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Hi, i am going to buy an apartment with the cash money i had from my EPF after my retirement. The lawyer advised me to pay the remaining 90% to the lawyer firm instead of issuing the banker's cheque under the owner's name. my worry is that always we heard of the misconduct by lawyer firm. what would be the best way for paying out the full sum of house purchased?
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1 Answer

Mike Lim
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Afternoon Mr. Fong,

With the current ruling, which is set to protect buyers, only 1% Option Fee are given to seller. The remaining monies are issued to your lawyer's conveyancing account and not the lawyer's bank.
With this in place, only upon the approval from both party's lawyer are they allowed to withdraw your monies out.

FYI
Mike Lim
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