Asked by Anonymous
I am to pay my last payments for my condo next month.
I've made 5% deposit to Sellers during OTP period.
I'm only getting a 50% Bank Loan, and paying off the rest (about $300k+) in cash.
When asked how final payment is to be settled, my lawyer told me that sellers usually ask up to 3 cheques to be written, usually spelled out to different agencies they need to pay off. But I'm wondering why that is my problem. Shouldn't I just write one cheque and the Sellers settle their payments themselves? Also the Sellers require all payments to be made in Cashiers Order.
However, can I request my lawyers to state that I would not produce more than 1 cashier's order of above $10k value (as it is free for first $10k cheque from POSB) if sellers require it as it costs me $5 each otherwise, and lots of trips to the bank. I can pay by regular bank cheque which costs me nothing. Each time my money is not in the bank, I am losing more than $5 in interest.
Do advise what I can do. Thanks.
I've made 5% deposit to Sellers during OTP period.
I'm only getting a 50% Bank Loan, and paying off the rest (about $300k+) in cash.
When asked how final payment is to be settled, my lawyer told me that sellers usually ask up to 3 cheques to be written, usually spelled out to different agencies they need to pay off. But I'm wondering why that is my problem. Shouldn't I just write one cheque and the Sellers settle their payments themselves? Also the Sellers require all payments to be made in Cashiers Order.
However, can I request my lawyers to state that I would not produce more than 1 cashier's order of above $10k value (as it is free for first $10k cheque from POSB) if sellers require it as it costs me $5 each otherwise, and lots of trips to the bank. I can pay by regular bank cheque which costs me nothing. Each time my money is not in the bank, I am losing more than $5 in interest.
Do advise what I can do. Thanks.
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