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Stats: 2,693,085 members, 6,346,685 topics. Date: Saturday, 19 June 2021 at 12:40 PM
|Advise Needed Before I Buy This Property by Ibk2020: 12:53pm On Aug 23, 2020|
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks
Modified: I called a surveyor, he told me he can't survey only my space and there is no way I can get my own C of O without survey...
|Re: Advise Needed Before I Buy This Property by Stevyne: 12:57pm On Aug 23, 2020|
Ibk2020:You need a property lawyer.
Better still call 08023348544 the man fit advice you sha
|Re: Advise Needed Before I Buy This Property by ThreeSquirrels: 1:02pm On Aug 23, 2020|
Seek a property lawyer. But bid it down to 3Million so you can pay like 400k as legal fees because he needs money urgently, he will agree to your offer.
It's a good business o. Be careful so skeptics don't turn you away. You only need a lawyer to prepare necessary documents and agreements
|Re: Advise Needed Before I Buy This Property by emmanuelewumi(m): 1:43pm On Aug 23, 2020|
It doesn't work that way, you can't get a certificate of occupancy for your shop. You can talk to a lawyer
|Re: Advise Needed Before I Buy This Property by Ibk2020: 1:52pm On Aug 23, 2020|
Yea I understand, I should want to have an idea so no lawyer will take advantage of me.
Please how realistic will it be even with proper lawyer documentation and papers, that there won't be future issues
|Re: Advise Needed Before I Buy This Property by emmanuelewumi(m): 2:00pm On Aug 23, 2020|
There will be serious issue, the person who owns the land owns the property on it
|Re: Advise Needed Before I Buy This Property by Ibk2020: 4:04pm On Aug 23, 2020|
Pls drop your advice if you have experience in similar case
|Re: Advise Needed Before I Buy This Property by SurveyorGeo: 4:37pm On Aug 23, 2020|
Ask the man if has a title document on the land,
ask a lawyer to prepare a deed of assignment and contract of sale between you and the man, then let one or two of the man's children sign as a witness, or witnesses.
|Re: Advise Needed Before I Buy This Property by SurveyorGeo: 4:44pm On Aug 23, 2020|
Ideally, legal fee should be 10% but you can still negotiate. I have seen a transaction worth 7m and the lawyer collected 200k
|Re: Advise Needed Before I Buy This Property by MrMcJay(m): 5:18pm On Aug 23, 2020|
Get an experienced property lawyer to advise you. It doesn't come cheap though. You either spend money now to protect yourself or spend much more when trouble comes.
What I'll advise you to do is to get the man to assign that small portion of land and the shop on it to you. Additionally, you may need a Deed of Indemnity duly executed by his wife and kids In the Deed of Assignment and Deed of Transfer, there are certain clauses which would be inserted to protect you. Let me give you 2 examples out of many.
Right of first refusal.
From a professional angle, that property would give you serious issues in the future if you don't get it right at this stage.
|Re: Advise Needed Before I Buy This Property by MrMcJay(m): 5:19pm On Aug 23, 2020|
There are 3 types of lawyers:
Their fees are not the same just as their skills are miles apart. Even their clients are not the same.
|Re: Advise Needed Before I Buy This Property by LiquidMerc: 5:35pm On Aug 23, 2020|
Ibk2020:let me advise if you buy it, you will definitely have problems in the future not now... Don't waste your money pls...
|Re: Advise Needed Before I Buy This Property by frozen70(f): 7:00pm On Aug 23, 2020|
What a risky venture
How possible is he going to sell only your shop out of a building
Us the shop standing alone on a land meaning no building around it
That your landlord is working on your brain
If he dies anytime soon that shop you think you bought has no prove of ownership for you
The best way to shift his attention is to tell him to sell the entire property to you and as long as he is alive, he will continue living there
What you are about to do is as risky as dealing with a gambler
|Re: Advise Needed Before I Buy This Property by somehow: 1:56pm On Nov 08, 2020|
The op did not return
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