Jan 13 2020, 09:15 AM
QUOTE(what7chu @ Jan 10 2020, 09:50 PM)
Hi lowyat experts, lurker first time poster. Hope to get some guidance.
Have signed the letter of offer only and vendor shared that he misplaced the title (paid in cash last time). My bank loan has been approved
He will do the necessary - report police, apply for new title etc.
So far land search showing ok, and original spa also have.
My question is
1. Will a re-issued title affect the re-sale value of the property?
2. I'm told that re-issue process may take 6 months.
2a. Will the loan offer lapse?
2b. Will there be any penalty to me if the vendor ends up cancelling the sale? (If there is, any way for me get the vendor to pay these penalty charge?)
Many thanks in advance!
Title lost can redo it back in land office, must be the vendor/ vendor solicitor go and apply. Have signed the letter of offer only and vendor shared that he misplaced the title (paid in cash last time). My bank loan has been approved
He will do the necessary - report police, apply for new title etc.
So far land search showing ok, and original spa also have.
My question is
1. Will a re-issued title affect the re-sale value of the property?
2. I'm told that re-issue process may take 6 months.
2a. Will the loan offer lapse?
2b. Will there be any penalty to me if the vendor ends up cancelling the sale? (If there is, any way for me get the vendor to pay these penalty charge?)
Many thanks in advance!
1. no, wont affect the value of property, owner go apply and get back the title from land office will do.
2. a. need check back your loan letter offer and check back with officer, diff bank have diff policy and term and condition of letter offer.
2. b. arrange for snp that have term and condition in your favour so that you dun have much trouble. please engage your own lawyer to draft the snp for you.
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