Buying a flat directly from owner without agent

[mellory]

Anyone has experience buying a condo flat directly from the owner without using an agent? I plan to buy the flat I am currently leasing directly from the landlord.
I tried to check internet for information & related process but couldn't find it.
Already got bank loan approval and next step is to give an offer to the landlord!

[therat]

bank loan approval, you refer Principal-in-approve or LO?


Find a lawyer. Exercise the OTP (Option to Purchase). Make sure you had Bank LO approval

[mellory]

Thanks a lot for the reply!

I got principal-in-approve only.
What is LO?
How much money will the lawyer charge for the service?

[therat]

Principal-in-approve is not confirm. Bank can don't loan you the amount stated once they exercise your credit report

LO - Letter of Offer
For bank to approve this LO, they need OTP.

lawyer fee.. depend on the purchase price.
can range from 2.5k to 3k plus.

[therat]

if you are buying, why don't get an agent?

For private property, buyer don't need to pay agent commission.

By doing DIY, you are saving money for the seller and create more work for yourself. As seem like you're not quite sure about the procedure.

[mellory]

Yes I know the buyer don't need to pay agent fee, but by saving the seller's money, I hope I can negotiate a lower price for the property......