Apr 11 2017, 11:56 AM
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So my questions are:
1) Is this 5 months process normal and will the bank able to lock in the loan for this long?
If it's landed property, then yes 3 months to get court order and 2 months to transfer title is considered normal (for strata usually 3-9 months to transfer title, depending on which land office).
2) According to the 'agreement to purchase form': 90% balance to be paid within 90 days from i) date of SPA or ii) date of receipt of the relevant consent from statutory body, etc......... Upon expiry of the period stipulated in above clause to grant an extension period of 30 days on the unpaid balance sum at an interest rate of 8% per annum calculated on daily basis.
Should I just ignore and not concern about all these (since it's not related to me) and just follow as what stipulated in the booking form?
The lawyer will state that the 90% balance to be paid within 90 days from the date the lawyer receives a copy of the title duly registered in favour of the beneficiary.
3) Is it advisable to engage the same lawyer as the seller?
if this is the case, the lawyer is actually acting for you (thus you will be paying the legal fee) and the seller is unrepresented.
4) Can i cancel the booking?
no reason to cancel unless you need the house urgently.
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