Approved buildings & Land T&C

[Mowally]

Good day, I'm in need of some advice. I'm in the process of purchasing a property, the land is approved, but it has more than one building on it. How can the seller remedy this situ? The problem is the proposed site is stipulated to have one dwelling. My mortgage process has stalled because of this.

[VexXx Dogg]

Bridge it with a shed so it's technically one building. (maybe?)

[Kenjo]

A shed would need approval , which seems like a full requirement for approvals from scratch again which technically adjustments shouldn’t be made before T&C approval is given anyway

[The_Honourable]

According to how much square footage you have, let the seller split the lands into two so that each building will be on its own piece. Of course the process including T&C will start over but the bright side is that the problem solve and the price plus mortgage will be lower.

If not, you might have to secure the loan somewhere else where this time you stipulate two buildings.

[De Dragon]

First, what did the folks at T&C or the lending institution say? They should be the ones advising you.

[daxt0r]

hey i lookin at some land too across in bago, is TC approval really required to start building?
Given all d fraud an ting even in red house, how can someone ensure someone selling a parcel of land is really the owner?
Any due diligence checks you can advise on when buying land other than TC?

[De Dragon]

hey i lookin at some land too across in bago, is TC approval really required to start building?
Given all d fraud an ting even in red house, how can someone ensure someone selling a parcel of land is really the owner?
Any due diligence checks you can advise on when buying land other than TC?

T/C approval is not strictly "required" but is necessary if you are approaching the bank or mortgage institution for a loan. If you are going through a reputable financial institution, they'll usually have their in-house lawyers do the title searches. Other checks would be flooding, infrastructure, water availability, traffic etc.

[The_Honourable]

hey i lookin at some land too across in bago, is TC approval really required to start building?
Given all d fraud an ting even in red house, how can someone ensure someone selling a parcel of land is really the owner?
Any due diligence checks you can advise on when buying land other than TC?

You go to a lawyer and ask him/her to do a search who will hire a search clerk at the Ministry of Legal Affairs. You can also go to the Ministry and ask for a search clerk directly so you eliminate the middleman and save some costs. If you have enough information, the clerk can pull up all the information and tell you who the owner is and if it have any encumbrances on it (caveat, court matter, mortgage, etc).

If the information is good and recent, for example you have a deed number, you will get back results on the same day. If not, it will take days as the clerk will have to dig through some books and go all the way back.

Also if you are going forward with the sale, the lawyer will have to do searches anyway to make sure the title is good. The key is that you make sure the down-payment is via escrow. Normally you make a 10% down-payment and you have three months to come up with the 90%. During that time, the lawyer does the searches. What happens a lot is that the purchaser pays the 10% and when the search comes back bad, the vendor gone with the 10%. Escrow means that the purchaser makes out a managers check to the vendor but the lawyer holds the check. If the search comes back good, the lawyer gives the check to the vendor. If it comes back bad, the check is returned to the purchaser.

[bluefete]

^^^ You can also do the search yourself (for about $5.00) if you have a deed number.

[ProtonPowder]

Good day, I'm in need of some advice. I'm in the process of purchasing a property, the land is approved, but it has more than one building on it. How can the seller remedy this situ? The problem is the proposed site is stipulated to have one dwelling. My mortgage process has stalled because of this.

Pay for a demolition of the second house under a new purchase agreement and then revalue the property, which now has just one structure.

Is the easiest way.

[Kenjo]

hey i lookin at some land too across in bago, is TC approval really required to start building?
Given all d fraud an ting even in red house, how can someone ensure someone selling a parcel of land is really the owner?
Any due diligence checks you can advise on when buying land other than TC?

You go to a lawyer and ask him/her to do a search who will hire a search clerk at the Ministry of Legal Affairs. You can also go to the Ministry and ask for a search clerk directly so you eliminate the middleman and save some costs. If you have enough information, the clerk can pull up all the information and tell you who the owner is and if it have any encumbrances on it (caveat, court matter, mortgage, etc).

If the information is good and recent, for example you have a deed number, you will get back results on the same day. If not, it will take days as the clerk will have to dig through some books and go all the way back.

Also if you are going forward with the sale, the lawyer will have to do searches anyway to make sure the title is good. The key is that you make sure the down-payment is via escrow. Normally you make a 10% down-payment and you have three months to come up with the 90%. During that time, the lawyer does the searches. What happens a lot is that the purchaser pays the 10% and when the search comes back bad, the vendor gone with the 10%. Escrow means that the purchaser makes out a managers check to the vendor but the lawyer holds the check. If the search comes back good, the lawyer gives the check to the vendor. If it comes back bad, the check is returned to the purchaser.

Is this 10 % direct to the seller part of the ten percent that most financial institutions mean when they say 10% deposit (or a maximum loan of 90%) ?

[adnj]

hey i lookin at some land too across in bago, is TC approval really required to start building?
Given all d fraud an ting even in red house, how can someone ensure someone selling a parcel of land is really the owner?
Any due diligence checks you can advise on when buying land other than TC?

The key is that you make sure the down-payment is via escrow. Normally you make a 10% down-payment and you have three months to come up with the 90%. During that time, the lawyer does the searches. What happens a lot is that the purchaser pays the 10% and when the search comes back bad, the vendor gone with the 10%. Escrow means that the purchaser makes out a managers check to the vendor but the lawyer holds the check. If the search comes back good, the lawyer gives the check to the vendor. If it comes back bad, the check is returned to the purchaser.

This is the best advice that you will get regarding purchase.

The escrow purchase agreement has all of the conditions that the seller and the seller's property must meet prior to closing.

The escrow payment is made by the buyer and the mortgagor considers it as a portion or all of the down payment.

If the the buyer backs out of the sale for any reason that is not the fault of the seller and detailed in the purchase agreement, the escrow is forfeit.

[The_Honourable]

hey i lookin at some land too across in bago, is TC approval really required to start building?
Given all d fraud an ting even in red house, how can someone ensure someone selling a parcel of land is really the owner?
Any due diligence checks you can advise on when buying land other than TC?

You go to a lawyer and ask him/her to do a search who will hire a search clerk at the Ministry of Legal Affairs. You can also go to the Ministry and ask for a search clerk directly so you eliminate the middleman and save some costs. If you have enough information, the clerk can pull up all the information and tell you who the owner is and if it have any encumbrances on it (caveat, court matter, mortgage, etc).

If the information is good and recent, for example you have a deed number, you will get back results on the same day. If not, it will take days as the clerk will have to dig through some books and go all the way back.

Also if you are going forward with the sale, the lawyer will have to do searches anyway to make sure the title is good. The key is that you make sure the down-payment is via escrow. Normally you make a 10% down-payment and you have three months to come up with the 90%. During that time, the lawyer does the searches. What happens a lot is that the purchaser pays the 10% and when the search comes back bad, the vendor gone with the 10%. Escrow means that the purchaser makes out a managers check to the vendor but the lawyer holds the check. If the search comes back good, the lawyer gives the check to the vendor. If it comes back bad, the check is returned to the purchaser.

Is this 10 % direct to the seller part of the ten percent that most financial institutions mean when they say 10% deposit (or a maximum loan of 90%) ?

Correct. The purchaser has to come up with the 10% to start. Some persons have the remaining 90% cash while others have to go thru a financial institution to get the 90% which will then be under a mortgage for 25-30 years. Of course with those institutions, you have to fulfill some requirements and is here for example where OP ran into an unexpected snag with the 2nd building.

You can check your financial institution and see if you can get pre-qualified so you'll know your price range when you go property searching.

[Mowally]

First, what did the folks at T&C or the lending institution say? They should be the ones advising you.

They advised to demolish or partition.. the seller is not willing to do either

[Mowally]

The seller is not willing to demolish any of the houses & the square footage is too small to subdivide the property.. Any other options??? My mortgage officer isn't available at this time, so I'm seeking advice from John Public, until s/he returns.

[Mowally]

According to how much square footage you have, let the seller split the lands into two so that each building will be on its own piece. Of course the process including T&C will start over but the bright side is that the problem solve and the price plus mortgage will be lower.

If not, you might have to secure the loan somewhere else where this time you stipulate two buildings.

Can you reccomend the 'somewhere else'??

[adnj]

First, what did the folks at T&C or the lending institution say? They should be the ones advising you.

They advised to demolish or partition.. the seller is not willing to do either

You have an unresponsive seller with a property that is in violation of T&C regulations.

I would walk away for either of those reasons.

[The_Honourable]

Since that is the case, you can't do anything OP.

All i can say is to try another bank, or agencies such as HMB or TTMF.

You can pool your money together with a friend or a family member to buy the property from the vendor cash where the deed will be under you and the other person as Joint Tenant. You live or rent out one building and the other person can live or rent out the other. When you build up cash across time, add some interest, and buy out the other person share where the new deed will show the transfer and fully your own.

[Kenjo]

First, what did the folks at T&C or the lending institution say? They should be the ones advising you.

They advised to demolish or partition.. the seller is not willing to do either

You have an unresponsive seller with a property that is in violation of T&C regulations.

I would walk away for either of those reasons.

Yup nothing more to do , that seller only could take cash . Financial institutions not going to waste time

[Mowally]

First, what did the folks at T&C or the lending institution say? They should be the ones advising you.

They advised to demolish or partition.. the seller is not willing to do either

You have an unresponsive seller with a property that is in violation of T&C regulations.

I would walk away for either of those reasons.

Yup nothing more to do , that seller only could take cash . Financial institutions not going to waste time

I
Unfortunately I live in one of these homes on the property. So I'll be "homeless" if this purchase doesn't go through. My application is with TTMF. These are 2 'mature' houses & one could have probably existed before the existence of T&C. I need some positive news folks.:/

[The_Honourable]

First, what did the folks at T&C or the lending institution say? They should be the ones advising you.

They advised to demolish or partition.. the seller is not willing to do either

You have an unresponsive seller with a property that is in violation of T&C regulations.

I would walk away for either of those reasons.

Yup nothing more to do , that seller only could take cash . Financial institutions not going to waste time

I
Unfortunately I live in one of these homes on the property. So I'll be "homeless" if this purchase doesn't go through. My application is with TTMF. These are 2 'mature' houses & one could have probably existed before the existence of T&C. I need some positive news folks.:/

You have to give us the full story. We under the assumption that the vendor put the lands for sale and you as a stranger decide to purchase.

If you can't divide/partition the lands, and the vendor not pulling down one of the buildings, all things pointing towards a cash buy.

Are you a tenant? Did you build and maintain one of the homes? how long you there?

[Kenjo]

Ah yes I fell into a similar fait where old people had done nonsense of sharing land with no real paper work where houses were built long before town and country but the young person can’t build with a loan because you simply can’t get one .just to even get a deed is a headache . Literally been chasing papers from the 1880s to get people birth and death certificates. I’m actually trying to decide if to just abandon all of this and get independent approved land .but yeah if you find alternative loans that don’t need the town and country approval please let us know

[rspann]

T&C does not give approvals retroactively. The most you will get is an allowance for it to stay if it was ordered to be demolished or stopped.. For that you apply to the minister. The bank would not finance unless you use something else as collateral , either cash or another property.

[Cen-Serv Ltd]

Good info

[Mowally]

First, what did the folks at T&C or the lending institution say? They should be the ones advising you.

They advised to demolish or partition.. the seller is not willing to do either

You have an unresponsive seller with a property that is in violation of T&C regulations.

I would walk away for either of those reasons.

Yup nothing more to do , that seller only could take cash . Financial institutions not going to waste time

I
Unfortunately I live in one of these homes on the property. So I'll be "homeless" if this purchase doesn't go through. My application is with TTMF. These are 2 'mature' houses & one could have probably existed before the existence of T&C. I need some positive news folks.:/

You have to give us the full story. We under the assumption that the vendor put the lands for sale and you as a stranger decide to purchase.

If you can't divide/partition the lands, and the vendor not pulling down one of the buildings, all things pointing towards a cash buy.

Are you a tenant? Did you build and maintain one of the homes? how long you there?

Yes, my family has been tenanting in one of the houses for 30years & the other one is @ least 50 years old.
Cash!! The property is worth 1.2M.. I've been pre approved, I don't have that kinda $$ cash. I got confirmation for one house, so I just need an exemption for the 2nd.

[daxt0r]

^^
Yea boy i does real glad i does ask here first. Land ting so complicated me eh know y dey ent teach da an other life skills like managing money and filing taxes in schools na.

[rspann]

Pre approved for a loan because you are qualified, the property does not fit in the classification. Why not look for a property that qualifies?

[Mowally]

^^
Yea boy i does real glad i does ask here first. Land ting so complicated me eh know y dey ent teach da an other life skills like managing money and filing taxes in schools na.

Lol... you telling me.. I started organizing since last year July.. I 'thought' I had all my paperwork covered.

[Mowally]

[quote="rspann"]Pre approved for a loan because you are qualified, the propertydoes not fit in the classification. Why not look for a property that qualifies?[/quote
The property in question is my 'home'..

[Mowally]

The property in question is my home..