After signing OTP, Lawyer or Loan first?

[Stockbroker]

Dear all, just bought my 1st propery. But am not sure of the next step. I have applied for a loan by sending in documents to the bank. The sales and purchase has also reached my lawyer. So how does it work? Do I go down to the lawyer first or do I wait for the Letter of Offer to come from the bank because I understand that my lawyer will also act for the bank?
Is it correct to say I wait for the letter of offer from the bank, then sign with the bank officer. Then I go and find my lawyer and sign the sales and purchase? My lawyer don't have to be with me when I sign the letter of offer from the bank? Thank you in advance.

[ysyap]

You did not get the lawyer that your bank recommended? Well what I understand is like you said. You need to confirm you bank first. If you go to your lawyer first, he needs to process the search against your property as well as all other admin matters including the bank loan. Cheers!

[Tan80000]

Document that u need when signing SnP with lawyer:
1.OTP
2. Photocopy of IC
3. Bank loan
4.SnP document
5. Cheque payment for stamp duty, lawyer fee n balance 15%
6.CPF statement on balance n property withdrawal.
7. If joint purchase, both parties must be present. A lot of document to sign.
8. Proof of relationship like birth cert or ROM cert.

Within 3 weeks must settle the SnP upon receiving. Must give lawyer at least 3 days to clear all document.

Hope the above could help u...

Lastly, congrate on U purchased...:cheers4:

[kane]

make sure you can get a loan to back the purchase. they will also arrange a lawyer for you.

[mermaid]

I understand tat we nid to get from the panel of lawyers which the banks r working with. but wat if we purchase a BUC project and only intends to look for a package eg 1 - 2 yrs later? It is fine to sign the S&P without the bank loan? How do we know which law firm to go to then?

[xtreme_46]

if using bank lawyer..do they still provide subsidy? is it cheaper also? typical lawyer cheapest can get how much?

[coolchoc]

Dear all, just bought my 1st propery. But am not sure of the next step. I have applied for a loan by sending in documents bank. The sales and purchase has also reached my lawyer. So how does it work? Do I go down to the lawyer first or do I wait for the Letter of Offer to come from the bank because I understand that my lawyer will also act for the bank?
Is it correct to say I wait for the letter of offer from the bank, then sign with the bank officer. Then I go and find my lawyer and sign the sales and purchase? My lawyer don't have to be with me when I sign the letter of offer from the bank? Thank you in advance.


If u wanna save another trip to the lawyer's firm, u may wanna arrange to sign all documents at the law firm together. The lawyer needs to go thru with u on the details of the bank's ltr of offer & be the witness (of dunno wat :ashamed1: )

[coolchoc]

I understand tat we nid to get from thl of lawyers which the banks r working with. but wat if we purchase a BUC project and only intends to look for a package eg 1 - 2 yrs later? It is fine to sign the S&P without the bank loan? How do we know which law firm to go to then?

Nowadays, there are quite a number of law firms that are in 'the panel of law firms' of most major banks here. Just chk with the law firm if they are.

[coolchoc]

if using bank lawyer..do they still provide subsidy? is it cheaper also? typical lawyer cheapest can get how much?

As far as I know, most banks do not extend legal sub anymore since early this year. Maybe bros/sis who are more pro in this aspect can advise.

Straight forward s&p for BUC should be $2,400 - $3,000. Prices vary for non-cpf usage &/or no loan.