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 Subsale Loan Disbursement Process

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TSsmall forumer P
post Jun 10 2022, 12:47 AM, updated 4y ago

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Hi all sifus, I'm currently purchasing a subsale house and would like to know how long does bank usually take to settle seller loan and disburse the monies to seller?

Based on my lawyer, they are currently lodging caveat on the property.

Also from my understanding, the next step will be to advice the bank to settle the seller's loan, then bank will disburse the monies to seller after bank gotten the title.


My question is, how long (estimated) should I expect to complete this process from lodging caveat to get the key?

Also, will the bank start settle the seller's loan right after lawyer advice?
Another info the bank needs other than Evaluation Report (my Evaluation Report is ready). From other forum post, the bank will require the insurance company to confirm on MRTA too. Anything I can start doing now on the MRTA?

* some might ask why I don't ask the questions to my lawyer, but tbh the lawyer is not helpful and thus I'm trying to seek advices from forumers.


If anyone can share the step by step processes with estimated timeline on purchasing subsale house would be great for all new buyers!



TSsmall forumer P
post Jun 10 2022, 12:02 PM

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QUOTE(mini orchard @ Jun 10 2022, 07:04 AM)
Being first time property buyer, many are anxious to have it settle as quick possible.

Do bear in mind the whole process involve few parties ... purchaser, seller, banks, lawyers, valuer, govt depts, JMB, and developer where applicable .... the reason why lawyer cannot give a confirm timeframe as per your question.

An experienced lawyer will know what to do as per dateline stated in the SnP but there the things which are beyond the control of the lawyer if other parties dont do their part.

In most SnP, it is agreed that both parties must complete the transaction within 3 months plus an extension of 1 month with interest charge whichever party or his agent is at fault, OR any other time period as agreed.

As a client, one dont need to know the entire step processes as every case is different. But following-up is important to know the progress.

If the lawyer said have instructed the bank to disburse the loan money, then have to wait as bank also have their internal procedures.

Do understand that all those 'people' working on the case may be on sick or annual leave, attending meetings or seminar, or doing other more urgent work and things can be held up.

In conclusion, if the transaction is completed b4 the dateline, albeit on the last day, client has no valid reason to complain.
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Thanks for the sharing!
Yup, I do agree that if the transaction is completed before the dateline then would be fine.

However, as first time buyer, I would like to know is my current progress able to meet the dateline.
The thing I'm struggling is, I have no idea on what are the steps after my current step. Hence, I will not know if my current progress is great or significantly delayed and I do not aware.

Maybe I change bit of my question, I have exact 1 month left to complete the transaction (excluding the 1 month with interest charge).
Is my current progress (lodging caveat) good enough or I should expect to pay the interest charges?
TSsmall forumer P
post Jun 10 2022, 07:21 PM

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QUOTE(mini orchard @ Jun 10 2022, 12:52 PM)
Is difficult to comment without knowing the details as every case is different.

I suggest you take a day off and visit your lawyer and ask them to brief you. Sometimes is difficult to talk and explain through phone calls.

Just ask him whether you can get vp (keys) before the dateline, that is all you want to know. As for the rest of work procedures, is difficult to explain to non legal person.
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Alright, thanks bro.

 

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