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 Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!

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Ah SiAnG
post Mar 30 2019, 09:22 AM

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QUOTE(poolsurf @ Mar 29 2019, 11:21 PM)
I signed a place under RUMWIP and the appointed lawyer are also the bank panel and insist that I have to sign a letter of wavier for rights of appointing a solicitor for the loan transactions. They say it's Maybank practice.

I know the LA is only favorable to the bank but this practically means if the bank do anything wrong I am responsible? Have any of you signed this form in a loan? Is this allowable, taking my basic human rights to be defended?
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The appointed lawyer is acting for the Bank, even though you may be the one paying their fees. You can independently appoint your own lawyer to act for you, just that you have to pay more money.
Ah SiAnG
post Mar 30 2019, 03:36 PM

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QUOTE(poolsurf @ Mar 30 2019, 01:35 PM)
Agree, and what I thought but the lawyer is asking me to sign rights wavier to get a lawyer even though I was willing to pay if there's higher cost. The lawyer says maybank will take the LA but not disperse any money unless I sign that.  bruce.gif  I hope it's just this one firm at sunway nexis, else everyone can be legally-con.  I was  shocking.gif and haven't sign any of the agreement.
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I have personally took housing loan from Maybank before and that's their procedure.

The current lawyer is unable to act for both parties, they can only act for the Bank.

If you want to engage your own lawyer to represent you in the transaction, you will have to engage another law firm.

Anyway, I believe the documents that you are signing are the Bank's standard documents, you will have to accept their terms otherwise they will not release the loan.

 

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