Outline ·
[ Standard ] ·
Linear+
Lawyer's Corner v2, One-stop centre for any legal queries
|
EternalC
|
 Sep 27 2012, 03:46 PM
|
|
Hi Dario,
i am in midst of purchasing a subsale unit strata title, now dealing with the agent.
so far right now, i got only the house pricing, and approximate of what i would be spending (lawyer fee, stamping, agent commision, etc.)
i had paid the deposit to the lawyer firm and they issued a receipt for me stating that it is the deposit for the unit i am purchasing. the lawyer firm is the same firm representing the owner when purchasing the unit from developer.
so fat i had not got in touch with the owner, everything was done with the agent, no money has been paid except for the deposit for the house.
i am waiting for the approval of my loan, which i'm pretty sure will be approved.
so, the only documents i have regarding to this deal is the firm's receipt. i am waiting for my loan approval and the lawyer's document preparation to be done so that i can sign it.
what i want to ask is,
1. am i doing the steps right?
2. what am i to expect to sign when i go to the lawyer firm? S&P? Deeds of assignment?
3. are there anything else (eg. documents or working paper) that i need to get from agent/owner/lawyer
4. any advice?
|
|
|
|
|
|
EternalC
|
Sep 27 2012, 04:11 PM
|
|
|
QUOTE(dariofoo @ Sep 27 2012, 04:09 PM) You have appointed a law firm to act for you who was the law firm acting for the vendor in his capacity as purchaser for the same unit? i suppose. did i do anything wrong here?
Added on September 27, 2012, 4:12 pmthe agent suggested for me as this can reduce the time and get a better price for the lawyer fee. This post has been edited by EternalC: Sep 27 2012, 04:12 PM |
|
|
|
|
|
EternalC
|
Sep 27 2012, 04:30 PM
|
|
|
QUOTE(dariofoo @ Sep 27 2012, 04:23 PM) Conflict of interest on the part of the lawyer. He cannot act on YOUR behalf AGAINST his former client for the SAME property. It is unethical, unprofessional and against the code of conduct set by Bar Council. On your part, just pause and think a bit - you're appointing a lawyer who used to act for the vendor. Now you expect this lawyer to act in your best interests, when in fact, he has acted for the vendor previously? Unless your lawyer is a robot, I seriously doubt if he can be impartial (hence the ruling regarding conflict of interest). You can even read posts in v1 and v2 of other forummers who have faced problems with lawyers who are supposed to act for them but who are most 'sympathetic' and 'close' to the vendor instead. I suggest that you appoint your own lawyer. Read the post in the first page of this thread for more info on appointing a lawyer. Unless of course if your only concern is cheap legal fees. If so, then perhaps you can go ahead and keep your fingers crossed that nothing will go wrong. ok, so lets say i want to change firm, can i still withdraw back the deposit money? and will there be any penalty against me for doing this? because right now what i have paid is the deposit. commission and etc not yet. and lets say if i go on with this lawyer, what should i take note so that i wont be in disadvantage?
Added on September 27, 2012, 4:30 pmand what is the possible thing that could go wrong? This post has been edited by EternalC: Sep 27 2012, 04:30 PM |
|
|
|
|
|
EternalC
|
Sep 27 2012, 04:52 PM
|
|
|
QUOTE(dariofoo @ Sep 27 2012, 04:47 PM) What deposit is this? You did not explain. Is it the earnest deposit? I think I have explained to you that the history of the lawyer already puts you at a disadvantage, so if you remain with the lawyer, the disadvantage is still there. I can't add anything more. It's quite obvious. My dear, there's like 100 things that can go wrong in a transaction. Even the drafting of the SPA itself, which has to favour you, can go wrong. I have no idea how the lawyer is going to draft one against his former client for the same property.  Perhaps your lawyer is a robot after all.  its the house deposit. 10% deposit. ok, regarding the disadvantage, if in the end i'm able to get the house, it should be ok right? |
|
|
|
|
|
EternalC
|
Sep 27 2012, 05:09 PM
|
|
|
QUOTE(dariofoo @ Sep 27 2012, 05:00 PM) Why did you pay the 10% deposit before signing the SPA?  You can request for it back, in any event. SPA not signed yet. Only the earnest deposit has to be paid. I don't think anyone will be running away with the house , so yes, surely you would get the house.  coz i first time buyer, dunno much. i did searched around for procedures but here the steps are abit diferent. no booking fees paid to the agent or whoever first. i was thinking if i go along with the current firm, and before signing off the S&P, maybe i'll take if back to ask for a third opinion from someone who has legal knowledge background? i'm afraid to take out the deposit right now as there is another interested buyer, coz right now since i had paid the deposit, means i have already made a booking on the house and i have the right to buy the house first. no? because the 10% deposit now is being hold by lawyer firm. if they release it to the owner before signing S&P and DOA then i sue get them right? as the receipt did say the payment was for that particular unit. agent commision will only be paid once everything settle |
|
|
|
|
Quote
0.0372sec
0.84
7 queries
GZIP Disabled