Today, a customer name Mr. A shares his story with us. Mr. A bought a property from a seller. Seller has misplaced their original SPA. But, the seller has a CTC SPA copy.

The property was an old property, under the master title and developer is no longer around. A liquidator company was taking over.
When Mr. A approached a bank to get financing. They promised him that it wouldn’t be an issue to get a loan approval and disbursement by the bank.

However, half way through. The bank will not release the money unless Mr. A fulfill the following terms:
1) Provide Original Sale And Purchase, OR
2) CTC from the liquidator (liquidator has never seen/sighted the
original S&P back in 2003, refused to CTC. OR
3) CTC from high court. (high court will not sign as they do not have the copy)

While we have consulted a lawyer and it seems difficult to help Mr. A. Unless, the SPA between Mr. A and Seller stated that Seller needs to provide original SPA. If not, the seller on his defense will said he was honest about the missing SPA from day one. But, Purchaser still willing to buy.

When purchasing a property, is always wise to avoid buying a high-risk property.

So, what is high-risk property?

1. The property still under master title for more than ten years.
2. Property under master title and developer no longer around.
3. Property managed by liquidator company.
4. Property under the master title and seller misplaced the original Sale and Purchase Agreement.
5. Original Sale and Purchase Agreement sign on behalf of the seller under Power Of Attorney.

Secondly, every borrower needs to understand one IMPORTANT Fact.
Once a bank approved their loan, It’s DOESN’T GUARANTEED A DISBURSEMENT!

You need to snap out of it.

If you think once your bank loan is approved, a bank must do his duty to release the money to your seller/developer, think again!

Please bear in mind, a bank will only release money to seller/developer once the SPA and Loan Lawyers fulfill their criteria.

What criteria?
It’s a lot of criteria and read your letter offer carefully and fully understand this.

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