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

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poolsurf P
post Mar 29 2019, 11:21 PM

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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?
poolsurf P
post Mar 30 2019, 01:35 PM

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QUOTE(Ah SiAnG @ Mar 30 2019, 09:22 AM)
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.
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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.
poolsurf P
post Mar 30 2019, 01:37 PM

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QUOTE(lifebalance @ Mar 30 2019, 10:34 AM)
biggrin.gif you want free legal fees, then don't expect the lawyer to side you if shit goes south on the project later, you're very much on your own.

You have the option to pay for your own lawyer and get your rights protected. Question is are you willing to take the risk to save a few thousand RM or more damage later on ?
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Haha, not everyone is trying to save. I did not ask for free legal fees and in this case the cost is borne by me. It's paid, not free. And no, I wasn't bothered by project going south but it's that if the bank makes a mistake, I can't even hire a lawyer to defend myself. Basically they are saying I can't hire a lawyer even if I want to and is paying for it. So I am confused.

 

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