1. When do you need a lawyer?
You will need a lawyer in the following situations:
1. New purchase of property (From Developer, from re-sale & sub-sale).
2. Refinancing.
3. Taking term loan.
4. Discharge mortgage.
5. Taking back your property title-deed from bank.
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2. How much is a lawyer charge?
S/N
|
Action description
|
Legal Fee
|
Remarks
|
1
|
New purchase from developer, uncompleted
|
$3,000
|
All cost included*
|
2
|
New purchase from developer, completed
|
$2,500
|
All cost included*
|
3
|
New purchase from sub-sales, uncompleted
|
$3,000
|
All cost included*
|
4
|
New Purchase from re-sale market, completed
|
$2,500
|
All cost included*
|
5
|
Refinancing from local bank
|
$2,000
|
All cost included*
|
6
|
Refiancing from foreign bank
|
$2,500
|
All cost included*
|
7
|
Re-mortgage (For fully paid property)
|
$2,200
|
All cost included*
|
8
|
Re-mortgage (Additional Term Loan, )
|
$2,200
|
All cost included*
|
* Charges
include Lawyer's professional fee, CPF, stamp duty, third party fee and
GST.
S/N
|
Action Description
|
Legal Fee
|
Remarks
|
1.
|
New purchase from HDB
|
-
|
Use HDB lawyer
|
2
|
New purchase from re-sale
|
$2,000
|
All cost included*
|
3
|
Refinancing
|
$2,000
|
All cost included*
|
* Charges
include Lawyer's professional fee, CPF, stamp duty, third party fee and
GST.
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3. How do I appoint a lawyer?
The financing institutions would provide you with a list of lawyers on
their panel for your selection. You will however require consent from the
financing institution for the appointment of your own lawyer.
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4. Things you may not know
1. The Legal fee is not fixed. There are many lawfirms on a bank's panel,
but they charge differently. for example, the legal fee for refiancing
could range from $2,000 to $5,000.
2. The price a property agent or lawyer quote you do not include stamp fee
($500) and GST (7%). Instead of asking what is the legal fee, please ask
what is the total amount you need to pay for a transaction.
|
