Received email from my solicitor to prepare 2 cheques. One is for 6 months maintenance fee, and one for survey fee. Do we have to pay for this survey fee, or should be absorb by solicitor?
On the survey fees, as advised by solicitor, refer to Sales and Purchase agreement, page 8, item number 11.
I think survey fee is to protect owners. Its to check that the developer's promised you xxx sqft and they delivered that xxx sqft to you.. there is a allowance, if they hit below that allowance, they have to compensate the buyer..
so its for the buyer's own benefit.. I don't the the bank or anyone will subsidize.
By the way, what's a waste of $ is the bank's requirement to valuate the property when you first take up the loan.. borrower has to pay and the property is not even built yet!!! how to valuate.. and the bank sometimes requires you to use their valuator, and usually they setup a company to do that.. so they just collect $ from you for doing nothing.
My solicitor today called and told me same thing. need to prepare two cheques and I found the Clauses on page 8. Yeah, "Title Surveys", why I didn't see it at the beginning of purchase??? Still feel a bit confused, never heard such fee before. Hope amount will be not too high.
Quote***
The vendor must conduct or cause to be conducted all necessary title surveys relating to the subdivision of the building and Housing Projecy and to the production of conveyance plans for the purchase in respect of unit.
The vendor and purchase shall
Contribute in the following proportions to meet the expense (exclusive of goods and service tax):
Vendor: 50%
Purchaser: Blanche 50% which is equal to proportion the share value alloyed to the Unoy beta to the aggregate share value for the Housing project.
Goods and service tax charged by law on the supply of the surveyor' service.
Unquote***
My solicitor have asked that I prepare 2 cheques :
1. One is for 6 months maintenance fee of $960, and
2. Survey fee $660
$160/mth lor. my is 5 share, one bedder 441sf.
at $32 per share per mth x 1493 total shares = $47,776/mth or $573,312 per year. Is that enough to run the GE + sinking fund ?
Monthly fee goes by share value allocated to your unit, not by proportionate size of unit.
560sf is a 2bedder so my guess is your share value is 9 or 10.
At $32/share it be $32 x 9 = $288, if 10 share it be $320/mth
So your monthly fee is $192?
How about survey fee?
Dear all, received lawyer letter and it mentioned total $1152 for 6 month which means $192/ month. Haha, guess it is shared by size
Dear neighbors, do share with us when you are informed to collect the key
My lawer letter mentioned the key collection appointment will be arranged once cheques are successfully cashed in bank and balance outstanding loan amount are released by bank. And the letter left the PIC name & contact for particular floor for us to call and liaise with collection date sounds we can start decoration soonest within this month, great.....