Custom Search

Wednesday, November 14, 2007

Frustration? or Confused?

It's been awhile I feel this way, why? Thanks to the one who paying me salary every month, my Big Boss.

In relation to the project that I'm in charge currently, having some problem with the Master title sub divided to Individual title for the whole project, and the project is almost done, still left 15% more to go, so for those purchaser who were applying loan to finance their property, once the 1st claim issued, it should be around 85% for the moment, and the bank have to released the amount of 85% of the purchase price to the developer within the given date. But the problem now is, previously loan solicitors was actually submitting the Master title to the bank for security, but so happened that the individual title already sub divided from the Master title last month, those loan solicitors that just get instruction from the bank to prepare/act for the loan documentation for the said borrower, Loan Solicitor have to conduct a land searches on the land (based on the Master Title particulars) to check whether is there any problem on the land or not, and so happened that the result of the land searches came out was a Individual title particulars, so what would they do after? (1) Call up to me (as the solicitors firm who acting on the Sale and Purchase Agreement) and check with me whats going on; (2) call up to Developer, to check with them where's the Individual title; (3) called me back and ask me whether I've the latest individual title or not, and how to proceed to the next stages if without the individual title.

The 3 steps that I mentioned above confirmed will happen, because the Bank won't released the loan sum to the Developer, or should said not even will accept the documents that been sent to them by their loan solicitors, because if the Bank solicitors know that the individual title already sub divided, and if didn't get the individual title from the loan solicitors as a security document, Bank will not proceed to the next step. My part, my loan department was currently submitting the old land searches of the Master title to the Bank (previous title), not the latest 1, so the Bank wouldn't know that this particular property already got the individual title, because by doing so, they will just thought that this property still under Master title, once everything is done, document required received, Bank will released the loan sum to the developer according to the claim amount of the said lot. But for the others solicitors, couldn't do so, because they don't have the previously searches, because once they conduct searches on the Master title, confirm it will appear some others Individual title particulars of the said project, so by any how also, they need to get the said unit individual title and submit to the Bank as the security. And so happened that the title got a restriction clauses that have to get consent from the land office, without the approval, the title couldn't be transferred, meanwhile, Developer is actually attending on the submission of the Blanket consent for the whole project to the land office, and it would need sometimes to come out the approval from the land office, here's the problem occurs, title was restricted, how Bank solicitor can get the individual title from the Developer? Haha, headache rite?confused rite?I've no idea how and what kinda steps that I should advise them, every times when they called up, I'll just told them that my firm was using the Master Title for the loan part, but I've no idea whether you can do so or not, when they ask again, I'll just said, pleased check with developer which way they preferred.

Damn Frustrated when you answering those calls from different Lawyer and asking for the same damn question which I also have no idea how to answer them, and every times they called, my boss confirm not around, how am I going to give them the answer at the same times?

Well, sometimes I'd preferred to seek advised from my another lawyer better than check with my Big boss, but after every time the lawyer told me what kinda step should take and so on, he sure asked me to double check with my Big boss and see whether he agree on doing so or not, some how, I wish that I could still under this lawyer instead of under my Big boss, but he already got my cousin sis aka his wife, lolx, I'm bored with it already lar...god help me please....

Labels: , ,

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home