evo5555 0 Report post Posted June 23, 2010 Hi all... i will have my 1st appt with HDB in August... my agent told me just need to present myself with IC will do... but when i receive the HDB letter, it states that need to present letter from solicitor's firm representing bank to discharge loan also to represent sale of house.. im confused.. does the lawyer office rep need to be there during HDB 1st appt? can i know what exactly are my options? for 1st appt and 2nd appt??? Share this post Link to post Share on other sites
chronograph 0 Report post Posted June 24, 2010 Hi all... i will have my 1st appt with HDB in August... my agent told me just need to present myself with IC will do... but when i receive the HDB letter, it states that need to present letter from solicitor's firm representing bank to discharge loan also to represent sale of house.. im confused.. does the lawyer office rep need to be there during HDB 1st appt? can i know what exactly are my options? for 1st appt and 2nd appt??? Are u taking HDB loan or Bank loan? HDB loan - HLE Bank loan - Need to get approval from bank and they will assign their group of lawyers to help u or if u have your own lawyer. Share this post Link to post Share on other sites
evo5555 0 Report post Posted June 24, 2010 bank loan... called up the bank informing need to discharge the loan.. they gave only 1 lawyer firm.. im not sure if the rates quoted is reasonable?? so want to have a few for comparison.. was quoted $700 for only loan discharge.. or $1500 to settle loan discharge and sale of HDB.. does it mean if i opt for lawyer only represent loan discharge, do i still need a solicitor to act for sale of HDB? HDB says they have solicitor to act on behalf for sale of HDB by me paying some fees... but they never mention how much... im confused and lost.. whats the common practise for all the sell HDB?? do they just approach a single lawyer office and ask for everything to be handled by the single lawyer office? Share this post Link to post Share on other sites
chronograph 0 Report post Posted June 24, 2010 I engaged the service of recommended lawyer from Bank. Does everything, save my time and headache. Share this post Link to post Share on other sites
evo5555 0 Report post Posted June 24, 2010 I engaged the service of recommended lawyer from Bank. Does everything, save my time and headache. do you need to be at HDB office when u already engage lawyer to settle everything for you? do they do power of attorney? what are the documents u signed? thx.. Share this post Link to post Share on other sites
evo5555 0 Report post Posted June 24, 2010 (edited) also anybody knows how to calculate the legal fees? is conveyancing fees the only thing to pay if you have cleared all your outstanding town council/HDB fees? seller need to pay stamp fees? OMG.. so many fees to be paid.. sigh... Edited June 24, 2010 by evo5555 Share this post Link to post Share on other sites
evo5555 0 Report post Posted June 24, 2010 found this on HDB website.. but doesnt know how it works.. Conveyancing fee - Resale, transfer or assignment of flat by the owner First $30,000 @ 13.5 c. per $100 or part thereof Next $30,000 @ 10.8 c. per $100 or part thereof Thereafter @ 9.0 c. per $100 or part thereof There shall be a minimum fee of $20. Share this post Link to post Share on other sites
therat 18 Report post Posted June 24, 2010 seller no need to pay stamp fee Share this post Link to post Share on other sites
chronograph 0 Report post Posted June 24, 2010 (edited) do you need to be at HDB office when u already engage lawyer to settle everything for you? do they do power of attorney? what are the documents u signed? thx.. Hum,.... i was there cos i choose to be there. As for the document, i can't remember already. A lot of documents asked to sign by HDB officer as well. Get a lawyer to do everything for u... anyway fees can be paid thru cpf. Think about how much can u save and how much trouble u need to get yourself in? Edited June 24, 2010 by chronograph Share this post Link to post Share on other sites
sff 0 Report post Posted June 24, 2010 bank loan... called up the bank informing need to discharge the loan.. they gave only 1 lawyer firm.. im not sure if the rates quoted is reasonable?? so want to have a few for comparison.. was quoted $700 for only loan discharge.. or $1500 to settle loan discharge and sale of HDB.. does it mean if i opt for lawyer only represent loan discharge, do i still need a solicitor to act for sale of HDB? HDB says they have solicitor to act on behalf for sale of HDB by me paying some fees... but they never mention how much... im confused and lost.. whats the common practise for all the sell HDB?? do they just approach a single lawyer office and ask for everything to be handled by the single lawyer office? You can get private lawyer do all, or can also hdb do paperwork and private lawyer discharge loan. If HDB lawyer do paperwork for selling, for my 4rm flat, I paid about $300+. Discharge loan only got cheaper lawyers but you must check that the bank is ok with them. Cos there might be cases where you get a lawyer to discharge loan but bank want to use own lawyer, and in the end you have to pay for both. Safest to ask bank to refer a lawyer to you. Lawyer fees for selling whether using private or hdb lawyer, all must pay cash. No CPF. Only buying can use CPF. Pay hdb lawyer at first appt. Private lawyer can be paid just before 2nd appt. Share this post Link to post Share on other sites
bepgof 20 Report post Posted June 24, 2010 (edited) also anybody knows how to calculate the legal fees? is conveyancing fees the only thing to pay if you have cleared all your outstanding town council/HDB fees? seller need to pay stamp fees? OMG.. so many fees to be paid.. sigh... Evo, look to me you are presently only "intend" to get a bank loan, but have not signed up any mortgage loan with any bank. Your agent seemed did not explain all these to you. Detailed answer as follow: 1. Seller needs not paying stamp duty, only buyer needs, calculation as follow: stamp duty fee = (Valuation price x 3%) - $5,400 2. Once u sign up a bank mortgage loan, you do not have to worry about the legal fee, convey....fees, usually these costs already calculated & factored in the interest rate that bank lend to you, whether 3,4, or 5 year. Most people take 3-year loan package. 3. If now you can get a 3-yr variable loan package, roughtly 3 month sibor +0.6 = 1.9%, with 1yr lock in, depending on on amount you borrow, you should be laughing. 4. During resale application, agent did not submit yr loan's approval letter? Or you told agent want to settle everything by CASH? Or agent is a new hand, don't know this? 5. During 1st appointment, HDB's just wants to validate and confirm seller is eligible to sell & buyer is eligible to buy with all conditions met. Need no lawyer at this point of time. But - Need to sign doc, stating you want to buy this unit..... - HDB asks you to provide evidence of loan package, whether HDB or private bank. So HDB's lawyer will send/receive correspondence with bank's lawyer. If you cannot provide bank loan package, HDB still want your laywer's details or suggest you to use HDB's lawyer, and ask you to show you financial background - enough cash to settle 1%+4% +15%(cpf also can)...... Clear? Edited June 24, 2010 by bepgof Share this post Link to post Share on other sites
kiraaa23 0 Report post Posted December 26, 2021 You need a lawyer who is well versed in your problem and specializes in this area. I advise you to go to lawyers who not only have experience, but also help you understand your case, because money fraud is already a crime. You should describe the situation to the lawyer and only then can he or she help you. https://www.royceinjurylawyers.com/ are experts in this field, and they will be happy to answer any questions or concerns you may have. Share this post Link to post Share on other sites
