The registered name in the title deed will be deemed as the owner/vendor. Separate agreements like Power of Attorney etc can de done to assign the property to another person like your sister as the beneficial owner.
Most importantly, you need to work out the mutually agreeable purchase price with your mother or sister. Once ascertained, you may approach the banks to find out how much loan margin can you obtain from the banks (usually 80% to 85% of the sale & purchase price) and the monthly repayments based on your loan tenure and age. You may provide your total monthly or yearly income and salary and your monthly loan/credit card commitments to the bank to ascertain your monthly repayment affordability. This will help you to decide whether you will be able to afford buying that particular property. You will also need to be prepared to fork out the balance of 15% or 20% of the purchase price not funded by the bank loan, stamp duty and legal fees. Since the seller is a relative, she may assist you to arrange for easier downpayment and payment structure in the eventual Sale & Purchase Agreement, if needed.
Do contact me if you need further assistance.
David Wong
Mobile
0193330573
Licensed Agent E2097
QUANTUM REAL ESTATE - E(3)1320
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