Hi All,

I'm currently renting a house and after sometime, the landlord decides to sell the house to me.

For your info, there won't be any agent involved and the landlord says that if I can secure 100% loan, then no need for 10% booking/deposit etc.

I did google a bit but most article are regarding new unit or buying through agent, not direct owner.

Since this is my first time buying a property, appreciate your advise on how to initiate the process.

Thank you.

The process in brief:

1) Get house details and check with any Bank on the current Market value of the property that you intend to buy

2) Go to any Bank and bring along all relevant details (3 months pay slip, 3 months Bank Statement etc) to check your loan qualification

3) Once you know the current Market Value of the property and the amount of your loan qualification negotiate with property Owner/Landlord on the price of the property

4) Once the final price agreed with the Owner appoint a Conveyancing Lawyer to handle the transaction (the Sale & Purchase Agreement), any payment made MUST be to the lawyers firm as stakeholder, never pay direct to the Owner, thereafter there will be a Loan Agreement, choose a Conveyancing Lawyer who is on the panel of the Bank who approved your loan because it will be easier for you to deal with one lawyer only

Since there is no agent involved, you will need to appoint a lawyer to draft an Offer to Purchase (OTP) (similar to agent's booking form) so you can use that OTP to apply for bank loan. Then once your bank loan is approved, your lawyer can prepare the sale and purchase agreement (SPA) and loan agreements for all the respective parties to sign

My recommendation. Find your own lawyer if the owner already has one to avoid complications later.

Let me elaborate more: your lawyer is there to protect your interest, the other lawyer is there to protect the seller's interest.

Do discuss the fees with the lawyer first before deciding on anything.

This post has been edited by digitalz: Feb 26 2023, 10:36 AM