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> Overdue Defect Notice & Witholding Stakeholder Sum, Sample Letters

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vreis
post Sep 13 2007, 04:28 PM

Golden Past Red Future
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Joined: Jul 2006
From: Spion Kop


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.
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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.
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.

 

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