Oct 26 2009, 11:42 PM
QUOTE(leongal @ Oct 26 2009, 11:33 PM)
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)?
From my experience, just bought house: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)?
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.
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