QUOTE(keith_hjinhoh @ Jun 16 2011, 02:05 PM)
Thanks for your information dude
It's really informative!
Refer pt 1, I have had bad exp in the past where I (buyer) tumpang the vendor solicitor, things get very ugly. It seems I'm not protected by the lawyer. Therefore I insist on having my own solicitor this time. But what makes me wonder, who foots the bill for the SPA preparation? if in that case, vendor solicitor prepare the SPA?
Refer pt 2, What i'm trying to say overhere is since most of the SPA were drafted by purchaser solicitor, so it'd be unfair for vendor solicitor to charge vendor based on the scale rate, provided the job scale required is way seller as compared to purchaser solicitor.
Refer pt 3, Is that necessary? Refer pt 1 for further information.
It's not necessary for you to appoint a lawyer to act on your behalf, whether you're the vendor or the purchaser. It is up to you whether you want to have a solicitor to protect your best interests.Refer pt 1, I have had bad exp in the past where I (buyer) tumpang the vendor solicitor, things get very ugly. It seems I'm not protected by the lawyer. Therefore I insist on having my own solicitor this time. But what makes me wonder, who foots the bill for the SPA preparation? if in that case, vendor solicitor prepare the SPA?
Refer pt 2, What i'm trying to say overhere is since most of the SPA were drafted by purchaser solicitor, so it'd be unfair for vendor solicitor to charge vendor based on the scale rate, provided the job scale required is way seller as compared to purchaser solicitor.
Refer pt 3, Is that necessary? Refer pt 1 for further information.
Let me also make another thing clear - it does not matter which solicitor prepares the draft SPA. As long as you appoint a solicitor to act on your behalf, you have to pay full scaled fees. The duty of the lawyer goes far and beyond just merely drawing up the draft SPA. After that there is the important duty of vetting through the draft SPA, making amendments and corrections, sending the draft back to the other party, and negotiating amendments and variations to the clauses. Sometimes the drafts have to be exchanged between the parties many times before a finalised one can be mutually agreed upon by the parties.
I've come across situations where the lawyer who initially volunteered to draw up the draft SPA merely cut and paste a previous sample which was totally unsuited to the factual matrix of the current one. The other party then had to do many changes to the draft, about 80%. It was sent back to the first party, who then merely agreed to it and let his client execute it.
In such cases, do you still think that the party who drew up the initial draft is doing a higher 'job scale' as you pointed out?
If you still think that it is unfair, you always have the choice of acting in person.
Jun 17 2011, 11:43 AM
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