Private Residential Property Transactions with Caveats Lodged
1) How long does yr lawyer take? (est: 1/2/3 mths)
2) Why do lawyers drag this process?
3) What happens if they nvr lodge caveats?
Newbie
Private Residential Property Transactions with Caveats Lodged
1) How long does yr lawyer take? (est: 1/2/3 mths)
2) Why do lawyers drag this process?
3) What happens if they nvr lodge caveats?
Junior
Few weeks after exercise. Likely short handed and Take own time. If good price, should caveat fast to sow to the world!
Thanks everyone for the support! Find A Home Loan is Standard Chartered #1 broker in 2013.
Newbie
thought lodging caveats was more to protect the interests of the bank (whom the loan is with) than anything else. doesn't really when they do it so long as they do it eventually. of course updated caveats would provide better info to the market about prices.
Junior
cos lawyer bogged down by too much purchases lately ...
Newbie
Sorry new here. What is the purpose of lodging caveats? It is a must thing?
Junior
He is running away with your money?
Just like that lawyer went ran away with millions to Germany and finally got apprehended?
But unlikely lah, Singapore fixed the law already.
Newbie
don't think it's a must. it's mainly to protect interests of the bank (or anyone who has a vested interested in the property, in the case of bank loan, mainly the bank as the property is held as a collateral)
i could be totally wrong though..
Originally Posted by fireclone
Newbie
just to add on, cos when caveat is lodged, it basically gives notice of your claim to that property and thus no one else can transact this property and in effect it protects the bank who has an interest so that no one else can stake a claim on it.
Newbie
MIne already more than 10 weeks and still not lodged. Completion in 2 weeks time. Maybe it is the same lawyer.
Senior
Good to check with the lawyer unless it is not necessary.
Junior
Usually banks will lodge it.
Junior
http://www.duhaime.org/LegalDictionary/C/Caveat.aspx
Caveat Definition:
Latin: let him beware. A formal warning. Related Terms: Caveat Emptor
A legal document called a caveat represents a caution noted on a legal file, litigation or title, warning other of a person's interest in the title or litigation, with the person entering the caveat called the caveator. Alexander v McKillop & Benjafield 43 SCR 551 (1910), a decision of the Supreme Court of Canada, discussed the effect of a caveat as follows:
"This machinery was designed for the protection of rights, not for the creation of rights.Or Stephens v Bannan & Gray 5 WWR 201, that a caveat is:
"A caveat prevents any disposition of his title by the registered proprietor in derogation of the caveator's claim until that claim has been satisfied or disposed of, but the caveator's claim must stand or fall on its own merits.
"If the caveator has no right enforceable against the registered owner which entitled him to restrain the alienation of the owner's title then the caveat itself cannot and does not impose any burden on the registered title.""... nothing more than a caution and an effective notice of a claim of title grounded upon something else and preventing any change in the rights of the caveator by dealings with the land subsequent to the lodging of the caveat."In the Province of British Columbia, the Land Title Act, formalizes the process of a caveat by providing that:
"A person, in this Act referred to as the caveator, claiming under an unregistered instrument which is incapable of immediate registration, by operation of law, or otherwise, to be entitled to land the title to which is registered under this Act, may by leave of the registrar, granted on terms, if any, the registrar may consider proper, lodge a caveat with the registrar prohibiting registration of a dealing with the land either absolutely or in the manner or to the extent expressed in the caveat."
Newbie
So it's actually make no differences to us if the caveat is not lodged?? since it is not protecting our rights
Banned
It is not compulsory. Usually when you take a bank loan, the lawyers will lodge it.
its only to stake in claim in that property before S&P completes
Newbie
This so frustrating. This is my first purchase of pc. Hope someone can advise me.
My lawyer has yet to lodge the caveat despite signing S&P in mid Nov 12. Money already all deducted from my bank. I reminded my lawyer before xmas. N i chased the bank thrice as they were the one whom recommend this law firm....Yet caveat still not lodged.
Newbie
Mine took 2 mths. The final copy of S&P still have not receive from TG's lawyers. Same locale as your PC.
mutant powerpuff
Hi, I suggest you write in officially to your lawyer to request him to lodge a caveat for you.
In that way, you have black and white that you have instructed him to do it for you.
After the caveat is lodged, you will receive an official letter from SLA informing you of the outcome.
http://www.ura.gov.sg/lad/pmifaq/pmifaq.html
Typically, caveats are lodged at least 2-3 weeks after a purchaser signed an option to purchase at the showflats. The press frequently reports the sales status of projects based on observations at showflats or interviews with developers. Therefore, what you read in the media will be different from the information shown here.
In addition, it is not compulsory to lodge a caveat for all property purchases. Lodging of caveats is usually done voluntarily by purchasers through their lawyers to protect their interest in the property.
Newbie
How much legal fee are you paying? Sometimes if you pay peanuts...
Senior
Mine took abt 3 mths+ from Jun to Aug... Maybe urs due to good sales n end of year pp clearing leave in Nov n Dec.
Newbie
I noticed it was your bank who referred the lawyers. Sometimes, this means the legal costs is very low or all covered by the bank's legal subsidy. Such lawyers handle high volume and the service usually suffer. For example, did you actually get to speak to a lawyer and get advised by a lawyer or did all advice come from the legal clerk/secretary/conveyancing executive?
My experience is that it is worth paying few hundred dollars more for better legal service and be attended to by a conveyancing lawyer!
Junior
Sis, still not in ah? perhaps you should indeed write in b&w. if it's me, i will ask for discount in b&w also. maybe he will suddenly wake up.
Newbie
As this is my first purchase of PC, i went along with bank's recommendation as i thought they are faster n clearer with bank's procedures. N they r not really cheap either. Amt to $2600++ after GST. I did speak to the lawyer though. But he's not very friendly...When i asked abt using a portion of cpf to pay for mthly installments, he just see my cpf n said not enuff....However, when i checked w the forummers here. They told me just need $69K in OA+SA to qualify for using part of cpf to pay, right?
I
Junior
on hindsight, prob could have got a better lawyer. but no use crying over spilt milk. maybe apply some pressure on him lor. but 2600 is okay price. not high not low.
yes, currently min sum is abt 139k. so half of that inside OA+SA is good enuff. the rest all can use. But if i'm not wrong can't touch SA for housing loan, even tho' SA is counted in the min sum calculation.
Newbie
After months of calling+smsing since late Dec 12, i decided to go to the bank personally in March. They still did not get back to me. I went to bank again today. The law firm apologised and said they overlooked and will lodge my caveats tmr! I can't believe i been chasing them for 4 mths and now they say they overlook! Can anyone advise what shld i do next? Btw must we go to law firm to sign any document to release the 1st payment to the bank?
Newbie
I sold one unit almost a year ago, and I have not seen the caveat lodged with URA database.
Junior
it is not compulsory for the buyer to lodge a caveat against your unit.I sold one unit almost a year ago, and I have not seen the caveat lodged with URA database.
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