sharpin1008
May 16th, 2011, 04:47 PM
Hi,
I am trying to understand the process of buying a resale property in burj residences. I am a financed (mortgage taken) buyer.
1./ Get a pre approval for mortgage - done
2./ Get a property valuation - done
3./ Sign MOU,pay 10% deposit ...? Is the agent's fees expected to be paid at this time
What happens from here?
Does the bank give the loan to me or directly give money to seller?
The loan obviously must be given before the final transfer has happened ?
etc etc...
Could some put down the various steps for a mortgage buyer ... many thanks in advance. Also how can i confirm that seller is indeed a seller and is not using a forged passport with seller's name to assume his identity??
I am trying to understand the process of buying a resale property in burj residences. I am a financed (mortgage taken) buyer.
1./ Get a pre approval for mortgage - done
2./ Get a property valuation - done
3./ Sign MOU,pay 10% deposit ...? Is the agent's fees expected to be paid at this time
What happens from here?
Does the bank give the loan to me or directly give money to seller?
The loan obviously must be given before the final transfer has happened ?
etc etc...
Could some put down the various steps for a mortgage buyer ... many thanks in advance. Also how can i confirm that seller is indeed a seller and is not using a forged passport with seller's name to assume his identity??