Now, my bank is waiting for my lawyer to give instruction on the draw down.

I think my bank will need to pay some portion to the seller's bank and if there's remainder, it will go to the lawyer.

Do u know how long will this takes?

What are the potential hiccups during this period (that can lead to delays)?

from my new experience, i would think the potential hiccup - is your lawyer being slow in follow up again

first, after the letter of advice is being issued, buyer's bank suppose to make the first drawdown within 5 days - but lawyer will probably wait till the 5th day onli call up the bank or worse still, only wait for the bank to call them up instead (time wasted)

Then, for the first draw down, the lawyer will have to send the runner to collect the cheque from your bank. (time wasted if the runner is not efficient)

Next, your first draw down cheque will have to be sent to the seller's lawyer (time again wasted)

Seller's lawyer receive cheque; then need them to redeem the property and get documentation, which is 14 days (they wun bother to follow up - as it is mentioned 14 days)

Titles and documents will be sent to buyer's lawyer (time used)

Then buyer's lawyer will send the runner to do the MOT and land title change, so forth, usually 2-3 weeks

When the runner is back with the documents, have to send to the buyer's bank; then wait 3-4 days for the final release

Similarly, release made to the buyer's lawyer and will have to be sent to the seller's lawyer, then wait for cheque clear, then only willing to give keys

SO MUCH TIME WASTED!!!

first hiccup before the first drawdown, incomplete documentation because of the seller's lawyer's typo error..... waste so much time again

it is also my lawyer's fault for not checking it?

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Added on March 9, 2010, 11:30 amnow...at the stage of final drawdown, yday the lawyer says that documents will arrive in bank by late evening. this morning, I called them, now they say, now outstanding document from the developer. The developer actually sent the document to the seller's lawyer, and the letter is required by my bank before the final drawdown. and, the developer sent by POST. this means, need to wait for the seller's lawyer to receive it. and then send to my lawyer, and then my lawyer send to the bank.... freaking

This post has been edited by leongal: Mar 9 2010, 11:30 AM