Hello-
We have shortlisted a property for outright purchase.
The property is around 40 years old. There are total 3 sale agreements so far on this property.
1st between builder and Buyer 1. Then Buyer 1 to Buyer 2 in the very next year. Then Buyer 2 to Buyer 3 (who is now the seller) a few years later.
The seller has only a xerox copy of the 1st agreement between the builder and buyer 1. Rest 2 agreements are available in oriignals.
We won't need the bank loan for this property.
1. Is it safe to buy such a property?
2. What precautions & corrective measures and steps should be taken to make the title clear.
3. If we do decide to go ahead, can the property price be further negotiated since the original document is missing. Does a missing original document in the chain make the property price cheaper?
4. When the building goes for redevelopment, will it cause any issue from the builder?
5. Once the new building is constructed under redevelopment, does the old building papers have any value? Or can they be discarded safely? Will the old documents be needed incase we decide to sell it in the future?
Thank you.
