Welcome Guest ( Log In | Register )

Bump Topic Topic Closed RSS Feed

Outline · [ Standard ] · Linear+

 Buying new house

views
     
peri peri
post Aug 9 2016, 12:25 PM

10k nonsense talkative club
********
All Stars
11,943 posts

Joined: Mar 2012
From: Kuala Lumpur
QUOTE(lol4291 @ May 12 2016, 09:28 PM)
Hi,

Thanks for the prompt reply.

Dad is going to talk to the banks tomorrow and see how it goes.

Will take your advice on the lawyer and find a reliable one.

Regarding the Question no 1, What is your opinion on it?

Thank you.
*
make sure your seller is comfortable with your recommend lawyer. best if could use back his to save the hassle
peri peri
post Aug 9 2016, 02:37 PM

10k nonsense talkative club
********
All Stars
11,943 posts

Joined: Mar 2012
From: Kuala Lumpur
QUOTE(lol4291 @ Aug 9 2016, 02:26 PM)
Hi,

Thank you smile.gif I have taken you advises and managed to secure the loan.

I'm just curious as to what are the processes/steps that are we must go through the acquire the house? I'm confused as some said you can pay deposit after bank loan approve. Some said wait first, and settle all with lawyer. Can someone provide insight to this?

Thank you.
*
define deposit.

booking is earnest money. normally 2% or 3%, normally sellerr will pass this money to agent as commission

deposit or downpayment, balance of 10% upon signing SPA. it regardless whether u secure loan or not. not seller concern
peri peri
post Aug 9 2016, 05:00 PM

10k nonsense talkative club
********
All Stars
11,943 posts

Joined: Mar 2012
From: Kuala Lumpur
QUOTE(lol4291 @ Aug 9 2016, 04:55 PM)
Hi,

I'm sorry, I should have been more clear.

I have not bought a house because I'm still studying and yet to work. My dad had previously owned a house but that was all arranged by his friend. Although my dad might know what are the steps to own the house, I would like to equip myself with the knowledge as well.

I would like to know that now the loan is approved, what is the next step? Do we meet with the bank agent, lawyer and owner and proceed to sign some documents? When do we pay them? How the loan is transferred? When is the house title transferred?

Sorry for asking a lot of questions.

Thank you.
*
no problem. u got the heart to learn and ask, many here will help

loan approved. sign the LO, if you want to use back the same SPA lawyer, get them to quote loan doc fee.

if accept, pass the LO to them to prepare. sign SPA and loan document at same day. preferably

then everything signed by both party and document all endorsed, then wait money disburse to seller.

then collect ur key

new home sweet home
peri peri
post Aug 11 2016, 09:09 AM

10k nonsense talkative club
********
All Stars
11,943 posts

Joined: Mar 2012
From: Kuala Lumpur
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%.

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
« Next Oldest · Property Q&A · Next Newest »
 

Topic ClosedOptions
 

Change to:
| Lo-Fi Version
 0.0175sec    0.50    6 queries    GZIP Disabled
Time is now: 10th December 2025 - 02:25 PM
All Rights Reserved © 2002- 2025 Vijandren Ramadass (~unite against racism~)
Removal Request
Powered by Invision Power Board © 2025  IPS, Inc.