Aug 11 2016, 09:09 AM
QUOTE(lol4291 @ Aug 10 2016, 03:36 PM)
Hi,
Thanks for replying.
I assume that LO = loan offer and SPA = sales and purchase agreement.
Then, is this correct?
1. Once loan is approved, go and sign the offer letter. Entities involved are the buyer, bank agent and lawyer.
2. Sign SPA document. Entities involved are buyer, seller and lawyer. Once after signing the SPA document, we pay the seller the deposit [in this case is 50%].
3. Bank disburse money to seller [remaining 50%] and we get the key to the house.
oh, u intend to pay 50% instead of 10%.Thanks for replying.
I assume that LO = loan offer and SPA = sales and purchase agreement.
Then, is this correct?
1. Once loan is approved, go and sign the offer letter. Entities involved are the buyer, bank agent and lawyer.
2. Sign SPA document. Entities involved are buyer, seller and lawyer. Once after signing the SPA document, we pay the seller the deposit [in this case is 50%].
3. Bank disburse money to seller [remaining 50%] and we get the key to the house.
make sure the 10% to seller and 40% to lawyer as stake holder. 40% to release once the 50% loan portion released by bank.
very risky to pay all 50% directly to seller.
they may dishonored the spa with minimal penalty
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