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> Bank has released the money, But I still can't get my key.

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TSCreated On 21/1/2021
post Nov 23 2022, 10:57 AM, updated 2y ago

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Dear Sifus,

My bank settled the redemption sum to the seller's bank, and I need to start paying for my instalment(due date is on 5th December).

But the lawyer said they still waiting for the bank to return all the original security documents pertaining to the property, after that only they can proceed for the final drawdown. They can't give me the exact date on when I can receive my key.

Correct me if I'm wrong, but I thought I should have received the key as soon as my bank released the money?



teslaman
post Nov 23 2022, 11:09 AM

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QUOTE(Created On 21/1/2021 @ Nov 23 2022, 10:57 AM)
Dear Sifus,

My bank settled the redemption sum to the seller's bank, and I need to start paying for my instalment(due date is on 5th December).

But the lawyer said they still waiting for the bank to return all the original security documents pertaining to the property, after that only they can proceed for the final drawdown. They can't give me the exact date on when I can receive my key.

Correct me if I'm wrong, but I thought I should have received the key as soon as my bank released the money?
*
all paid as per SPA?
TSCreated On 21/1/2021
post Nov 23 2022, 11:39 AM

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QUOTE(teslaman @ Nov 23 2022, 11:09 AM)
all paid as per SPA?
*
Yes.
mini orchard
post Nov 23 2022, 12:31 PM

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Once the bank released full loan sum, seller buyer have to agreed on the date of handover.

There will be some other things to settle .... sellers have to show proof he has settle all outstandings on the property ... assesstment, iwk, maint fee etc.


LazyCat666
post Nov 24 2022, 10:13 AM

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QUOTE(Created On 21/1/2021 @ Nov 23 2022, 10:57 AM)
Dear Sifus,

My bank settled the redemption sum to the seller's bank, and I need to start paying for my instalment(due date is on 5th December).

But the lawyer said they still waiting for the bank to return all the original security documents pertaining to the property, [/B]after that only they can proceed for the final drawdown[B][/B]. They can't give me the exact date on when I can receive my key.

Correct me if I'm wrong, but I thought I should have received the key as soon as my bank released the money?
*
From what your lawyer said, there is still another drawdown. So this means the full loan sum is not released yet.
From my experience and based on what you said, the seller still has a bank loan. So bank will release the loan in 2 stages; first to settle seller's bank's redemption sum (which is settled and done) and lastly to release the remaining balance loan to lawyer. Then only you can get the keys. This should be stated in your SPA
mini orchard
post Nov 24 2022, 10:18 AM

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QUOTE(LazyCat666 @ Nov 24 2022, 10:13 AM)
From what your lawyer said, there is still another drawdown. So this means the full loan sum is not released yet.
From my experience and based on what you said, the seller still has a bank loan. So bank will release the loan in 2 stages; first to settle seller's bank's redemption sum (which is settled and done) and lastly to release the remaining balance loan to lawyer. Then only you can get the keys. This should be stated in your SPA
*
I believed the full loan sum is released and the reason why instalment begins. Otherwise, it will be progressive interest billing.
nugget2022
post Nov 24 2022, 11:10 AM

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QUOTE(LazyCat666 @ Nov 24 2022, 10:13 AM)
From what your lawyer said, there is still another drawdown. So this means the full loan sum is not released yet.
From my experience and based on what you said, the seller still has a bank loan. So bank will release the loan in 2 stages; first to settle seller's bank's redemption sum (which is settled and done) and lastly to release the remaining balance loan to lawyer. Then only you can get the keys. This should be stated in your SPA
*
this whole process from redemption to completion should NOT take more than one month usually..just make sure you keep chasing up with your lawyer..otherwise end up you start servicing loan but still no keys..

nowadays, i tell you, macam macam ada..just had an encounter with a lawyer from hell ranting.gif
LazyCat666
post Nov 24 2022, 11:13 AM

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QUOTE(mini orchard @ Nov 24 2022, 10:18 AM)
I believed the full loan sum is released and the reason why instalment begins. Otherwise, it will be progressive interest billing.
*
I have a bank loan whereby I need to start paying the installment a month after the first disbursement of loan. It's stated in the bank's offer letter. Maybe this is the same situation for TS?
mini orchard
post Nov 24 2022, 11:54 AM

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QUOTE(LazyCat666 @ Nov 24 2022, 11:13 AM)
I have a bank loan whereby I need to start paying the installment a month after the first disbursement of loan. It's stated in the bank's offer letter. Maybe this is the same situation for TS?
*
Ya, possible if certain banks has change the tnc.

Sometimes bank redemption sum can be equal to balance of outstanding loan and buyer oredi paid to lawyer the differential sum as stakeholder.

This post has been edited by mini orchard: Nov 24 2022, 12:05 PM
TSCreated On 21/1/2021
post Nov 24 2022, 01:34 PM

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QUOTE(nugget2022 @ Nov 24 2022, 11:10 AM)
this whole process from redemption to completion should NOT take more than one month usually..just make sure you keep chasing up with your lawyer..otherwise end up you start servicing loan but still no keys..

nowadays, i tell you, macam macam ada..just had an encounter with a lawyer from hell  ranting.gif
*
This is why I'm worry right now. It is not fair to me to start paying the instalment but I'm not holding the key.
TSCreated On 21/1/2021
post Nov 24 2022, 01:38 PM

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QUOTE(nugget2022 @ Nov 24 2022, 11:10 AM)
this whole process from redemption to completion should NOT take more than one month usually..just make sure you keep chasing up with your lawyer..otherwise end up you start servicing loan but still no keys..

nowadays, i tell you, macam macam ada..just had an encounter with a lawyer from hell  ranting.gif
*
I have a lousy lawyer for sure, I signed my SPA on May, they promised I will get the key by end of September, but now it's almost December, still no key, my plan to move in before CNY is down the drain.
mini orchard
post Nov 24 2022, 03:07 PM

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QUOTE(nugget2022 @ Nov 24 2022, 11:10 AM)
this whole process from redemption to completion should NOT take more than one month usually..just make sure you keep chasing up with your lawyer..otherwise end up you start servicing loan but still no keys..

nowadays, i tell you, macam macam ada..just had an encounter with a lawyer from hellĀ  ranting.gif
*
Any party can be the cause of delay. Lawyers are usually blame because he is the middleman. Sometime is their problem but if others and they dont co-operate, also susah.

Sometimes, lawyer cannot say too much, lest make more people upset

A recent case I know where the seller bank cannot produce the title to the buyer bank after 9 months. So is not the fault of lawyer the redemption sum cannot be released.

Any party that started the delay will cause a chained reactions. Someone has to work double the effort to bring it back to deadline.

This post has been edited by mini orchard: Nov 24 2022, 03:28 PM
nugget2022
post Nov 25 2022, 11:54 AM

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QUOTE(Created On 21/1/2021 @ Nov 24 2022, 01:38 PM)
I have a lousy lawyer for sure, I signed my SPA on May, they promised I will get the key by end of September, but now it's almost December, still no key, my plan to move in before CNY is down the drain.
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you need to ask them to give you a chronological of events to find out who or what is causing the delay..if its your lawyer's
fault, then they have to pay you compensation as completion should be 3 months from date of SPA..unless your property has title and not
perfected and developer do not allow direct transfer? Leasehold?

Ask the lawyer the 3 month completion date is officially when?



taitianhin
post Nov 25 2022, 11:59 AM

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I think it is only settle seller Bank's Loan...
So you have not pay all yet...

There must be a clause in SPA to say settle settle seller bank loan first...or something which incur the 2 withdrawal of loan...

Can you ask the seller to give you the key in advance? But are you gonna
- Reno?
- stay in immediately?
- rent out?

Is that Freehold or Leasehold?

This post has been edited by taitianhin: Nov 25 2022, 12:00 PM
TSCreated On 21/1/2021
post Nov 25 2022, 12:24 PM

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QUOTE(nugget2022 @ Nov 25 2022, 11:54 AM)
you need to ask them to give you a chronological of events to find out who or what is causing the delay..if its your lawyer's
fault, then they have to pay you compensation as completion should be 3 months from date of SPA..unless your property has title and not
perfected and developer do not allow direct transfer?  Leasehold?

Ask the lawyer the 3 month completion date is officially when?
*
QUOTE(taitianhin @ Nov 25 2022, 11:59 AM)
I think it is only settle seller Bank's Loan...
So you have not pay all yet...

There must be a clause in SPA to say settle settle seller bank loan first...or something which incur the 2 withdrawal of loan...

Can you ask the seller to give you the key in advance? But are you gonna
- Reno?
- stay in immediately?
- rent out?

Is that Freehold or Leasehold?
*
I just called my lawyer, and he said they are still waiting for the security documents from the vendor's bank.

I'm not even sure what are the security documents and why does it take so long to get it.

Btw, both me and the seller are using the same lawyer.
taitianhin
post Nov 25 2022, 12:28 PM

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QUOTE(Created On 21/1/2021 @ Nov 25 2022, 12:24 PM)
I just called my lawyer, and he said they are still waiting for the security documents from the vendor's bank.

I'm not even sure what are the security documents and why does it take so long to get it.

Btw, both me and the seller are using the same lawyer.
*
The title and doc, a lot one...
rmb the bank loan is taken upon Gadai of your House right...

I couldnt recall how long this would takes... But monday is holiday too....good luck
LazyCat666
post Nov 25 2022, 02:30 PM

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QUOTE(Created On 21/1/2021 @ Nov 25 2022, 12:24 PM)
I just called my lawyer, and he said they are still waiting for the security documents from the vendor's bank.

I'm not even sure what are the security documents and why does it take so long to get it.

Btw, both me and the seller are using the same lawyer.
*
The security documents should be the original title of the house and usually will take 14 days for the bank to release the security documents to your lawyer. You can ask your lawyer when they write to bank to ask for the security documents.
mini orchard
post Nov 25 2022, 02:59 PM

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There are few cases of banks security safe affected by last year flood and most security documents were destroyed and banks are not able to return the document to owners sellers.

So not sure which banks branches are affected.

Logically, the banks are supposed to inform the owner to apply for a replacement from land office and usually this will take time. If the owner is in the process of selling the property, they will be affected by delays.

Not sure how the banks are going to compensate the affected owners especially those in the process of selling over the delay.

However, some banks have a central safe for each state.






TSCreated On 21/1/2021
post Nov 25 2022, 05:17 PM

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QUOTE(LazyCat666 @ Nov 25 2022, 02:30 PM)
The security documents should be the original title of the house and usually will take 14 days for the bank to release the security documents to your lawyer. You can ask your lawyer when they write to bank to ask for the security documents.
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Noted.

Is it normal for me to begin serving my loan before receiving my house key?
nugget2022
post Nov 26 2022, 10:05 AM

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QUOTE(Created On 21/1/2021 @ Nov 25 2022, 05:17 PM)
Noted.

Is it normal for me to begin serving my loan before receiving my house key?
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yes, do ask them when they wrote for the security documents (ask for a copy of the letter) - definitely should NOT take more than a month for the bank
to release the docs PROVIDED the lawyer submitted all the RIGHT DOCS..

unfortunately, yes, once the bank has released payment (does not matter if its partial or whether you have the keys already or not) you have to
start servicing the loan...



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