Does anyone know what do we need to prepare (i.e documents, loan application or etc) to buy parents property? It's a shoplot and afaik the property is under a company's name owned by both my parents.

Do I apply fo housing loan or is there a different loan for shoplot properties? Appreciate if anyone can guide me to right directions. Thank you.

This post has been edited by fakerdemit: Apr 9 2022, 10:52 PM

If the property is not giving free to you and you do not have the money..apply a loan with banks

If the property is given to you for free, then just go to lawyer firm to request change of property name lo

Inherit or buy?

Inherit is free. Buy is not free.

Inherit just find lawyer sign documents.

Buy with cash just find lawyer sign documents.

No money buy then have to apply loan then find lawyer sign documents.

Dude. Ask lawyer la. Post here for what? You think can save lawyer fee ah? This process takes months.

Generally, if you are buying like any purchaser irrespective of the relationship with the seller, normal procedures apply.

Sign SnP, apply bank loan and appoint a valuer to prepare a valuation report. Legal fees, MOT, Stamp Duty, Valuer Fees and MRTA payable.

How much the bank can loan will depends on your financial qualifications and credit score. It doesnt matter if is house, condo, shop, office, factory or land.

If the property is still under financing and if your loan approved amount cannot cover it, then 'your' have to top-up the difference.

Alternatively, you can also be a shareholder of the company which makes you indirectly the owner of the shoplot. Again it depends on who are the other shareholders.

Seek the advise of the company's accountant. He is the better person to guide you.

Reasons for buying over is important for a proper advise as every purchase is different.

This post has been edited by mini orchard: Apr 10 2022, 06:20 AM

Thank you all for the clarification.

I will proceed to seek further advise from a lawyer for the SnP and apply for loan.