Mortgage Agreement (Deed of Assignment)

[Mu]

Dear Bros and Sis,

I would just like to ask you about the process for signing the Mortgage Agreement (Deed of Assignment) between the Bank and the buyer. Sorry my first time experience. Several months ago I was asked to sign this by my lawyer. However, till date the bank has yet to execute the agreement. My lawyer has assured me that the signing of the agreement by the bank will only be done just prior to the first request and release of payment. As my property has just started construction and is a big project, I expect the first release payment request to only be made between 10 months to 1 year.

I have already signed the offer letter by the bank prior to executing the S&P, many months ago.

Is this normal procedure? I find myself wondering why the bank cannot sign the agreement (Deed of Assignment) now, since I have already signed it. Is there anything I need to be aware of?

Need to get some expert advise from the sifus here.

Thanks
Mu

[Shanhz]

i am not expert, cannot answer your question directly.

but i can give you my personal experience. i signed for S&P also one year ago, recently they called for first 10% paymt (loan drawdown). after making pymt, i rcv SLA letter on caveat lodged. that means that prior to this, the bank actually have not lodged anything.