Cancelling loan from bank after sign offer letter, S&P haven't sign. Any penalty?
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 Aug 23 2011, 06:37 PM
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#1
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All Stars
20,146 posts Joined: May 2011 
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yes, there is penalty clause in all LO once you signed the letter and returned to the bank....
LO has nothing to do with SPA. if you signed SPA and back out...lagi teruk....1% of purchase price penalty... |
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Aug 24 2011, 06:10 PM
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#2
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All Stars
20,146 posts Joined: May 2011
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QUOTE(0106127 @ Aug 24 2011, 12:53 AM) no need to pay. it apply to all banks. not legally bound to pay? you already signed the LO whoa! legally it's binding! Offer and Acceptance, 1st rule in all contracts!banks will have their terms and condition requesting you to pay. but you need not pay a single sen as you are not legally bound to pay  OK lah...if the banks have not appointed the lawyer to prepare loan doc...maybe they can be lenient a bit....let it goes...if only the signing of LO... but they do reserve the right to demand payment... |
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Aug 30 2017, 09:10 PM
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#3
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All Stars
20,146 posts Joined: May 2011
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QUOTE(jetwash @ Aug 30 2017, 08:12 PM) Mind me asking what's the conclusion? Depends on yr spa is sch h or g or non schedule.Did you have to pay (a lot?) Penalty clearly stated in yr spa for both parties. |
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Jan 28 2018, 09:59 AM
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#4
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All Stars
20,146 posts Joined: May 2011
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QUOTE(mamushka @ Jan 27 2018, 08:02 PM) Is there a way to cancel my mortgage loan after disbursement? Signed the LA when i had a steady job and recently got terminated. What should i do? wat happens to the property then? you cancel also?you need to 1st cancel your purchase. There will be penalty involved. once you have done so, then proceed to cancel your bank loan. Nothing is 'cant be done'. BUT beware of what you have signed and what are the penalties involved. |
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Jul 7 2018, 09:01 PM
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#5
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All Stars
20,146 posts Joined: May 2011
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QUOTE(aussiebum @ Jul 7 2018, 05:11 PM) Similar situations happened, signed bank offer letter, haven’t sign s&p yet. Agent told me to pay the legal fees n stamp duty if I cancel it. Is this true ? Paying stamp duty for what doc?Let yr agent know you will report his real estate licence holder to authority if he or she persist? |
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Jul 8 2018, 10:00 PM
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#6
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All Stars
20,146 posts Joined: May 2011
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QUOTE(aussiebum @ Jul 8 2018, 03:55 PM) Hi, my lawyer suggest me to talk directly to the s&p lawyer n I did so. He said will stop all the doc & pay them the processing fees which is about 600rm. And for loan side I already talk with the banker, will write a letter to waive off the penalty. The agent just trying to scare me. without SPA, loan officer wont and cant prepare loan documents.since you havent signed SPA, there is no way the spa lawyer can prepare loan doc (loan doc is prepared by spa lawyer usually). You have appointed your own lawyer for this case? |
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