Jul 13 2015, 11:33 PM
QUOTE(jason1986 @ Jul 13 2015, 07:35 PM)
Q1 - it depends on whether you engage your own lawyers. If you engage your own lawyers, both the purchaser's lawyers and your lawyers will negotiate and come up with a draft SPA for parties approval.
Q2 - It will be best to engage a lawyer. If you tag along with the purchaser's lawyers, you are basically unrepresented. Not advisable unless you are well versed with the terms and conditions and procedures.
Q3 - if you do not engage a lawyer, you will not have to pay the legal fees for drafting of SPA. However, as the purchaser's lawyers will assist you in other matters such as, redemption of the existing loan, filing of CKHT forms, applying for state consent etc where applicable, you will still need to pay for those.
My advise is to get a good lawyer to represent you so that your interest will be protected.
good advice.. Q2 - It will be best to engage a lawyer. If you tag along with the purchaser's lawyers, you are basically unrepresented. Not advisable unless you are well versed with the terms and conditions and procedures.
Q3 - if you do not engage a lawyer, you will not have to pay the legal fees for drafting of SPA. However, as the purchaser's lawyers will assist you in other matters such as, redemption of the existing loan, filing of CKHT forms, applying for state consent etc where applicable, you will still need to pay for those.
My advise is to get a good lawyer to represent you so that your interest will be protected.
I have done both - generally if its a straightforward case and the buyer's lawyer is not the "difficult" type, I will just use the buyer's lawyer to
save cost. Having said that, please be sure you are able to vet through the SPA to ensure that your interests are protected ...
just to give an example if its a leasehold property and the buyer is a foreigner I will use my own lawyer..
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