Legal right over your Property
Dear All, Just a thought to share with you relating to one more issue, ie the disclaimer over your property, in case your have taken up a loan to finance the same. Please bear with me as the mail may be a bit too long :p (I knew there have been a lot of outstanding issues eg LAD claims....) When you signed up the SPA with BJD (3 years ago?), you may recalled that there was a consent letter signed by you allowing BJD to create a charge over your property (unit specific) to any of their bridging financier, in this case, The Bank of Nova Scotia Berhad. Under a normal scenario, there should be a letter of diclaimer issue by Nova Scotia in favour of your end-financiar, after your loan has been fully disbursed to BJD in accordance to your SPA schedule and prior to the handling over of vacant possession. The above disclaimer pass on the legal ownership of your property from Nova Scotia to both you and your end-financier and thereafter, the terms of your loan agreement cum deed of assignment executed with the end-financier kicks in. To protect you interest as a legal owner, please clarify with your end-financier/solicitor if such disclaimer letter has been issued by Nova Scotia in favour of your end-finanier and request a copy for your own file. In any event if your end-financier happen to be Nova Scotia too (in my case yes), please also request a copy to that effect. The above requirement is procedural as far as all banks are concerned and there shouldnt be any valid reason for not issuing such disclaimer letter. Regards Shirley
Dear All, Just a thought to share with you relating to one more issue, ie the disclaimer over your property, in case your have taken up a loan to finance the same. Please bear with me as the mail may be a bit too long :p (I knew there have been a lot of outstanding issues eg LAD claims....) When you signed up the SPA with BJD (3 years ago?), you may recalled that there was a consent letter signed by you allowing BJD to create a charge over your property (unit specific) to any of their bridging financier, in this case, The Bank of Nova Scotia Berhad. Under a normal scenario, there should be a letter of diclaimer issue by Nova Scotia in favour of your end-financiar, after your loan has been fully disbursed to BJD in accordance to your SPA schedule and prior to the handling over of vacant possession. The above disclaimer pass on the legal ownership of your property from Nova Scotia to both you and your end-financier and thereafter, the terms of your loan agreement cum deed of assignment executed with the end-financier kicks in. To protect you interest as a legal owner, please clarify with your end-financier/solicitor if such disclaimer letter has been issued by Nova Scotia in favour of your end-finanier and request a copy for your own file. In any event if your end-financier happen to be Nova Scotia too (in my case yes), please also request a copy to that effect. The above requirement is procedural as far as all banks are concerned and there shouldnt be any valid reason for not issuing such disclaimer letter. Regards Shirley