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Hi all,
I plan to buy a condo from my sister and we thought that there isn't a need to go through an agent. Any advice on the procedure and paperworks if we are do it ourselves? I know a lawyer will definitely be needed. Appreciate your advice and thanks in advance. :)
Just ask the lawyer.Pay him after the transaction is over.
Just engage a lawyer , since u buy from sis , you may go into S&P without option.
Quote:
Originally Posted by gigilum
how is the relationship better you and sis?
Since you found the place, you just need a lawyer. I think the agent is more for searching, advertising, arranging for viewings etc...
The lawyer does the rest. The lawyer can do due diligence as well. But if the same lawyer represent both you and your sister, there might be some conflict of interest, just in case something turns bad, who will he side?
If your sister is best pals with you, just use one lawyer. Otherwise, get one lawyer each, which may be the case as some banks (assuming you take a mortgage loan) due with only some lawyers form their panel. In any case, no need to involve the agent here.
If your bank loan has a legal subsidy, then u can just use the lawyer. But do note the penalty if you terminate the loan.
My relationship with sister is very good, so no issue of conflict. Basically it is just a transfer of ownership and I'll be getting a mortgage loan.
Thanks and I appreciate the advice from all of you.