Hi there, im not sure this is the correct thread to ask this question.

Is bout a under-con(+-70% built) property that i'd bought (loan approved, now waiting to sign SPA), i got another quotation from another law firm, is much cheaper then developer's law firm quotation, developer said is ok to use our own law firm but she wan me to bare in mind that the bank drawndown period is only 21 working days after sign SPA, which she worry that if two law firm working on the submission of relevant documents might lengthen the period.

My concern is, what i know (from banker & fren who work in law firm) said that 21 working days ain't enough for the bank to start giving money to the developer, normally are 3 months (?) but the developer side replied me said that 3 months is for completed property and under-con is only 21 working days for bank drawndown.

If i use their panel lawyer, 21 days still is a very tide period and if over 21 days, developer gonna penalty me anyway either use my own or their lawyer.

But the developer said their SPA stated 21 working days (approx. 1 month) already, thats the facts. If it so, what else can i do? is it really only 21 working days for under-con property? or just this developer? is the drawndown period set by developer them self?

Most appreciate, sorry for the long questions coz first time buying property.

Lucas

This post has been edited by hianboy: Mar 1 2012, 12:40 PM

Much appreciate for your prompt replies dariofoo~

Just back from signing OL with the banker.

Will wait them to arrange sign the SPA and Loan Agreement.

Most appreciate.


Lucas