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If a buyer purchased a leasehold property, which will need extra time for transfer consent from the state (usually 6 months+), will the bank disburse the loan to the seller while this is still in process? Is the buyer required to pay the loan of the house during this period of time?
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<en>David</en> <en>Wong Lai Kwong</en>
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The disbursement by the bank will usually take place once the consent to transfer/charge the property. the buyer will not need to start servicing the loan if there is no draw down of the loan yet. Please check with your bank or the bank's lawyer to be clear on their practices. Read More
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