Feb 24 2023, 05:51 PM
QUOTE(rock_star @ Feb 24 2023, 09:28 AM)
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.
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 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.
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