Disbursement of loan by lawyer

[buttercarp]

If you bought a house that has not TOP yet, and appoint a lawyer to disburse the monies for you, what is the procedure?

For eg, if you take 60% loan, but you have 40% cash, do you have to give this 40% cash to the lawyer to disburse the cash to the developer when the house is being completed in stages?

What if in the process, the law firm closes down?

Also where will this cash be deposited into?
How safe is it in the lawyer's hands?
I heard from 1st august onwards, there are measures to ensure greater safety?

TIA.

[kingkong1984]

Ur loan will take care of it. They, lawyers, will set up your first CPF payment, thereafter u log in to web site and update the amount yourself. Duno how to do it or forgot to do it? It will be deducted from your bank account via cash.

Law firm do close down but lawyers are around. No prob. No big deal if lawyer dies suddenly as law firm is around. If u have two occurring, bad luck but still can be solved. Dun worry be happy.

Go read up lah, lazy.

http://www.lawsociety.org.sg/Password-Protected/NewConveyancingRegime/Default.aspx

[DC33_2008]

My lawyer died few years after the TOP of my condo. His wife called me to pick up the document that are kept at his office as they are closing down the firm. May be safer to go for those firm with more than one lawyers. Not sure what will happen if the property is not TOP.

[moomooteo]

If you bought a house that has not TOP yet, and appoint a lawyer to disburse the monies for you, what is the procedure?

For eg, if you take 60% loan, but you have 40% cash, do you have to give this 40% cash to the lawyer to disburse the cash to the developer when the house is being completed in stages?

What if in the process, the law firm closes down?

Also where will this cash be deposited into?
How safe is it in the lawyer's hands?
I heard from 1st august onwards, there are measures to ensure greater safety?

TIA.
The 40% is not given to the lawyer from the onset. As the progressive payment is called, the cheques are then passed to the lawyer for disbursement. So no issue if lawyer die lah, law firm close etc...

[radha08]

The 40% is not given to the lawyer from the onset. As the progressive payment is called, the cheques are then passed to the lawyer for disbursement. So no issue if lawyer die lah, law firm close etc...

god bless the lawyer and his family if he die....:o

[hyenergix]

If you bought a house that has not TOP yet, and appoint a lawyer to disburse the monies for you, what is the procedure?

For eg, if you take 60% loan, but you have 40% cash, do you have to give this 40% cash to the lawyer to disburse the cash to the developer when the house is being completed in stages?

What if in the process, the law firm closes down?

Also where will this cash be deposited into?
How safe is it in the lawyer's hands?
I heard from 1st august onwards, there are measures to ensure greater safety?

TIA.

Need to pay extra $150 for the centralised holding account for loan disbursement from 1 Aug.

[buttercarp]

Thanks for all the replies:) .

What is this centralised holding account?
Is it when the developer calls for the payment, i will write a cheque to this account for the lawyer to disburse the amount to the developer?

[buttercarp]

The 40% is not given to the lawyer from the onset. As the progressive payment is called, the cheques are then passed to the lawyer for disbursement. So no issue if lawyer die lah, law firm close etc...

I called the Law Society and they said usually have to leave the cash to be disbursed with the lawyer. But now in addition to the law firm name, must add -CVY when i write the cheque.

When the developer calls for progressive payment, my lawyer and the developer's lawyer have to sign to release the monies.

To open the conveyancing account requires a fee, and there will be a levy imposed for every transaction, each is a few hundred dollars.
The Law Society has set a guidelines regarding the charges and it is up to my lawyer to decide on the final amount.

If the law firm closes down or the lawyer ceases to practise at the law firm, a court order will be issued for the release of the monies.