Legal Fee For Condo Purchase?

[matrix0405 0]

Lawyer, unlike ID, do not give quotation. So it very hard for consumers to compare or source for competitive price. What is the typical legal fee lawyer are cgharging buyer now? Are most lawyers still able to work well within the $2500 given by banks? How much is typical? How much is cheap?

[therat 18]

U can ask them what is their charging.

[leechaorui 2]

Lawyer, unlike ID, do not give quotation. So it very hard for consumers to compare or source for competitive price. What is the typical legal fee lawyer are cgharging buyer now? Are most lawyers still able to work well within the $2500 given by banks? How much is typical? How much is cheap?

Lawyers do provide quotation on their fees of which some gave a range. Depending on complexity, some cases may be charged higher. It is not uncommon to charge legal fees between $2500 to $3500.

[matrix0405 0]

If legal fee is $3310.00, is it on the high side or cheap?

[therat 18]

do the lawyer represent all party

bank

u

CPF

Include GST?

Include mortgage fee?

Make sure the person you alias is a lawyer. Not some business manager or whatever

[vowsh 1]

do the lawyer represent all party

bank

u

CPF

Include GST?

Include mortgage fee?

Make sure the person you alias is a lawyer. Not some business manager or whatever

Is advisable to get your own lawyer. One common lawyer acting for both parties will tend to benefit one's that hired the lawyer.

The lawyer will settle everything for you and typically take about 12weeks to complete all the paperwork -loan, cpf caveat..etc.

Private sales do not have GST. Lawyer fees are pretty standard.

[therat 18]

Is advisable to get your own lawyer. One common lawyer acting for both parties will tend to benefit one's that hired the lawyer.

The lawyer will settle everything for you and typically take about 12weeks to complete all the paperwork -loan, cpf caveat..etc.

Private sales do not have GST. Lawyer fees are pretty standard.

If you had your own prefer lawyer , by all mean.

No rule say must die die use bank panel lawyer

Use bank panel lawyer mainly is for the bank legal subsidy.

U can call ur banker, ask him/her is your lawyer firm inside the bank panel.

I come across lawyer firm charge GST

[Warrior88 0]

Is advisable to get your own lawyer. One common lawyer acting for both parties will tend to benefit one's that hired the lawyer.

What is the chance of using the same lawyer ? You mean lawyer also don't co-broke

Er.... maybe, LKY wife lawyer that service all HDB transation.

[vowsh 1]

What is the chance of using the same lawyer ? You mean lawyer also don't co-broke

Er.... maybe, LKY wife lawyer that service all HDB transation.

u own a 2nd property, you should know how it works.

[matrix0405 0]

do the lawyer represent all party

bank

u

CPF

Include GST?

Include mortgage fee?

Make sure the person you alias is a lawyer. Not some business manager or whatever

The lawyer represents me and is from the bank's panel. The $3310 fee included searches and professional svs. CPF uses their own appointed lawyer, which cost an additonal $300+. There is no gst. No mentioned of mortgage fee (so likely be incl).

[therat 18]

The lawyer represents me and is from the bank's panel. The $3310 fee included searches and professional svs. CPF uses their own appointed lawyer, which cost an additonal $300+. There is no gst. No mentioned of mortgage fee (so likely be incl).

Mortgage fee, you better ask.

When I ask a lawyer why mortgage fee is exclude, he explain , the mortgage fee is pay to IRAS. Hence it is not include in the lawyer fee.

However, I read some ppl mention his lawyer fee include the mortgage fee.

So I don't know what is the standard practice.

Mortgage fee cost $500.

The main thing, he did a good job for you.

[bepgof 20]

- Rule of thumb: legal fee $3,000 for all transactions. Want to save the $500? Take your time & effort calling here & there.

- If take bankload, legal feee = subsidied =$0 but actually charged toward the interest you'll be paying.

- Mortgage fees, can mean "many mortgage-related fees" - application fee, valuation fee(for buyer), early redemption fee, etc..., this fee usually "transparent" to applicant. Already charged to somewhere in the package.

- Valuation fee, if applicant takes loan package, it is usually "free" for private property.

- Rule of thumb: Valuation report: $600 for private property, if no mortgage package taken.

- Same lawyer for both buyer & seller - can happen in many situations, especially when one party does not have a preference of choice, which is more of the cases. I used buyer's bank lawyer last yr when I sold my condo which has been fully redeemed, so buyer "has more say" when he took the mortgage loan package.

Edited July 15, 2010 by bepgof

[chia90 0]

Hi Bepgof,

I thot for pte, there is no formal valuation as in, you go to the bank and asked for a mortgage and the bank will give an verb est of the value of the house. And the max loan amount will be determined from that indicative est.?

able to confirm? Thanks.

Have a great weekend ahead.

rgds,

- Rule of thumb: legal fee $3,000 for all transactions. Want to save the $500? Take your time & effort calling here & there.

- If take bankload, legal feee = subsidied =$0 but actually charged toward the interest you'll be paying.

- Mortgage fees, can mean "many mortgage-related fees" - application fee, valuation fee(for buyer), early redemption fee, etc..., this fee usually "transparent" to applicant. Already charged to somewhere in the package.

- Valuation fee, if applicant takes loan package, it is usually "free" for private property.

- Rule of thumb: Valuation report: $600 for private property, if no mortgage package taken.

- Same lawyer for both buyer & seller - can happen in many situations, especially when one party does not have a preference of choice, which is more of the cases. I used buyer's bank lawyer last yr when I sold my condo which has been fully redeemed, so buyer "has more say" when he took the mortgage loan package.

[bepgof 20]

Hi Bepgof,

I thot for pte, there is no formal valuation as in, you go to the bank and asked for a mortgage and the bank will give an verb est of the value of the house. And the max loan amount will be determined from that indicative est.?

able to confirm? Thanks.

Have a great weekend ahead.

rgds,

Last yr while selling, asked exclusive agent to arrange for a Valuation, she told me bank would charge $600! So I did not go ahead. There was one time, the buyer did bring a valuator for valuation after OTP signed, but I wasn't around. I did not check how much he paid.

Agent did mention the valuation cost, usually charge to the loan mortgage one takes.

Edited July 16, 2010 by bepgof

[therat 18]

Some bank pay for valuation cost.

Once when I'm searching for mortgage loan.

I need to pay back the valuation cost if I do a fully repayment within their lockin period.

The SCB banker didn't told me this until I ask. Basically that banker service SUCK