago
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#1
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3,188 posts Joined: Jul 2007 From: A place called "home"  
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At the point of signing s&P, a total of 10% of the property agreed price has been paid.
If let's say I take up, 60% margin of finance, I have another 30% to fork out. When is the point where I need to pass this 30% to my lawyer (since the 60% loan amount will be disbursed to the lawyer)? |
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Oct 26 2009, 11:59 PM
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#2
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3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(michaelpsy13 @ Oct 26 2009, 11:42 PM) From my experience, just bought house: Oh thanks...i thought it was on the lawyer's name; but thinking twice, it makes sense to have it on the owner's name....You have to pass it to lawyer before the loan release. Your lawyer needs that 30% to show the bank that you will be able to fulfill before releasing the loan amount. NOTE*** the 30% is in the owner/developer's name, not lawyer's name. So, you need not be afraid about anything kana eaten by lawyer, as soon as possible pass it to the lawyer, so lawyer no chance to give excuse, say u haven prepare enuf documents, money, and delay your whole process.  tx again... |
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Oct 27 2009, 08:38 AM
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#3
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3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(Privatesale @ Oct 27 2009, 12:42 AM) hmmm ur taking too litle loan lah my comment thanks...that was just an example la also, the differential sum u need to pay as per what ur S&P says..i would encourage u to read it on the part relating to payment of purchase price   n will check on the s&p la.... |
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Oct 27 2009, 04:50 PM
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#4
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3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(Privatesale @ Oct 27 2009, 04:30 PM) also if not clear wat s&p says, ask ur lawyer to explain word by word what is forfeiture clause?if u pay them, that's their job to make u understand also be careful of the agent's 'standard' form when booking fee placed, especially forfeiture clause i am about to pay my booking fee tonite....nit to understand...thanks - - - i googled and found "a clause in a contract which states that goods or a deposit will be taken away if the contract is not fulfilled by one of the signers" tx This post has been edited by leongal: Oct 27 2009, 04:53 PM |
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Oct 28 2009, 03:55 PM
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#5
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3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(asiatrader98 @ Oct 28 2009, 01:40 PM) differential sum is payable under lawyer's name, as stakeholder i asked the property agent, he told me that the differential sum is payable under the owner's name, but the cheque is held by the lawyerthe problem is: ur lawyer mat take advantage for ur differential sum, at the expense of u, since the lawyer can earn the interest at the bank for that amount  |
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Oct 28 2009, 09:20 PM
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#6
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QUOTE(asiatrader98 @ Oct 28 2009, 08:52 PM) i do not think so........pls confirm this with ur lawyer, not property agent........... ok...will do...thanksi do not think ur lawyer & bank can trust the cheque issued by u but not yet clear........they want confirmation (money must deposited with lawyer firm to show ur ability to pay the differential sum esp the bank.......before first drwadown) ur action may cause the bank fail to make the money to owener's bank (assuming the owener still not yet settle the housing loan)& owener within 3 mths  |
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Nov 14 2009, 07:41 PM
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#7
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QUOTE(112006 @ Oct 29 2009, 12:48 PM) so it means the diffential amount cheque so issued to under lawyer firm ? how long it takes normally for discharging/ release from owner bank? ya, the differential amount cheque should be issued to your lawyer (this is according to my lawyer); and the amount should be handed over to the lawyer when i sign the loan agreement....about discharging/ release from owner bank - not sure..... |
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