All Topics / Help Needed! / Leaving something in the deal

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  • Profile photo of cherylcheryl
    Participant
    @cheryl
    Join Date: 2003
    Post Count: 10
    February 14, 2007 - 1:59 pm

    Hi,
    I have the opportunity of buying the house I have been renting for several years.
    I was thinking of having the vendor “leave something in the deal”
    Could someone tell me how this works?
    What are the pitfalls, if any?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 15, 2007 - 12:04 am

    They basically lend you the deposit. It is up to your negotiating skills as to the terms – eg. how much, what % rate (if any), term, IO or PI etc.

    Terryw
    Discover Home Loans
    [email protected]
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Kipper57Kipper57
    Member
    @kipper57
    Join Date: 2006
    Post Count: 252
    February 15, 2007 - 12:53 am

    Pitfalls will be determined by the contract that is agreed upon, and if orgainsed by the vendor it would pay to seek legal opinion if you have any doubts

    Wayne
    Mortgage Adviser
    Email [email protected]
    http://www.alphamortgagesolutions.com.au
    Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!

    Profile photo of cherylcheryl
    Participant
    @cheryl
    Join Date: 2003
    Post Count: 10
    February 15, 2007 - 8:48 am

    Thanks for the explanation.[thumbsupanim][thumbsupanim]
    This has given me another option in my quest for finance.

Viewing 4 posts - 1 through 4 (of 4 total)

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