Planning to buy a house, any thoughts?

[Castelione]

My aunt owns a lot of real estate, esp houses that she let people rent and I am planning to buy (through staggered payment) one of her houses. However, I just discovered that the property/building is not yet transferred to her name because the previous owner lives abroad and hasn't come back yet, although they have documents that it has been sold to her already.

Do you think there will be legal issues later on, in case I start paying for the house now? Should I wait for the building to be transferred to my aunt's name before I start paying it? My aunt is trustworthy tho, just seeking for advise.

Thanks!

 

[Melanie M]

My aunt owns a lot of real estate, esp houses that she let people rent and I am planning to buy (through staggered payment) one of her houses. However, I just discovered that the property/building is not yet transferred to her name because the previous owner lives abroad and hasn't come back yet, although they have documents that it has been sold to her already.

Do you think there will be legal issues later on, in case I start paying for the house now? Should I wait for the building to be transferred to my aunt's name before I start paying it? My aunt is trustworthy tho, just seeking for advise.

Thanks!

I would definitely wait until it is transferred to your aunt under her name. I have no doubt she is trustworthy, but when it comes to big things like real estate, it's all about the paperwork. Hope things work out for you, and congrats on your business venture.

 

[Danny4cash]

I will advise you to wait until the house is properly transferred to your auntie name before buying. Though, she has evidence that she bought the house, the house is not in her name yet. It is risking for you to buy that type of house. And tell your auntie to put pressure on the seller to transfer the house to her before it's too late.

 

[Castelione]

Thanks @Melanie M , @Danny4cash ! Will do what you guys suggested. I'll be on the safer side. Thank you!

 

[Henrywrites]

My aunt owns a lot of real estate, esp houses that she let people rent and I am planning to buy (through staggered payment) one of her houses. However, I just discovered that the property/building is not yet transferred to her name because the previous owner lives abroad and hasn't come back yet, although they have documents that it has been sold to her already.

Do you think there will be legal issues later on, in case I start paying for the house now? Should I wait for the building to be transferred to my aunt's name before I start paying it? My aunt is trustworthy tho, just seeking for advise.

Thanks!

You should wait till the transfer of ownership is done. Verbal agreement when it comes to land issues is not something that I can suggest to anyone. It doesn't even make sense to me that anyone will make payment for a landed property when everything needed in the business has not been completed.

 

[Lämmchen]

Your aunt might be trustworthy, but if something, God forbid, were to happen to her, you'd be out of luck. The law wouldn't be in your favor at all. It's safest to wait until things can be done with the proper procedures so that you know legally, that it's yours.

 

[Billy]

First, congrats. That's a big step. Just to add on what others have said, if you're planning on buying a house, you should probably know how much it costs to live in that area. You might not think that's the case, but it is. For example, if you're planning on buying a house in a rural area and you don't have a car, then you need to consider how much of your income will be spent on public transportation.

You also need to consider what things cost in that area. If the average cost of living goes up dramatically when compared with other areas, then you should know about it before making any decisions about where to buy your home or where to rent your property.

 

[Syldan]

Actually there are quite a numbers of though that you should always consider before buying any how. try to suggest a location favourable for you and the kind of structure you want to buy.

 

[tyrim88]

I think one of the reason that the document has not been yet transfered to your aunt,is that the other party is abroad,and that bcould be the issue,but if you will get an assurance from your aunt,then you can proceed.

 

[oldbuddy]

It sounds like your aunt is trying to make the best of a bad situation and bail out of a bad deal she made. There is no way you will have the law on your side and any money you pay her is money down the drain. The only exception would be if you can move into the house and consider the lost money as rent.

 

[Good-Person]

It sounds like your aunt is trying to make the best of a bad situation and bail out of a bad deal she made. There is no way you will have the law on your side and any money you pay her is money down the drain. The only exception would be if you can move into the house and consider the lost meney as rent.

Well, I think that this is why the best idea would be to wait and get the ownership and follow the proper legal way rather than ending up in some sort of problems later, as many people have suggested. However, it also depends a lot on how trustworthy your relatives are.

 

[Genie01]

My aunt owns a lot of real estate, esp houses that she let people rent and I am planning to buy (through staggered payment) one of her houses. However, I just discovered that the property/building is not yet transferred to her name because the previous owner lives abroad and hasn't come back yet, although they have documents that it has been sold to her already.

Do you think there will be legal issues later on, in case I start paying for the house now? Should I wait for the building to be transferred to my aunt's name before I start paying it? My aunt is trustworthy tho, just seeking for advise.

Thanks!

I think it would be best you avoid the hurry, except if your aunt is in desperate need .
Otherwise, it would be better if you wait till she legally acquire the house.

 

[HayKay]

I know you're eager to have a house of your own but please be patient and let your aunt sort ownership else there'll be issues in the future that you might not be able to handle. Besides, how do you prove you're the owner of the house without documents?

 

[frederick_9]

I think it is best for you to hold on a while until the properties are been transferred to your aunts name. Do not rush to acquire house , you must be very patient to things to pattern up

 

[Amanda]

I will advise you to wait until your Aunty receives the property you must no rush in doing things and take heart

 

[Saachi]

No
No

 

[ghxstvecna]

I'll suggest waiting to buy the property until it has been legally transferred into your auntie's name. Even if she can prove that she acquired the property, it is not yet registered in her name. You are taking a risk by purchasing that kind of home. Furthermore, advise your aunt to exert pressure on the seller to transfer the property.

 

[Alisco]

Before you go ahead with your rightful decision,consult civil engineer to know the cost of building a house of thesame design you are thinking of buying. Make analysis and evaluation and then proceed with the best option. Owning a house is a great achievement in Life

 

[eenya00]

If you are planning on buying a house, you should first of all get a very good property lawyer that understands what it takes and also this would help you to avoid issues.

 

[Alisco]

Absolutely,you make a good observation. People can be deceptive when money issue is involved. I agree with your point of inviting a property lawyer or police authority for fair transaction