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Lawyer's Corner v2, One-stop centre for any legal queries
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spk
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 Sep 3 2012, 12:49 AM
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New Member
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hi Dario, I have few questions to ask about 2 different house purchase:
New Launched
1. is it compulsory SPA between buyer & developer must sign within 14 days from the purchase date? I'm thinking to sign both SPA & Loan agreement on same date because the same panel lawyer handle both agreements. However I'm worry my unit that i booked might release by developer as SPA is still not sign after 14 days. My loan offer letter just sent to the lawyer for preparation of loan agreement.
Sub-sale
1. do we need to get offer to purchase stamped by commissioner oath? it's handwritten and signed by seller & buyer with copy of both IC.
2. will the buyer able to get back 2% ernest deposit from seller if it's due to loan rejection?
3. what document should buyer get from seller for applying loan after signing of offer to purchase? copy of title or previous SPA?
4. purchase price is different from SPA price. should the buyer pay the differential after loan disbursement or during down payment?
Thanks for your help. Really appreciated!
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spk
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Sep 5 2012, 03:45 PM
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New Member
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QUOTE(dariofoo @ Sep 3 2012, 12:34 PM) 1. What is stated in your booking form? If it states 14 days then it is 14 days. If it states that dev can forfeit if not signed then they can do so and you would have no cause of complaint as you have agreed to the terms. Why must wait and sign both at the same time? What's the rationale in delaying the signing of the SPA and risking forfeiture and cancellation just to sign both at the same time. Subsale: 1. Comm only attests signatures. He does not stamp documents. Unless both parties attend before him and sign it before him, there is no point and no way of "stamping" it before the Comm. That method may be practicable 20-30 years ago but definitely not now, where people are more educated about their rights (and also how to con/cheat). What should have been done was to get it prepared and signed before the purchaser's lawyer with proper terms stipulated. 2. Refer offer to purchase. 3. Title, previous SPA, loan docs (if any), quit rent and assessment receipts. 4. What are you talking about? Please be more specfic rather than saying, "purchase price is different from SPA price". Sorry dariofoo, I should be more specific on question 4. My brother is buying a subsale at $280K. However due to certain reason, he wish to state $220k in the SPA, but he will ask the lawyer to prepare another letter stated that vacant possession and title transfer will be granted upon full settlement of actual purchase price $280K. Do you think this is work? Thanks. |
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spk
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Dec 12 2012, 12:06 AM
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New Member
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Dear Dariofoo,
Need your advice, pls.
1. I noticed my appointed lawyer firm for loan agreement mentioned in a letter sent to developer that they are acted for lender (my end financier).
2. I was copied in the letter with a note that prior to release loan, I have to settle progressive payment (under construction property) due as the lawyer and the lender will not responsible for late payment interest.
3. legal fee for loan agreement is borne by me and it is part of loan sum.
Based on the above, I feel that the lawyer doesn't act on my behalf. What do you think?
It took 2.5 month (from the date of SPA) for the lawyer to get loan Security document perfected and legally binded. Is this length of time considered late or normal?
Thanks
Added on December 12, 2012, 12:34 amDear Dariofoo,
the legal fee for loan agreement is part of loan sum.
the actual legal fee to be paid is lower than the amount quoted by end financier.
actual legal fee: $8,400 (advised by lawyer )
legal fee included in loan sum: $9,000 (quoted by end financier)
Differential: $600
How can I ask for refund from end financier for the differential amount?
Thanks
Added on December 12, 2012, 12:34 amDear Dariofoo,
the legal fee for loan agreement is part of loan sum.
the actual legal fee to be paid is lower than the amount quoted by end financier.
actual legal fee: $8,400 (advised by lawyer )
legal fee included in loan sum: $9,000 (quoted by end financier)
Differential: $600
How can I ask for refund from end financier for the differential amount?
Thanks
This post has been edited by spk: Dec 12 2012, 12:34 AM
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