[quote=jwgan822003,Jan 14 2010, 10:35 AM]
i do heard there's bank 1 lawyer, you another lawyer for loan agreement
developer 1 lawyer, you another lawyer for snp
and of course it cost more, and longer
[/quote]
S&PA paid by developer so the lawyer will represent the developer.
Loan Agreement paid by borrower but lawyer will represent the bank(non free moving cost package)
S&PA lawyer definitely will ask you to use them as the loan lawyer cos they only pay a minimum fees from developer to prepare the S&PA, so they will ask you to pass back the loan to them to get more income from one case.
You can appoint another lawyer other than S&PA lawyer to handling the Loan Agreement due to you paying the Legal Fee + Stamp Duty for the loan agreement.
You can choose to use difference lawyer to handling S&PA & Loan Agreement for under construction project because the condo not yet start construction and there would be no progressive claim from developer. Got enough time for loan lawyer to finish all the paper work before 1st drawdown.
I come accross with cases even though the S&PA & Loan Agreement lawyer is the same but still can't make it on time for the drawdown of the loan;regardless of what reason of the delaying in payment to developer borrower still will need to bear the late payment interest.
My advise is you will need to monitoring after you sign the letter of offer & Loan Agreement. Call the banker or the loan agreement lawyer once in two weeks to check on the latest status so you will not miss the due date set by developer for the 1st drawdown of the loan. Normally is the 1st drawdown got problem.
Normal process of a loan before 1st drawdown:
sign Letter of Offer - sign S&PA - sign Loan Agreement -
Letter of Advice - Loan Disburse to developeryou will need to start monitoring your loan drawdown after you sign the Loan Agreement.[/quote]
what is the letter of advice?