Legal Fees for community management statement

[funnymoney]

Hello
Quick question. We are getting our loans refinanced for PPOR. Our PPOR is a torrens titled villa with community association.
The lenders are asking fees(approx $550) to get the community management statement assessed by their legal department. Is this normal?
We didnt do any such thing with our previous lender.
I just wanted to check if I need to be cautious of anything
Thanks
PJ

 

[Corey Batt]

Hello
Quick question. We are getting our loans refinanced for PPOR. Our PPOR is a torrens titled villa with community association.
The lenders are asking fees(approx $550) to get the community management statement assessed by their legal department. Is this normal?
We didnt do any such thing with our previous lender.
I just wanted to check if I need to be cautious of anything
Thanks
PJ

Torrens titled with community association? Are you sure it's not community title.

Some lenders will require a fee for their legal team to review the community schemes, where others won't require this fee at all. Nothing to be overly concerned about, just the lender doing extra due dilligence (and charging you for it!)