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Approved buildings & Land T&C

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rspann
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Re: Approved buildings & Land T&C

Postby rspann » October 20th, 2019, 8:42 pm

I guessed i missed something. You said your family are tenants? So you are not the owners that's why you need the loan? Please explain more. If you don't get through with the bank , do you have any alternative plan?

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Re: Approved buildings & Land T&C

Postby matix » October 20th, 2019, 9:10 pm

Ok so your family has been renting for the past 30 years, and the opportunity has come around for your family to purchase said property. What’s for sale is the land and both buildings on it? What’s the distance between both structures?

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Re: Approved buildings & Land T&C

Postby Kenjo » October 20th, 2019, 9:24 pm

matix wrote:Ok so your family has been renting for the past 30 years, and the opportunity has come around for your family to purchase said property. What’s for sale is the land and both buildings on it? What’s the distance between both structures?

I think he mentioned the overall land to separate is too small and most likely the amount of money in lawyer fees etc is so much it wouldn’t make sense . The buildings on the land may not be adequate but they are ‘ home ‘

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Re: Approved buildings & Land T&C

Postby rspann » October 20th, 2019, 10:09 pm

But if you don't own it and can't get the loan to buy it what are your options?

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Re: Approved buildings & Land T&C

Postby ProtonPowder » October 20th, 2019, 10:19 pm

daxt0r wrote:^^
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.

Prestige schools wont teach it and students in the other schools will cut class.

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Re: Approved buildings & Land T&C

Postby Mowally » October 20th, 2019, 10:35 pm

Sorry for late replies.. yes my family lives in one building & the LandLord lived in the other.(Landlord migrating). we've been given the opportunity to purchase. One house built close to a ravine.. next one a less than 20ft from road. Both on 8100sqft. Owner does not want to demolish either house & land size too small to subdivide.

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Re: Approved buildings & Land T&C

Postby Mowally » October 20th, 2019, 10:37 pm

rspann wrote:But if you don't own it and can't get the loan to buy it what are your options?

That's why I need some advice..

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Re: Approved buildings & Land T&C

Postby rspann » October 20th, 2019, 10:45 pm

He wouldn't want to demolish one and then the sale falls through or you don't get the loan . That way he comes out losing.
Secondly, even if he were to demolish one, he still wouldn't be able to get approval for the other retroactively, and from what you said contrary to T&C building regulations, so it comes back to square one. Any financial institution will have basically the same requirements so it's hard to say.

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Re: Approved buildings & Land T&C

Postby The_Honourable » October 21st, 2019, 12:58 am

Mowally wrote: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.


Have no exemptions since both buildings on one piece of land. Since T&C stipulate one building, you stuck.

VexxDogg point is actually valid, how far the structures are from each other? You can maybe join them into one? I know someone who bridged two similar buildings together by building a third in the middle joining them. He then did some work on the other two to closely resemble the new structure (matching windows, doors, gates, paint, exterior lighting, one roof!).

Have its abnormalities but now it looks like a 3 unit townhouse.

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Re: Approved buildings & Land T&C

Postby rspann » October 21st, 2019, 6:23 am

Joining them isn't going to solve anything. There are other regulations beside having one building. What about the percentage of land that can be used and setbacks ? Then the fact still remains that the plan can't be approved retroactively. Remember the buildings are already there.

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Re: Approved buildings & Land T&C

Postby Kenjo » October 21st, 2019, 8:14 am

And especially the one too close to the road . The landlord basically needs someone to buy there cash

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Re: Approved buildings & Land T&C

Postby pugboy » October 21st, 2019, 9:09 am

You can apply to t&c for approval even if buildings already up
This is commonly sent for change of use eg Woodbrook lease renewals
But of course the structures need to be compliant

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Re: Approved buildings & Land T&C

Postby daxt0r » October 21st, 2019, 12:07 pm

Hi anyone here ever did land transaction with a person called Judy Mohammed?
Is she trustworthy and legit?

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Re: Approved buildings & Land T&C

Postby Musical Doc » October 21st, 2019, 12:15 pm

I feel if he selling you for $1.2 million and you preapproved for that amount, use that same $ and buy somewhere else. There are nice flat houses on the market that people build to sell that are around that price. Sometimes sentimental value isn't always the right feeling to follow.

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Re: Approved buildings & Land T&C

Postby rspann » October 21st, 2019, 1:24 pm

Musical Doc wrote:I feel if he selling you for $1.2 million and you preapproved for that amount, use that same $ and buy somewhere else. There are nice flat houses on the market that people build to sell that are around that price. Sometimes sentimental value isn't always the right feeling to follow.


Same advice I gave, because it looks like the only way out. Don't wait until he gets a buyer and then you have no time to do anything but rent somewhere else.

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Re: Approved buildings & Land T&C

Postby ProtonPowder » October 21st, 2019, 4:06 pm

daxt0r wrote:Hi anyone here ever did land transaction with a person called Judy Mohammed?
Is she trustworthy and legit?

It probably have 50 people by that name in TnT

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Re: Approved buildings & Land T&C

Postby Mowally » October 21st, 2019, 7:13 pm

pugboy wrote:You can apply to t&c for approval even if buildings already up
This is commonly sent for change of use eg Woodbrook lease renewals
But of course the structures need to be compliant

Buildings.. are definitely not within regulations.

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Re: Approved buildings & Land T&C

Postby Mowally » October 21st, 2019, 7:22 pm

Yea... coping out is not an option @ this moment. Property worth $1.2.. but I'm getting it @ a considerably lower price..
Next question can I use land as collateral to get a loan? Sorry if it sounds like a stupid question.. I don't no if financial institutions still do that..

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Re: Approved buildings & Land T&C

Postby rspann » October 21st, 2019, 7:33 pm

[facebookvideo][/facebookvideo]Is the value of the land more than what you need from the bank? They would lend on the land if they think it's enough collateral.

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Re: Approved buildings & Land T&C

Postby adnj » October 21st, 2019, 9:14 pm

Whatever happens you will need a cash purchase. The property will only be sold by you for cash to the next buyer, assuming that ever happens.

Another possibility is a land contract. You pay a down payment, you pay the owner an agreed monthly payment for a stipulated amount of time, and you receive title only when the final payment is made.

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Re: Approved buildings & Land T&C

Postby rspann » October 21st, 2019, 9:39 pm

That is a good idea if the owner is amenable to it. Getting him to wait for a long period might be a little hard though.

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Re: Approved buildings & Land T&C

Postby Mowally » October 21st, 2019, 9:48 pm

Kk.. that limited time payment sounds workable. How does the land as collateral arrangement go with the banks?

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Re: Approved buildings & Land T&C

Postby pugboy » October 21st, 2019, 9:51 pm

Get a valuation done, they will give you an idea of the cost of land and cost of structure

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Re: Approved buildings & Land T&C

Postby Mowally » October 21st, 2019, 9:53 pm

rspann wrote:That is a good idea if the owner is amenable to it. Getting him to wait for a long period might be a little hard though.

Yea.. he's migrating & wants cash in hand as soon as possible. But seriously all lending institutions will have an issue with the property 'as is'? What about credit union?

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Re: Approved buildings & Land T&C

Postby The_Honourable » October 21st, 2019, 10:28 pm

Mowally wrote:
rspann wrote:That is a good idea if the owner is amenable to it. Getting him to wait for a long period might be a little hard though.

Yea.. he's migrating & wants cash in hand as soon as possible. But seriously all lending institutions will have an issue with the property 'as is'? What about credit union?


Call around and find out if they accept two buildings on one property for a mortgage but that T&C stating one building might still be a snag.

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Re: Approved buildings & Land T&C

Postby Mowally » October 21st, 2019, 10:33 pm

The_Honourable wrote:
Mowally wrote:
rspann wrote:That is a good idea if the owner is amenable to it. Getting him to wait for a long period might be a little hard though.

Yea.. he's migrating & wants cash in hand as soon as possible. But seriously all lending institutions will have an issue with the property 'as is'? What about credit union?


Call around and find out if they accept two buildings on one property for a mortgage but that T&C stating one building might still be a snag.

Well I'll be checking the banks 1st, then I'll check the credit union. Only reason I asked here was to get a feel of what 'John Public' have to say.. maybe somebody went through the same thing. My officer @ TTMF is on leave at this time, so I'm just getting some 'feedback'.

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Re: Approved buildings & Land T&C

Postby Dizzy28 » October 22nd, 2019, 9:20 am

Mowally wrote:
rspann wrote:That is a good idea if the owner is amenable to it. Getting him to wait for a long period might be a little hard though.

Yea.. he's migrating & wants cash in hand as soon as possible. But seriously all lending institutions will have an issue with the property 'as is'? What about credit union?


How is he going to get the money out of Trinidad?

I know of a few people had property for sale because they were migrating (or living away for a long time) and then eventually converted them into rental because they were told they are not going to get the full amount of the sale price money into US$ and CAD$ if they do sell.

If you have the forex or access to it see what you deal you can work out as well.

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Re: Approved buildings & Land T&C

Postby Dizzy28 » October 22nd, 2019, 9:21 am

Mowally wrote:
rspann wrote:That is a good idea if the owner is amenable to it. Getting him to wait for a long period might be a little hard though.

Yea.. he's migrating & wants cash in hand as soon as possible. But seriously all lending institutions will have an issue with the property 'as is'? What about credit union?


How is he going to get the money out of Trinidad?

I know of a few people had property for sale because they were migrating (or living away for a long time) and then eventually converted them into rental because they were told they are not going to get the full amount of the sale price money into US$ and CAD$ if they do sell.

If you have the forex or access to it see what you deal you can work out as well.

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Re: Approved buildings & Land T&C

Postby Mowally » October 24th, 2019, 6:41 pm

Well how ever he gets paid, he wants his $$.

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Re: Approved buildings & Land T&C

Postby Mowally » November 5th, 2019, 7:12 pm

Good night.. any lawyers in here? What acts /laws are there for life renters who are given the opportunity to purchase the property they've been renting for a long period of time.

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