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Signed and paid loan legal fees.. what happens next?

 
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usamah82



Joined: 28 Aug 2005
Posts: 27

PostPosted: Tue Dec 06, 2005 9:15 pm    Post subject: Signed and paid loan legal fees.. what happens next? Reply with quote

hi all,

would really be thankful if someone could help me in explaining the things that should happen once i've signed and paid loan legal fees.

situation is, i signed the papers and paid the loan legal fees sometime before raya. it's been a month now, and i'm not really sure if things are settled, or there's still some work to be done. the property is a freehold condo to be completed by 2008. loan to be serviced after completion.

yesterday i just got the first invoice for progress payment, due end of this month.

questions:

1) what are the things that the loan lawyer have to do after i've signed the papers, given the s&p and dmc and paid him the fees.

2) how long does it take?

3) what would signify a *done* deal/transaction? basically, what would let me know that i can sit back and relax knowing the bank is gonna pay the developer progressively without worrying about being charged interest for late payments. the current deal between the developer and the bank is that the interests will be absorbed by the developer during construction. this, i assume, holds when payment are released by the bank on time.

many many thanks in advance.... just a first time buyer worrying about getting it right the first time...
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usamah82



Joined: 28 Aug 2005
Posts: 27

PostPosted: Sun Dec 11, 2005 5:36 pm    Post subject: Reply with quote

would really appreciate any help... Very Happy
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Noor713



Joined: 15 May 2005
Posts: 507
Location: Sri Hartamas

PostPosted: Wed Dec 14, 2005 8:48 pm    Post subject: Reply with quote

hi usamah82!

Yes..I am in the mood tonite to help you guys in this forum but unfortunately..in your case...I need more details on your property, which developer etc etc.

Generally, any straightforward cases should be a speedy transaction..less than 2 months..IF every party involved co-operate, efficient and competent. If a conveyancing clerk/lawyer or the banker`sits on the files'.....be prepared for late payment interest.

Cheers!
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usamah82



Joined: 28 Aug 2005
Posts: 27

PostPosted: Wed Dec 14, 2005 9:11 pm    Post subject: Reply with quote

Noor713 wrote:
hi usamah82!

Yes..I am in the mood tonite to help you guys in this forum but unfortunately..in your case...I need more details on your property, which developer etc etc.

Generally, any straightforward cases should be a speedy transaction..less than 2 months..IF every party involved co-operate, efficient and competent. If a conveyancing clerk/lawyer or the banker`sits on the files'.....be prepared for late payment interest.

Cheers!


oh noor ure such a savior. i immediately shouted 'yay!' when i saw ur nick on the forum.

property - seri maya condo by tan & tan

chronology of events

mid Sept ===> signed S&P (free legal)
End Sept ===> signed loan offer from UOB
Early Oct ===> picked up S&P
Mid Oct ===> contacted lawyer
End Oct ===> signed loan papers from loan lawyer (power of attorney, etc2), paid loan legal fees
Early December ===> received first payment invoice from developer, due end of the month

As you can see, for November it's been pretty much quiet. It can be attributed somewhat to Raya, but still....

From your eyes, who's at fault? I've called the bank, the person in charge of disbursement said I might miss the first progressive payment, but she did tell me that if I were to pay the late interest charge, I could write in to the bank about it. That soothed me somewhat, but not much... Sad

Hope you could explain what should go on in the background between the loan lawyer, S&P lawyer, developer and the bank... i'm pretty much confused... and what would signify a done deal... as in I can be assured that the payment is being disbursed smoothly as development progresses...

Thanks Noor!!! We all owe you so much.
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Noor713



Joined: 15 May 2005
Posts: 507
Location: Sri Hartamas

PostPosted: Wed Dec 14, 2005 9:44 pm    Post subject: Reply with quote

Hi usamah82!

Amazingly I am still in a good mood to help you guys...maybe I'm feeling quite bored tonite... Wink (joking)

From my eyes...I blame HARI RAYA...hahaha! (joking again)

Each party (S&P lawyer, loan lawyer, developer, bank and you) has different roles. Once S&P is done and loan approved, the loan lawyer should inform the S&P lawyer and the developer on your loan approval. These 2 parties should then give their Letters of Undertakings (to be forwarded to the bank later on for loan release). The loan lawyer needs to conduct the various searches (bankruptcy, land). You need to execute the loan docs and settle your fees and disbursements and co-operate with the lawyer in every way you can to expedite the matter.

All these transactions should be done at the SAME TIME by all parties. Once the loan lawyer has received the necessary Undertakings, done the searches, docs executed by the you, bank and developer, loan lawyer will proceed with the stamping of docs and registration of Power of Attorney at High Court. Considering all docs are in order, PA registered, the loan lawyer can advice the bank to release the progressive payments.

Usamah, its all about competency of all parties.

Cheers!

Arrow Wow! I never knew I can summarise this issue in 2 paragraphs... Smile
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usamah82



Joined: 28 Aug 2005
Posts: 27

PostPosted: Wed Dec 14, 2005 10:18 pm    Post subject: Reply with quote

Noor713 wrote:
Hi usamah82!

Amazingly I am still in a good mood to help you guys...maybe I'm feeling quite bored tonite... Wink (joking)

From my eyes...I blame HARI RAYA...hahaha! (joking again)

Each party (S&P lawyer, loan lawyer, developer, bank and you) has different roles. Once S&P is done and loan approved, the loan lawyer should inform the S&P lawyer and the developer on your loan approval. These 2 parties should then give their Letters of Undertakings (to be forwarded to the bank later on for loan release). The loan lawyer needs to conduct the various searches (bankruptcy, land). You need to execute the loan docs and settle your fees and disbursements and co-operate with the lawyer in every way you can to expedite the matter.

All these transactions should be done at the SAME TIME by all parties. Once the loan lawyer has received the necessary Undertakings, done the searches, docs executed by the you, bank and developer, loan lawyer will proceed with the stamping of docs and registration of Power of Attorney at High Court. Considering all docs are in order, PA registered, the loan lawyer can advice the bank to release the progressive payments.

Usamah, its all about competency of all parties.

Cheers!

Arrow Wow! I never knew I can summarise this issue in 2 paragraphs... Smile


woohoo!!! now i can call the parties up and ask them specific questions instead of "how's the whole thing coming along??..."... knowledge is power... times like this i wish i've taken up law instead...

i blame hari raya too btw... but hari raya.. well specifically the month of raya has been good to me... 10+ openhouses... slurp...

thanks!!!!
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Dunhill



Joined: 05 Oct 2005
Posts: 75

PostPosted: Fri Dec 23, 2005 2:34 am    Post subject: Reply with quote

Just curious, when the developer absorbs the interest during construction, does the invoice you received still state the amount for progressive payment + interest?
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