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Hi
I have recently bought a unit in end September. The law firm has not helped me to lodge the caveat and therefore it has not been listed in the URA website. Called the lawy firm and was told usually they will do it after the first loan disbursment. Is it ok if the caveat is lodge earlier or later? Any implication?
caveat preserves priority of claims over real propertyQuote:
Originally Posted by Reuben
Care to elaborate further? Mine is a under construction project. Is there an issue if it is lodge later?Quote:
Originally Posted by Heng
in fact, once the LO is signed, the bank will register the caveat
Extract from SLA web site :Quote:
Originally Posted by Reuben
Once you have paid the deposit, your lawyer will prepare and lodge a caveat with SLA on your behalf.
The caveat is essential because it is a notice of your claim to the property.
On occasions where there is more than one claim to the same property, the time when the caveat is lodged is crucial because it shows you to be the first claimant to the property.
Once your lawyer has prepared the caveat, he will use STARS ELS to lodge it.
As STARS ELS is online, your lawyers no longer have to rush down to SLA to lodge the caveat.
Imagine if your lawyer is held up in traffic or in court and cannot make it before lodgment time ends at 12:00 noon!
Quote:
Originally Posted by Reuben
That is not true. Mine was promptly lodged after the deposit was paid, ie after you paid 20% as Laguna has mentioned.Quote:
Originally Posted by Reuben
The lawyer should lodge a caveat on your behalf when the deposit is paid.
First loan disbursement can be much later, if the loan is a low so if they wait until then, it can be many months to even a year or so, depending when the loan starts.
Make sure caveat is lodged, otherwise developer or seller can back out of sale.