Welcome Guest ( Log In | Register )

Bump Topic Add Reply RSS Feed

Outline · [ Standard ] · Linear+

 Cannot Take Offer Letter Home ?

views
     
merce
post Apr 25 2010, 06:42 PM

Casual
***
Junior Member
474 posts

Joined: Nov 2007
QUOTE(NaiveLady @ Apr 24 2010, 09:15 PM)
I had applied for few house loan from few banks as I would like to compare which offers suit me better.

However, the first bank that approves does not allowed me to take the offer letter home to study & analyse the details of the offer letter. The bank officer insist that I read & sign the letter at the branch. Since I am waiting for another banks offer, I left and said I'll need time to consider before making decision. So, he kept the offer letter.

Can the bank officer do that? I thought I can bring the offer letter home and read line by line since I am a first time buyer.
*
These are the times when the competition between banks are getting out of hands. tongue.gif

The bank officer has the right to keep the LO, its the banks property until it is signed. However, you can still request for the LO, naturally because you do need to study the terms as well.

To assure your banker that you have no intention to present the LO for a better offer, ask the banker to blank-out the particulars, such as the Interest Rate, the loan applicant's details, the collaterals etc. Since you just need go through the TnC on their Offer, most banker are able to provide you such copy.

If the Mortgage Officer still insist that you have to sign n read it on the spot, bring along a friend or relative who has experience. They might be able to help to consult on the matters.

Hope the above helps. smile.gif

drop me a call if you need help.



This post has been edited by merce: Apr 25 2010, 06:52 PM
merce
post Apr 26 2010, 02:49 AM

Casual
***
Junior Member
474 posts

Joined: Nov 2007
QUOTE(lonelyplanet92 @ Apr 26 2010, 01:05 AM)
quoted from merce:The bank officer has the right to keep the LO, its the banks property until it is signed
i disagree with Merce, a signature on the LO will transfer the ownership of the LO or so called "bank's property" to "borrower's property"??? can any lawyer verify this?
*
i think u got me wrong here...

a signature on the LO does not transfer the ownership of the LO, but marks the agreement between the lender and the borrowers. And when there is an agreement, each side are required to be furnished with the same set of medium with the agreed terms (in this scenario, the LO and the loan agreement).

the Letter Offer, as explained by itself, is a proposal offered by the lender to the borrower. To make it clearer, lets see it this way;

A set of business proposal from A to B. A prepares the proposal, which consist of the TnC and how A is going to execute, conduct, and monitor the business. B is the customer who are going to study about the business proposal and terms and decide if he agrees to A's term.

Who owns the proposal? A or B?

When B agrees, and sign the proposal. Who will own the proposal now? A or B, or both?

This is the best example i can provide for now. (its 2.48 in the morning tongue.gif ) but if there's any1 here who can enlighten us on the subject, by all means please do so. your consult are most welcomed in here. drool.gif

This post has been edited by merce: Apr 26 2010, 02:56 AM
merce
post Apr 26 2010, 07:33 PM

Casual
***
Junior Member
474 posts

Joined: Nov 2007
QUOTE(cheahcw2003 @ Apr 26 2010, 12:44 PM)
when bank give u the LO, it is just an offer, in the LO it listed the terms and condition that u need to comply with IF YOU DECIDED to take the loan, it listed the tenor, interest rate, MOF, and other terms and condition. When u agreed and accepted, the next agrement will be the formal loan documents/legal charge that to be prepared by qualified lawyer, and both party u and the bank need to enter into that agreement by signing the agreement in front of commission of oath, and also stamped in the land office.

so if u give LO to other bank to review i dont think there is any problem??? it is your right to be given 14 days by the bank to consider the offer. It is like u renovate your house, the contactor A may give u his quotation (offer letter) about the flooring/ kitchen cabinet, and it is alright for you to get the quotation and compare with contractor B or C. I dont see anything wrong. You mean it is not alright to show contactor A's offer to B & C. Come on, be more realistic. So quotation is quotation, legal loan agreement is different issues.
*
u can do anything with the LO.

but again my point is, "The bank officer has the right to keep the LO..."

quotation in the scenario is equivalent to loan simulations, not LO itself.

LO is part of the legal documentation, just in case you are not aware of it.

when in doubt... consult the lawyers. tongue.gif
merce
post Apr 26 2010, 11:38 PM

Casual
***
Junior Member
474 posts

Joined: Nov 2007
Can u justify why LO is a legal documentation? on what basis? Lawyer will prepare the loan documentation/legal charge based on the LO, but it doesnt means LO is a legal documentation. Pls check this out, the answer by professional....
-Does the Loan Agreement/Facility Agreement stand alone? or does it come with the LO? think about it. or if possible, pm him about this and lets hear it from him.


The key point in this thread is not to argue if LO is a legal documents, it is issue on why bank do not allow customer to take back LO???
-I believe the TS (thread starter) question was, "Can the bank officer do that? I thought I can bring the offer letter home and read line by line since I am a first time buyer." my reply was pointing towards that question.

Again, i shall make it clear (or maybe try to make it clearer this time...) the lenders has their rights to do so. but that doesnt meant you cant make the effort the understand the terms and condition. Officers dont usual turn your request down to have an preview or something similar, but they are very likely not going to disclose some particular details.


The bank offcier has the right to keep the LO in his/her safe with multiple password to lock it. But i dont think he/she will generate good business being so secretive. The more u scare the more u loose.
-do share your experience as a mortgage officer, from the looks of it you have plenty.

If i borrow money from u, i use a A4 paper, and i write "I OWE YOU $ X amount" with date and signature, is that considered legal documentation?
-if you are a licensed money lender, and the paper is a proper company letterhead, that would really makes the different isnt? and if there's a stamp agreement, presented to the commission of oath, would you take it as a legal document?

i think u have minimun legal knowledge. Guess you need more training from the bank (your employer).
-maybe i do, but clarifying before i post these answers with my trusted lawyers and legal advisors... i think i'm less likely to be wrong... unless they were all wrong.

no offence but if you still find these are not helpful at all, let me know. i can stop giving suggestions and sharing my experience in the matter if the inputs aren't contributing.

good day & good night smile.gif

This post has been edited by merce: Apr 26 2010, 11:42 PM
merce
post Apr 27 2010, 11:52 AM

Casual
***
Junior Member
474 posts

Joined: Nov 2007
QUOTE(jefferey @ Apr 27 2010, 02:45 AM)
bro,

firstly most of their intentions here to take home the LO is not reading n understand it, is wanna get a copy of evidence to pledge to other bank for better offer, if not, y would they do not accept a general copy???

if i'm not mistaken a black n white documents with both parties valid signature might enuff to be valid on court di... plz correct me if i'm wrong...  rclxms.gif  rclxms.gif  rclxms.gif

thanks bro...  flex.gif
*
I'm pretty sure these guys know the tricks here and there.

and yes, with both parties signature its enough to be presented as evidence on court.
« Next Oldest · Property Talk · Next Newest »
 

Add ReplyOptions
 

Change to:
| Lo-Fi Version
 0.0210sec    0.85    6 queries    GZIP Disabled
Time is now: 23rd December 2025 - 12:01 AM
All Rights Reserved © 2002- 2025 Vijandren Ramadass (~unite against racism~)
Removal Request
Powered by Invision Power Board © 2025  IPS, Inc.