Feb 28 2016, 03:03 PM
QUOTE(z21j @ Feb 28 2016, 02:51 PM)
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.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.
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
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