QUOTE(b00n @ Sep 13 2007, 01:23 PM)
who can confirm that?....I thought it's the bank's lawyer....
The bank would issue the last check/payout but it's not directly debited into the developer's account. The lawyer would held on to it until the specific time frame is over.
The bank Lawyer hold the last remaining 5%. If your S&P lawyer & the developer is separate entity then it will release to your S&P lawyer first before hand over to developer.The bank would issue the last check/payout but it's not directly debited into the developer's account. The lawyer would held on to it until the specific time frame is over.
BTW bear in mind that some S&P lawyer couldn't care less about the last 5% & instruct bank to bank in directly to developer.