As per title, I'm interested to buy a property from a friend. We have agreed on the selling price ($1.1mil) and I'm wondering what's the most cost effective way for such sales and purchase. I don't have sufficient cash in hand so I definitely need to get a mortgage (to at least secure for 50%-60% loan).

My question is, should I a) approach the banker first, and once loan granted in principal approval then only approach for a lawyer (or should these be done concurrently)? Or b) to hire a mortgage consultant on mortgage part and to hire an agent for S&P. How much is the estimated additional cost if I were to opt for option B?

Thank you.

If agreed edi and fren seller, just get lawyer to do up sales and purchase agreement. Seller likely gonna use back same lawyer as u to save cost. If he wants to save RPGT(assuming he got profit) and u want to save stamp duty fees, then can declare ur price lower. Also save on lawyer fees. How much lower, depends on ur discussion with seller friend and how much loan u can get/qualify. Banks offer loan based on SPA price. The lower the price, the lower the loan. Skip agents and all unnecessary people if u want save cost.

And no need those PM here PM there for simple open question.

This post has been edited by Minolta: Feb 28 2016, 03:04 PM

If you have no confident in securing 50%-60% loan for your purchase, you can approach the banker first and once your loan approved then only approach a lawyer to prepare the S&P Agreement.

Since it is a purchase from friend, no need to hire a mortgage consultant or agent to handle matters for you. You can save money by engaging a lawyer and applying the loan yourself.

I think you're having a misconcept that mortgage agents charge clients, I don't charge my clients a single cent for any process, we work just like bankers, do you even see them replying to you on a Sunday or during off working hours ?

It's also a misconcept that you don't need to engage a lawyer or what not even when you're dealing with a friend, these are documents and paperwork that you will still need to prepare and produce for tax purpose, land office filing and etc. No matter how much you're trying to save.

Kindly consider what you're advising to the TS.

This post has been edited by lifebalance: Feb 28 2016, 03:44 PM

I do not see any purpose in engaging a mortgage agent when I can go to the bank directly and apply my loan on the spot. And do bear in mind that just because you are not charging a single cent on your clients it doesn't mean that others will not. Why you are being so sensitive when I am not directing my answers to you but to TS? And yes, my banker do reply me and attend to me on weekends and after working hours. It is my opinion that in TS's situation hiring a mortgage specialist or agent is redundant and to save money of course.

I did not say that TS do not need to engage a lawyer. I was saying that TS can engage a lawyer by himself and need not go though agent or mortgage specialist for that. He can save money by hiring a lawyer and engage a banker by himself.

Learn to read properly before you start posting. I am merely giving my advice to TS rather than you asking TS to pm you just to entice some business.

This post has been edited by Ah SiAnG: Feb 28 2016, 04:00 PM

Then let the ts decide rather than dismissing something that you have no knowledge about. I'm addressing your wild allegation and you're being defensive about it now.

I'm still okay if ts decides to engage someone else as he is the consumer. I'll stop replying from here since its kind of pointless to argue.

Do note that what I speak is based on my personal experience. I have bought property and secure a loan without going through agent or mortgage specialist. I voice out is because you are trying to twist and turn my words here.

It is rather pointless to speak to mortgage specialist like you who are just looking for business here.

Hi Ts, in yr scenario, you may approach any outsource mortgage banker or direct bank banker to secure a loan first. Then directly approach a lawyer once yr loan approved to prepare a Sale and Purchase Agreement. Pm me if u need any referral for lawyer.

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