Current Market Rate For Legal Fees

[dreamhouse 0]

may i know the above?

bank loan subsidy is $2500

usually legal fees are within or more than this amount?

[Spikey 0]

  dreamhouse said:

may i know the above?

bank loan subsidy is $2500

usually legal fees are within or more than this amount?

usually between $2500 to $3000

[therat 18]

landed property should be more.

$2500 to $3000 more for condo

[Doomsday 0]

Ask the bank to recommend you their law firms who will charge within the bank's subsidy.

Just be prepared not to get much service from these assembly line type law firms.

[Spikey 0]

  therat said:

landed property should be more.

$2500 to $3000 more for condo

i stay in a landed and have a condo that i just purchased - it's $2500 to $3000 for either landed or condo..but if the value of the property exceeds a certain amt, the legal fees will go beyond this figure

[dreamhouse 0]

i have been quoted almost $3500 by a lawyer i know

sounds like quite above market rate...what kind of service can i expect?

does property price matter? mine is < 1.4m

[bepgof 20]

  dreamhouse said:

i have been quoted almost $3500 by a lawyer i know

sounds like quite above market rate...what kind of service can i expect?

does property price matter? mine is < 1.4m

$3500 is good deal already leh.

Service provides = correspondence(by hand + registered post) + phone call + email+ visiting+ keeping the proceeds(seller) for time being w/o interest + ??

Edited June 24, 2010 by bepgof

[foursprings 0]

i had to look for a law firm recently.

afew of them quote me $2500. so i chose one near my office and made appointment to go down.

but my banker told me to call them back to confirm if it is 'all in'.

so i called back and they told me of course not, there is an additional $1000 for 'stamping'.

Which means, total will be $3500 and i need to fork out $1k because bank subsidy only $2.5k.

i called the rest who quoted me $2500 and they then said yes, got additonal $500 to $1k for stamping.

i continued my search, till i found one who gave me $2500 all in.

[evo5555 0]

  foursprings said:

i had to look for a law firm recently.

afew of them quote me $2500. so i chose one near my office and made appointment to go down.

but my banker told me to call them back to confirm if it is 'all in'.

so i called back and they told me of course not, there is an additional $1000 for 'stamping'.

Which means, total will be $3500 and i need to fork out $1k because bank subsidy only $2.5k.

i called the rest who quoted me $2500 and they then said yes, got additonal $500 to $1k for stamping.

i continued my search, till i found one who gave me $2500 all in.

care to share which lawfirm does for you at $2500 all in???

need to engage their services to discharge my loan and oso prob handle my hdb sale..

u can PM me their contact?? thx

Edited June 26, 2010 by evo5555

[blueocean 0]

Check with your bank first ...

Your bank may have a nominated law firm for discharge of mortage - if different, you end up having to pay 2 law firms ...

  evo5555 said:

care to share which lawfirm does for you at $2500 all in???

need to engage their services to discharge my loan and oso prob handle my hdb sale..

u can PM me their contact?? thx

[bepgof 20]

  blueocean said:

Check with your bank first ...

Your bank may have a nominated law firm for discharge of mortage - if different, you end up having to pay 2 law firms ...

Is there such a mortgage loan structure in mkt, where loan taker can choose between either bank's law firm or own law firm? I thought all this while, must stick to bank's law firm? Any benifits by getting own's other than saving $$$?

Edited June 27, 2010 by bepgof

[therat 18]

If the lawyer you plan to use is not in the Bank lawyer panel.

The Bank will not subsidy your legal fee.

The lawyer you plan to use must be represent

1. You

2. Bank

3. CPF

Getting own lawyer b'coz you had use them before, you are comfortable with their service, etc

better than a stranger Lawyer who u don't know, might screw up the transaction.

Lawyer do screw up too.

[Tech_wizard 1]

This is how you can ensure you dont have to pay more than what is subsidise by the bank.

PLEASE DO THE BELOW BEFORE SIGNING THE BANK LOAN AGREEMENT.

1. Check what is bank providing for the legal fees normally $2500 to $3000 dependning on loan size.

2. Ask the banker if he can recommend a lawyer that will agree to keep the total legal fee within the bank given legal fee.

(The banker is more interested in you taking up the loan, so he will definetly talk to the law firm he is familar with)

3. Once you get a contact from the banker have a talk over the phone with the lawyer and than send him/her an email stating that the whole transaction is capped to a certain fee.

Hope this helps.

[nikku 0]

I am interested in this site.

Thanks to all for your kind information about Current Market.

[LinDa 0]

it depends too on value of property. for example, sentosa landed legal fees can go up to over $30k.