Procedures/Steps Taken After Signing Sale & Purchase Agreement (Without Title)
Before/Upon the signing of the SNP by both parties, the step that should be taken by the solicitors are:
Do Land Search to know the ownership & details of the Property.
1) Draft the Sale & Purchase Agreement (SNP) & prepare other relevant Documents (e.g. Deed of Assignment (DOA) and Receipt and Reassignment (RNR))
2) To fair the SNP & other Documents.
3) Solicitors to witness and date the SNP.
4) Purchaser’s Solicitors to send the SNP to the Stamp Duty Office for stamping.
– Purchaser’s Solicitors will apply for the Developer’s confirmation for the said property.
5) Only the Duplicate SNP shall be forwarded to Purchaser (Original SNP to be forwarded to Purchaser’s Financier’s Solicitors in due course).
– Duplicate SNP shall be forwarded to Vendor’s Solicitors.
6) When “the Purchaser’s loan has been approved, the Financier’s Solicitors shall write to SNP’s Solicitors informing which inancier they are acting for.
7) The Vendor’s Solicitors shall request for the Redemption Statement from the existing Assignee (whereby “Letter of Authorisation” from the Borrower to be attached)
Usually it will take 7 to 14 working days to obtain the Redemption Statement issued by the existing Assignee.
8) The Purchaser’s Solicitors shall reply to Financier’s Solicitor’s letter and undertake to forward the Original DOA in due course.
9) After receiving the Redemption’Statement from the existing Assignee, the Vendor’s Solicitor’s shall forward the Original Redemption Statement to the Financer’s Solicitors together with relevant documents requested.
10) The Vendor’s Solicitors shall monitor the release of the redemption cheque and upon receipt of the same, the Vendor’s Solicitors shall forward the cheque to the existing Assignee together with R&R.
11) The existing Assignee will normally return all the original Documents which under their custody together with the R&R within 2 weeks after they received the redemption cheque.
i) Vendor’s Solicitors to stamp R&R at Stamp Duty Office, registered R&R and revoked the Power of Atorney at relevant High Court. Thereafter, Vendor’s Solicitors shall forward all Original Documents to the Financier’s Solicitors.
ii) Purchaser’s Solicitors to adjudicate the DOA.
iii) Keep in view the file pending the Notice of Assessment.
iv) When the notice is issued by the Stamp Duty Office, Purchaser’s Solicitors have to pay the stamp duty, enclose another 3 copies of Deed of Assignment for stamping (provided Purchaser has deposited the stamp duty with the Solicitors).
12) “Notice of Assignment shall be served to the Developer by the Vendor’s Solicitors together with relevant documents (e.g. Copy of stamped SNP and stamped RNR)
13) The Original acknowledgement of the notice of Assignment which has been served to the Developer shall be forwarded to the Financier’s Solicitors by the Vendor’s Solicitors.
14) Purchaser’s Solicitors to ask keys and latest Bills duly paid from the Vendor’s Solicitors.
15) Both Solicitors for Purchaser and the Vendor shall compute Apportionment accordingly and check on the arrangement for delivery of keys to the relevant Parties based on the term and conditions stated in the SNP. The balance Purchase Price /balance Loan Sum together with differential sum (if any) shall be released to the Vendor by the Vendor’s Solicitors.
16) Ater full stamp duty of the DOA has been paid, Notice of Assignment shall be served to the Developer together with copy of stamped DOA by the Purchaser’s Solicitors.
17) The Original acknowledgement of the notice of Assignment which has been served to the Developer shall be forwarded to the Financier’s Solicitors together with Original DOA by the Purchaser’s
18) Purchaser’s Solicitors to forward Duplicate stamped DOA to both Vendor’s Solicitors and Purchaser.
Source: Lavinia, Dell Akbar, Tee & Partners (Advocates & Solicitors)