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If you are buying a property, selling one or merely refinancing, you would have to engage a law firm to assist you. Law firms are usually engaged for such services through word of mouth or recommendation. You should also consider factors such as reputation of the firm, its experience, before and after sales service. |
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However, if you are considering engaging our services and require a quotation (we believe that is why you are here), we would appreciate that such request for quotation be for genuine and sincere purposes. |
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It should be borne in mind that costs should not be the only consideration in engaging a law firm to act for you in a property transaction. |
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Sale of Property (including Redemptioni of Mortgagei / CPF Chargei) |
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This is for users who wish to sell or are in the process of selling their properties. |
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In a Sale, we will usually assist you in the following (as applicable, not exhaustive):- |
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prepare an Option to Purchase, Auction Terms, or Sale & Purchase Agreement (as the case may be) |
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advise you on the terms of the Option to Purchase |
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receive the balance Deposit upon the exercised of Option by the Purchaser |
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serve redemption notices to CPF Board and the Mortgageei (Bank orFinance Company) (as the case may be) |
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preparation of discharge documents for CPF Board and the Mortgagee (if we are acting for them) or the Mortgagee's solicitors (as the case may be) |
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attending to the execution of the draft Transfer |
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keeping track of the timelines on your behalf |
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liaising with the Purchaser's solicitors, CPF Board's solicitors and the Mortgagee (if we are acting for them) or the Mortgagee's solicitors (as the case may be) |
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preparation of the Completion Account for the Purchaser's solicitors |
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to complete the matter(s) on your behalf |
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If your property is charged to the CPF Board or mortgaged to a Bank, you will have to redeem all such charges prior to the completion of the sale. Accordingly, we will assist you to serve the relevant notices of redemption on the relevant parties at the relevant time. |
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However, please note that the CPF Board will usually engage third parties' law firms to act for them in the Discharge of the CPF Board's Charge. The Bank (the Mortgagee) may appoint our firm or another law practice to act for them in the the redemption. Such charges incurred by the Board and the Mortgagee are usually borne by you. |
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Commonly, Banks or Finance Companies may engage our firm's (Loh Eben Ong & Partners) services to act for them in the same transaction (redemption) (subject to minimal conflict of interest), and in that event, there will usually be cost savings to you. |
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Purchase of Property (including Mortgage / CPF Charge) |
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Purchasers are usually more anxious as they may be unsure of the many rules and procedures of the contractual and Conveyancing process in a property transaction. |
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Please visit our Property FAQs for more information. It is advisable to engage a law firm prior to entering into a purchase (except for purchase of uncompleted properties from Licensed Developer). Your Lawyer will usually conduct initial searches such as the title search on the property and bankruptcy/winding up search on the Seller, and will advise you on the terms and conditions of the Option to Purchase / Sale and Purchase Agreement. |
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If you are using your CPF Funds to part-finance the purchase price or for housing loan monthly instalments, please note that CPF Board will engage another law firm to act for them in the CPF Charge, and such costs and expense will be borne by you. We will however assist you in the CPF Fund application, and act for you in the CPF Charge. |
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If you are obtaining a loan from a Bank (or Finance Company) to part-finance the purchase price, you may wish to check with them whether they may engage our firm in the same Mortgage transaction (same representation). We are usually appointed by many local/foreign Banks/Finance Companies to act for the them in the same Mortgage transactions (subject to minimal conflict of interest), and in that event, there will usually be costs savings to you. If there are separate representation, the costs and expense (borne by you) will usually be higher. |
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Redemption of Mortgage / CPF Charge |
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In respect of the Mortgage of your Property, you may wish to repay fully your loan, or your loan with the lending bank has been fully paid. In these scenario, you may need to appoint a Law Firm to liaise with the Mortgagee (Bank or Finance Companies) on the redemption or discharge of the Mortgage and prepare the relevant documentation. |
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in respect of the CPF Board's Charge over your Property, you may have reached 55 years' of age (retirement age), and wish to discharge the Charge over the property. In this case, you may need to appoint a Law Firm to liaise with CPF Board and its lawyers on the discharge of the CPF Charge and prepare the relevant documentation. |
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Refinancing of Mortgage Loan / Re-Mortgage / Fresh Mortgage |
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With the low interest rates currently offered by Banks and Finance Companies for Housing Loans, property owners may be considering switching their existing Mortgage to another Bank or Finance Company which is offering more attractive loan packages. Refinancing of private properties has seen a phenomenon growth in the mid 1990s. |
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If your property is currently not mortgaged, you may wish to obtain credit facilities from a Bank which is to be secured by a fresh Mortgage over your property in favour of the Bank. |
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In a refinancing/mortgage of a property, there are usually the following stages (not exhaustive):-
1. Redemption of Existing Mortgage (Property with existing Mortgage)
2. Approval from CPF Board & Documentation (Property with existing CPF Board's Charge)
3. Fresh Mortgage with new Mortgagee |
