I have purchased a property & am looking at on selling it on to my brother on the same day as I settle with my vendor, how is this done in a legal view? does the money go from my brother to my lawyer then on to my vendor lawyer? Any feedback would be appreciated
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Your lawyer will sort it, it's called a double settlement.
Just FYI if your brother is getting finance no bank in the country will finance double settlements at the moment. If the vendors name is not on the title, they will decline finance. So you may have to settle it yourself then sell it to your brother the following week
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Originally posted by pooomba View PostYour lawyer will sort it, it's called a double settlement.
Just FYI if your brother is getting finance no bank in the country will finance double settlements at the moment. If the vendors name is not on the title, they will decline finance. So you may have to settle it yourself then sell it to your brother the following week
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Originally posted by pooomba View PostMaybe non broker banks are different or you got approved prior to the change. It's currently a big problem. Non broker banks might be more lenient. If BNZ will do it then great.
It has only recently changed so check with this one and definitely use BNZ again.
Pward, this is common but you need to be careful you don't end up having to settle if your brother can't get finance.
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If you assign there is no need to have a second contract--your brother takes over your contract--you may need a document between you and your brother recording that he is taking over your contract-- as the bank may want to see evidence that you have assigned the contract
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Originally posted by pooomba View PostMaybe non broker banks are different or you got approved prior to the change. It's currently a big problem. Non broker banks might be more lenient. If BNZ will do it then great.
It has only recently changed so check with this one and definitely use BNZ again.
If the deal is presented truthfully there should be no problem at all. (Assuming everything else stack up)
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