Letter today from the CPF board informing owners of the total amount to be refunded into their CPF account on completion of the sale.
For the many retirees in the estate, the amount refunded will be used to meet the Full Retirement Sum (FRS) in your Retirement Account (RA). The balance will be returned to your Bank Account within one week from the date the refund is credited to your CPF account.
Good Morning, Thank you for all the feed backs and information given, i have received a letter from DBS regarding my redemption of loan which will take place in June.
ReplyDeleteWill the lawyer charge me for the redemption of the mortgage loan or is it already included in the lawyers fees.
Thank you
Yes, they will charge you separately.
DeleteAccording to the CSA & the Solicitor Terms of Appointment:
"If an owner has to discharge encumbrances (such as mortgages and charges by banks and charges by the CPF Board), then he will have to separately pay the additional legal costs. Our charges are subject to GST, which is payable"
Owners who have already signed page 4 have agreed irrevocably that the lawyers can charge them 0.5% ('more or less'). This is around and extra $3000+.
Seeing as a 'Title Search' costs around $20, and bank discharge fees around $320 , printing around $200 (did we even get 1000 pages form them?... I am mightily curious how they can justify an extra 0.22% on our sales proceeds... we shall know soon enough.
Dear Blog owner: just curious, are you saying that those who do not sign page 4 may get away with paying less? I thought in a collective sale, all SPs pay or receive the same - nothing more, nothing less - unless additional services specific to individual SPs not covered in the CSA. Notwithstanding the page 4, should any fees be unreasonable or unjustifiable, there is still the STB to refer to.
ReplyDeleteNo, I am not saying I will pay any less - but I am reserving my right to query the bill when it arrives as I refuse to sign irrevocably for a blank cheque - that is not the proper and right thing to do. Open ended fees they may be - but accountability comes first.
DeleteThe STB are now completely out of the picture, the sale is finished, everyone will get their money on time. This would be just a private matter between me and the lawyer - if anything outrageous were billed (such as the hiring of 30 new lawyers to help with the workload) then perhaps it could be referred to the Law Society. But if all the deductions and charges seem reasonable and fair, then all is well.
I am not expecting any problems - just show me the bill first before I pay the extra fees.That's all.
Ah, yes, you are right. It is the Law society, not the STB.
DeleteI didn’t get any CPF letter yet? Did they all go out at the same time?
ReplyDeleteGood Morning,
ReplyDeleteThank you for the reply. Noted. I am just worried how much more he will charge apart from the other charges.
Received what appears to be official timeline in my letter box. Front page seems to be from CSC. Flip side show its from an agent. In my opinion the information is suggestive & even inaccurate. Are the agents allowed to do that? For yr own intest best check with hdb or your lawyer instead of relying on agent's info. All they are interested is to want you to appoint them as agent.
ReplyDeleteBest to remember: Once bitten, twice shy.
ReplyDeleteReceived a draft completion account from Eldan Law with breakdown of total we are receiving...
ReplyDeleteSome received an email of the above, I have yet to receive mine.
DeleteHi All did everyone received the CPF Letter, as i have yet to receive. Also the Eldan Law breakdown draft
ReplyDelete