hi all,

i need some advice here. i am going to purchase a new condo unit which is already bought by 1st owner.

1) after gettting the loan from bank, can the property which is under 1st owner name ( title not out yet. so master title with developer) to change to my name?

2) do i have to engage a lawyer to prepare those S&P and other doc?? is the buyer or seller call?

3) what is other procedure/ fees involved other than getting loan?

please do give advice as i am new in purchasing new 2nd hand condo...no experience.....

thanksss

1. Of course can transfer name. But you'll need developer's consent (your lawyer's work).
2. Buyer - you! - will have to engage a lawyer.
3. Legal fee, misc fees charged by your lawyer, stamp duty and etc.

yes, u can change the name. if not y do u buy the unit in the first place if the new owner is not u.. but u will be paying the loan..

u will be getting a S&P lawyer to engage with the owner S&P lawyer to prepare the agreement on selling the condo to you at the agreed price and all the details..

then u will need another bank loan lawyer to prepare the loan agreement with the bank...

sometime u can get the same lawyer to do both.. so to save time and reduce doc missing or any error in details.. some owner will take the same lawyer as u.. to save time in everything and money...

thanks for the info.

if i purchase the property thru agent....the agent can engage the lawyer and handle all the work....at my end i will only verify....and pay the amount (fees and etc etc) right??

Do understand that you are paying for the lawyer's service to represent you and your best interest in this transaction. If you allow your agent to engage the lawyer at his/her discretion, the lawyer may be biased towards the agent or even worse the seller.

it will be better to take ur own lawyer.. as said by tgrr.. lawyer work for the person who pays them and take care their best interest...

ok ok...i'll take u ppl advice and will engage own lawyer.

estimated how much lawyer + all the expenses for 350k condo?? any idea?? just wanna estimated the amount for my planning....

again..thanks and really appreciate all the advice...