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 Lawyer's Corner v2, One-stop centre for any legal queries

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madcow1
post Sep 9 2012, 10:11 PM

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Hope anyone can share whether this process seem right now ?

I have brought a sub-sale condo in March this year, first time purchase, done everything, signed s&p and got the loan with bank in the past few months.

My bank has disbursed the amount to the previous owner bank for full settlement for the owner loan in early Aug, so when I check with my lawyer which is same lawyer with the owner, they informed has sent the cheque to bank and waiting for the Deed of Receipt and Reassignment and all original documents from the Bank.

But when I check again end of Aug expecting to get my key to the house, the lawyer informed they still have not receive the documents from the bank.

Just wonder if this is correct ? Am I suppose to just sit here and wait for the lawyer ? How long is the normal process and anything I should be doing?


Thank for anyone that can share with me their knowledge on my questions.
madcow1
post Sep 10 2012, 03:39 PM

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QUOTE(dariofoo @ Sep 10 2012, 01:35 PM)
Yes probably the bank is taking time to locate the file with the original documents. You must understand that the last month had many holidays and basically almost 2 weeks were taken out of the equation as many institutions were closed (or even if open, a lot of staff were on leave).

The vendor would normally be given 10-14 working days to obtain the duly executed Deed of RnR and original docs from his financier (check your SPA for the exact duration) In the event of a delay, the completion date would be extended in your favour.

I don't see anything which you can do, but to follow up with your lawyer to follow up with the vendor's financier.
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Thank you so much for your reply Mr Dario Foo. Really appreciated your input.

Just would like to know more in details before I start chasing my lawyer as I am afraid it will pissed them off.

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