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S&P price lower than actual selling price (Disadvantages

 
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x363



Joined: 04 Oct 2011
Posts: 4

PostPosted: Mon Apr 09, 2012 11:52 pm    Post subject: S&P price lower than actual selling price (Disadvantages Reply with quote

Hi experts,

This is my 1st post for a while been registered.

I hope the felow experts can help me with the following scenario...

I am selling my house at 300K; however the buyer would like to indicated on 200K in the S&P for Loan application.

What is the disadvantages I'm facing and potential facing?

Understand that I can have the following done to "protect" myself:-

1. Have a separate undertaking / agreement written indicating the actual selling price is 300K

2. Have the buyer write a cheque and have the cheque kept by the conveying lawyer, then pass on to me once transfer of title and official documentation is done (lawyer act as neutral escrow)

Any suggestion of advise on "industry norm" are highly appreciated.

Thank you
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salmiah_salim



Joined: 17 May 2009
Posts: 41
Location: Shah Alam

PostPosted: Fri Jul 27, 2012 11:21 am    Post subject: Reply with quote

Hi there,

My humble advise to you, please appoint your own lawyer. don't share the same lawyer with the Purchaser. Of course there is obvious disadvantage on you. And let your lawyer advise you what you should do to protect your interest.

My 2 cents opinion.
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