Buying a flat directly from owner without agent

Discuss about where to live, renting a property, tenancy issues, property trend and property investment in Singapore.
Post Reply
mellory
Newbie
Newbie
Posts: 3
Joined: Tue, 03 Jun 2008 9:51 pm

Buying a flat directly from owner without agent

Post by mellory » Fri, 12 Mar 2010 9:09 pm

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!
Mellory

Singapore Property Search

 

therat
Reporter
Reporter
Posts: 913
Joined: Thu, 04 Sep 2008 2:23 pm

Post by therat » Fri, 12 Mar 2010 9:20 pm

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
Newbie
Newbie
Posts: 3
Joined: Tue, 03 Jun 2008 9:51 pm

Post by mellory » Fri, 12 Mar 2010 9:34 pm

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?
Mellory

therat
Reporter
Reporter
Posts: 913
Joined: Thu, 04 Sep 2008 2:23 pm

Post by therat » Fri, 12 Mar 2010 9:53 pm

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
Reporter
Reporter
Posts: 913
Joined: Thu, 04 Sep 2008 2:23 pm

Post by therat » Fri, 12 Mar 2010 9:58 pm

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
Newbie
Newbie
Posts: 3
Joined: Tue, 03 Jun 2008 9:51 pm

Post by mellory » Fri, 12 Mar 2010 10:53 pm

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......
Mellory

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Property Talk, Housing & Rental”

Who is online

Users browsing this forum: No registered users and 5 guests