rgwhreh

This post has been edited by Kelvinwkw: Nov 9 2012, 03:26 PM

Kelvin,

The SPA can be prepared within a week by your lawyer. Which also bring us to the question, have you get yourself a SPA lawyer?

In terms of price, paid about RM4600(i think) 2 years ago for a 165k property. SO yours should cost about the same.

Bank loans, the following are high on my list -> Stanchart, UOB, n HLB.


Good luck

Hi Spa,

Thanks for the fast reply, what if i plan to let the panel lawyer from the bank to settle everything inclusive the SPA for me? Or it is a must to get 2 different lawyer to handle the SPA and the loan?


Please advise.

getting the bank's panel lawyer to do the snp got its pro and cons.
pro: speed things up when it comes to the loan agreement stage
con: if any problem with you and the bank, most likely the lawyer will side the bank.

however, if you are comfortable with the service and price, by all means go ahead with the lawyer of your choice.

This post has been edited by nnpjj: May 5 2008, 09:30 AM

I know but im a little bit rush now... First time property buyer

It depends typically developers will have their own panel and banks their own lawyers.

It's better to keep these lawyers separate esp. if the S&P cost is borne by the developer.

Personally I have no issue with the Banks Panel lawyers cause if there is a screw up you can hold them both accountable.

They can't finger pointing each other because the lawyers are recommended by the bank therefore neither party can pass the buck off so easily.

Actually who’s paying the lawyers fees, TS or the bank. If TS is paying, the lawyers should represent his interest in a dispute. Failure by the lawyers to represent their client’s best interest is a breach of fiduciary duties.

IMHO as a first timer you shouldn’t be rushing. Since you've paid a deposit, could you secure a loan on time? You'll have to pay penalty or risk getting your booking cancelled if the banks take too long to give you a loan.

Furthermore if you are really keen on getting a property fast you should have contacted the bank first and got a conditional pre-approved loan to speed things up before placing a deposit.

Thanks aaronpang for your advise, i've got a forumer who is assisting me now...

ideally thats the case. anyway, what we are talking here is worse come to worst case lar.
these law firms have put in a lot of effort to be in the list of the bank's panel lawyer, so this will tell you something if such case occurs.
anyway, more discussion on this can also be found at Disadvantages of having different lawyers for S&P and Lo

TS, be rest assured that its definitely ok to go for the same lawyer for snp and loan agreement

Exactly the reason why the banks panel lawyers will not want to piss-off the Banks Customers... remember:-

Who is the paymaster? - You the loan applicant...

Who is the customer? - You again...

I’m no stranger to screw-ups when the loan lawyers sent the disbursement check to a wrong address. I got slapped with a late payment by the developer, made sure the lawyers pay for their mistake.

Sauce

Let’s be clear getting one lawyer or separate lawyers is beside the point, if you get incompetent lawyers you're screwed

Always follow-up and ensure things are done to your satisfaction is the best advice I can give

Good to hear all the best dude

This post has been edited by aaronpang: May 5 2008, 11:10 PM