Caveats Lodge

[irisng]

What is Caveat Lodge? One of the agents told me that:-

"Caveats is to protect buyer interest and when the buyer's lawyer lodge caveat on a particular property, then seller cannot able to sell it to another buyer whom offer higher or else...."

I thought once I signed the OTP and placed a 5% downpayment, my ppty becomes confirmed and the seller is not allowed to sell off my ppty. I had checked the URA website for the caveat lodge and my ppty is not lodged, is it necessay or compulsory to have the ppty lodged?:ashamed1:

[cbsh38584]

What is Caveat Lodge? One of the agents told me that:-

"Caveats is to protect buyer interest and when the buyer's lawyer lodge caveat on a particular property, then seller cannot able to sell it to another buyer whom offer higher or else...."

I thought once I signed the OTP and placed a 5% downpayment, my ppty becomes confirmed and the seller is not allowed to sell off my ppty. I had checked the URA website for the caveat lodge and my ppty is not lodged, is it necessay or compulsory to have the ppty lodged?:ashamed1:

Sometiimes, the transacted price at URA website is not the actual price. My property was sold @ $X price. My property transacted price posted at URA caveat was $X-100k (minus $100k). I think I must ask my agent why the transaction price is minus $100k.

rdgs,
Vic

[smallant]

are you sure that is legal ?? :doh:

[kingkong1984]

Caveat cheats! Hahaha

[ysyap]

Sometiimes, the transacted price at URA website is not the actual price. My property was sold @ $X price. My property transacted price posted at URA caveat was $X-100k (minus $100k). I think I must ask my agent why the transaction price is minus $100k.

rdgs,
VicYou sure that is your property that was lodged? Or that is your sale price? ;)

Then again I've heard of errors in the URA website. This is a manual site so is not exempted from human errors. :o

[cbsh38584]

You sure that is your property that was lodged? Or that is your sale price? ;)

Then again I've heard of errors in the URA website. This is a manual site so is not exempted from human errors. :o

I think the agent who sold for me intentionaly updated a lower sale price. The SELLER who used URA cavet site to check on the recent transacted price will be realistic about their ASKING price.

I think it is not a MUST to update the transacted price into URA cavet.

[kingkong1984]

Question is.. Did he give u 100k in cash and out of the transaction cost.

[DC33_2008]

I thought it should be based on the price in the OTP document.
I think the agent who sold for me intentionaly updated a lower sale price. The SELLER who used URA cavet site to check on the recent transacted price will be realistic about their ASKING price.

I think it is not a MUST to update the transacted price into URA cavet.

[evergreen]

When you sign OTP and place signed the OTP and placed a 5% downpayment, the property does not belong to you yet.

"Pending completion of your purchase, your lawyer will lodge a caveat against the title to the property - this serves to notify the public (and any third party interested in the property) that you have a valid interest or claim to the title of the property arising from the contract for the sale and purchase." - Law society of Singapore (http://www.lawsociety.org.sg/public/you_and_the_law/buying_and_selling_house.aspx)

"This Caveat is then published and made available to the public. This serves to inform the public that you have a vested interest or claim in the property which has the corresponding property title. During this period, if there are other claims or counter claims on the property title, they must be raised at that time. Lodging a caveat increases the protection to the buyer from future legal challenges on the legality of the sale process... This caveat is made known and public and serves to inform the public of your claims and impending interests on the said property title. This is to give time to counter claims or legal challenges which may arise. Some buyers do not lodge caveats so as to stay under the radar. But the lawyer usually lodges the caveat unless instructed specifically not to do so." - http://www.sanbernardinoduiattorneysite.com/124/singapore-law-society-what-conveyancing-lawyers-do-step-by-step/

[DC33_2008]

This is really questionable.:confused:
I think the agent who sold for me intentionaly updated a lower sale price. The SELLER who used URA cavet site to check on the recent transacted price will be realistic about their ASKING price.

I think it is not a MUST to update the transacted price into URA cavet.

[irisng]

When you sign OTP and place signed the OTP and placed a 5% downpayment, the property does not belong to you yet.

"Pending completion of your purchase, your lawyer will lodge a caveat against the title to the property - this serves to notify the public (and any third party interested in the property) that you have a valid interest or claim to the title of the property arising from the contract for the sale and purchase." - Law society of Singapore (http://www.lawsociety.org.sg/public/you_and_the_law/buying_and_selling_house.aspx)

"This Caveat is then published and made available to the public. This serves to inform the public that you have a vested interest or claim in the property which has the corresponding property title. During this period, if there are other claims or counter claims on the property title, they must be raised at that time. Lodging a caveat increases the protection to the buyer from future legal challenges on the legality of the sale process... This caveat is made known and public and serves to inform the public of your claims and impending interests on the said property title. This is to give time to counter claims or legal challenges which may arise. Some buyers do not lodge caveats so as to stay under the radar. But the lawyer usually lodges the caveat unless instructed specifically not to do so." - http://www.sanbernardinoduiattorneysite.com/124/singapore-law-society-what-conveyancing-lawyers-do-step-by-step/

Thanks, but It seems that my unit is not lodged, do I need to inform my lawyer to do so. If someone took an interest in my ppty, can I claim back all the payment that I have made earlier.

[ysyap]

Thanks, but It seems that my unit is not lodged, do I need to inform my lawyer to do so. If someone took an interest in my ppty, can I claim back all the payment that I have made earlier.Usually the bank that you take a loan from would lodge a caveat against your property.

[irisng]

Usually the bank that you take a loan from would lodge a caveat against your property.

Is it better to lodge a caveat? I have no problem with my current ppty. Everything was done nicely without me worrying. This lawyer, after we had signed the S&P agreement, no more news and letters from them, is it normal? So far, I only received an approval letter from the CPF board. My new ppty has just started its construction about 1 month ago only.

[cbsh38584]

Question is.. Did he give u 100k in cash and out of the transaction cost.

No 100k in cash. The URA caveat transacted figure is 2138xxx. But I sold @ 2238xxx in Apr11. Unless it is still not update in the URA caveat. possible ? Will ask my agent or lawyer.

[kingkong1984]

lodge an objection with SLA and see how.

[Arcachon]

Is it better to lodge a caveat? I have no problem with my current ppty. Everything was done nicely without me worrying. This lawyer, after we had signed the S&P agreement, no more news and letters from them, is it normal? So far, I only received an approval letter from the CPF board. My new ppty has just started its construction about 1 month ago only.

Just sent URA a email, which I did in 2007.

Customer Name : Mr
ID Number :
Email Address :
Contact Numbers :
Feedback Received Date : 24/10/2007

Dear Mr

Thank you for your feedback. We have investigated and confirmed that the caveat of this unit at Southbank was lodged after the sub-purchaser signed fresh agreement with the developer. However, in lodging the caveat, the sub-purchaser quoted the price paid by the original purchaser instead of the sub-sale price. We have therefore removed the record since it does not reflect the actual transaction price. We apologise for any inconvenience caused.


Regards
Customer Support, Property Research Section
tel: +65 6329-3357 / +65 6321-8015
fax: +65 6321-6596

Urban Redevelopment Authority § Property Research Section § Privileged/Confidential information may be contained in this message. If you are not the intended recipient, you must not copy, distribute or use it for any purpose, nor disclose its contents to any other person. Please notify the sender immediately if you receive this in error § Check out our website at http://www.ura.gov.sg

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Your earlier feedback received on 24/10/2007 :

Is there a mistake on the unit price on Sep-07 for SouthBank Apartment for 583 $psf.

Floor Area (Sqft) Unit Price ($psf) Date
904 527,000 583 Sep-07
SOUTHBANK NORTH BRIDGE ROAD Apartment

[ysyap]

Is it better to lodge a caveat? I have no problem with my current ppty. Everything was done nicely without me worrying. This lawyer, after we had signed the S&P agreement, no more news and letters from them, is it normal? So far, I only received an approval letter from the CPF board. My new ppty has just started its construction about 1 month ago only.The lawyers will still be writing to you on other legal matters. Just ring them up and ask them any other outstanding matters from them in the course of waiting for your BUC to TOP. :o

[irisng]

The lawyers will still be writing to you on other legal matters. Just ring them up and ask them any other outstanding matters from them in the course of waiting for your BUC to TOP. :o

Thank you so much. I will try to contact the lawyer again for any outstanding matters.:p

[Yuki]

Is it true that when purchasers paid in full in CASH they need not lodge with ura?

Heard from my friends but not sure how valid is that?:confused:

[Cyberknight]

Is it true that when purchasers paid in full in CASH they need not lodge with ura?

Heard from my friends but not sure how valid is that?:confused:

Yes. Truth. But not ura. It is SLA.

[teddybear]

Yes, true. There is really no need to lodge caveat if you fully owned the property.


Is it true that when purchasers paid in full in CASH they need not lodge with ura?

Heard from my friends but not sure how valid is that?:confused:

[Yuki]

Wah really?

The buyers are really cash rich!:scared-5: