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Developer's panel lawyer for SPA & Loan Agreement?
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TSraylean89
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Jan 13 2017, 12:45 PM, updated 9y ago
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New Member
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I recently purchase a newly developed property. The developer is going to bear the legal fees for the SPA. After I signed the SPA with their panel lawyer, they asked if I would like to do the loan agreement, I could contact them.
So after getting a few quotations from different lawyers, I decided to choose another lawyer that was recommended by a friend which is cheaper. When I approach the panel lawyer for the SPA document, they threatened that if I do not do the loan agreement with them, I will have to bear my own SPA legal fee.
Is this a general practice where the SPA and loan agreement need to be from the same panel lawyer if the developer is covering the cost for SPA? What can I tell the panel lawyer, that I really do not want to use their service since they are threatening me for the business.
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lingleeyen
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Jan 13 2017, 01:01 PM
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It normal ma. If you use your own lawyer, they charge 100k, their panel charge 30, you think the developer is going to pay that 70k difference?
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chiahau
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Jan 13 2017, 01:24 PM
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QUOTE(raylean89 @ Jan 13 2017, 12:45 PM) I recently purchase a newly developed property. The developer is going to bear the legal fees for the SPA. After I signed the SPA with their panel lawyer, they asked if I would like to do the loan agreement, I could contact them. So after getting a few quotations from different lawyers, I decided to choose another lawyer that was recommended by a friend which is cheaper. When I approach the panel lawyer for the SPA document, they threatened that if I do not do the loan agreement with them, I will have to bear my own SPA legal fee. Is this a general practice where the SPA and loan agreement need to be from the same panel lawyer if the developer is covering the cost for SPA? What can I tell the panel lawyer, that I really do not want to use their service since they are threatening me for the business. Go and complaint to Bar Council. If your Loan legal fees are not covered by Developer, you can choose to ignore them. But if it is, you might have to return to the same panel.
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TSraylean89
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Jan 13 2017, 03:34 PM
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New Member
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QUOTE(chiahau @ Jan 13 2017, 01:24 PM) Go and complaint to Bar Council. If your Loan legal fees are not covered by Developer, you can choose to ignore them. But if it is, you might have to return to the same panel. The loan agreement legal fees are not covered by the developer, it is covered by myself. That's why I have chosen another lawyer myself.
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chiahau
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Jan 13 2017, 03:48 PM
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QUOTE(raylean89 @ Jan 13 2017, 03:34 PM) The loan agreement legal fees are not covered by the developer, it is covered by myself. That's why I have chosen another lawyer myself. Then by all means, go make a report with the Bar Council and at the same time, complaint to the developer.
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