Malaysia Real Estate

[trojan]

I just got to know if the housing loan is under Zero-Entry-Cost, the lawyer is representing the bank not the borrower.

Questions:
a) How important is this point to the borrower if the lawyer is not representing the borrower?

b) If the borrower chooses a non-ZEC package, the lawyer appointed by borrower still cannot change the loan agreement... the loan agreement is anyway the bank's standard template for all borrower, right?

c) If the borrower chooses a non-ZEC package, but the lawyer is from the list of panel lawyer of the bank, is the lawyer will be representing the borrower or the bank?

TQ.

[NewKENZO]

a) The lawyer might be represent bank side, as appointed from their own panel, however, its not totally against borrower side. the solicitor also consider represent for the borrower side bcz bank credit admin side will chase the solicitor for up to date work had been done.

it is crucial if solicitor appointed by bank but do not do the work require in time, by then they will charge you interest and you have to investigate whetehr which party false, as you noe, big firms not keen for loan agreements and small firms have too few staffs to handle so many agreements.

b) yes, whether it is non zec or zec, the template is same for respective bank. its easier for both side bcz bank will keep record for those had receive their templates in CD and whatever documentation will use the CD. Maybe depends on banks***

c) almost same as question (a). No, not definitely. You have to be very careful to the details you have sign by then. Most solicitors are professional so make sure you trust the solicitor, and if you dont, make sure tell the banker to change solicitor if possible.
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Kenzo
Mortgage Consultant