QUOTE(kenji1903 @ Jun 5 2012, 10:50 AM)
just a quick one, for loan redemption, how is the lawyer fee calculated?
also what other legal fees do i need to pay?
Property with title or without?also what other legal fees do i need to pay?
QUOTE(kenji1903 @ Jun 5 2012, 10:50 AM)
maybe if you have time, can explain the process? 
what i know is:
1. tell bank you want to redeem
2. bank calculate balance and give letter
3. prepare legal docs for title transfer
anything else i missed or is it wrong?
1. The lawyer you appoint will draft a letter requesting for a redemption statement (RS) from the bank.what i know is:
1. tell bank you want to redeem
2. bank calculate balance and give letter
3. prepare legal docs for title transfer
anything else i missed or is it wrong?
2. The bank will issue to your lawyer the letter with the amount due.
3. You forward a cheque for the sum to your lawyer.
4. Your lawyer will prepare a discharge of charge/deed of RnR (to be executed by the bank), as the case may be, and forward it together with the cheque to the bank.
5. The bank will return the original title/DOA and other original documents back to you together with the executed discharge of charge/deed of RnR.
6. Proceed with stamping/registration of discharge of charge/deed of RnR.
7. All documents will be handed over to you for safekeeping.
This post has been edited by dariofoo: Jun 5 2012, 01:39 PM
Jun 5 2012, 01:38 PM
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