Jump to content
Find Professionals    Deals    Get Quotations   Portfolios
Sign in to follow this  
mike

Selling Hdb Flat Under Bank Loan

Recommended Posts

I am selling hdb flat which is currently with bank loan.

My agent told me need to engage a law firm to settle the outstanding bankloan, and it will cost more than 1K.

Just called HDB and was told that I can check with bank first whether bank need to fix a law firm for me, otherwise i can use HDB lawyer to handle the case, an it costs just less than $400.

A bit confused now, can share ur experience ? Thank u.

 

Share this post


Link to post
Share on other sites
Looking for good contractors? Click here for your request

The law firm is to help you in the sale. Not just the bank loan. It will cost more than $1k, yes.

You need to get a law firm approved by the bank, if it also happens to be HDB lawyer, then you can save a bit.

 

Share this post


Link to post
Share on other sites

Thank you.

Just went to the bank to check, and was told that I don't have to get any specific law firm to settle the outstanding loan with the bank, HDB can do the work. That sounds good, I will then engage HDB to act in the resale transaction, to save money. :rolleyes:

 

Share this post


Link to post
Share on other sites

Seems I didn't get the full information from the bank officer i approached previously.

I checked with HDB again and this time got the clear answer as below:

===========================

You can engage HDB lawyer to act for you in the conveyancying of your existing flat. However, HDB lawyer cannot act for you in discharging your existing bank loan. Usually customers will let the bank's lawyer to act for them in both conveyancying and discharge of the existing loan. You may check with your bank whether their lawyer can act for you to discharge of the bank loan if you are engaging HDB lawyer to act for you in the conveyancying of your existing flat.

Thus if the bank has no objections, HDB can act for sellers in the conveyancing of resale, but sorry not possible to act for the discharge of the bank loan. The Resale Officer in charge of your case will explain to you the resale procedures and the conveyancing details on the First Appointment.

=====================================

so no way to save money in this case.

 

Share this post


Link to post
Share on other sites
Seems I didn't get the full information from the bank officer i approached previously.

I checked with HDB again and this time got the clear answer as below:

===========================

You can engage HDB lawyer to act for you in the conveyancying of your existing flat. However, HDB lawyer cannot act for you in discharging your existing bank loan. Usually customers will let the bank's lawyer to act for them in both conveyancying and discharge of the existing loan. You may check with your bank whether their lawyer can act for you to discharge of the bank loan if you are engaging HDB lawyer to act for you in the conveyancying of your existing flat.

Thus if the bank has no objections, HDB can act for sellers in the conveyancing of resale, but sorry not possible to act for the discharge of the bank loan. The Resale Officer in charge of your case will explain to you the resale procedures and the conveyancing details on the First Appointment.

=====================================

so no way to save money in this case.

hi mike, so how's ur case now? how much do u have to pay? me in the same situation as u now, dunno abt all these till I saw ur thread... my 1st appointment will be next mth but till now the bank still did not approach me abt it leh...

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

×