Asked by Eric
Hi, recently my friend and I are looking at co-buying a commercial property to invest. But being first time buyer, there are some questions that stumbled upon us and hope to be able to seek resolutions.
1. The property that we are looking at has a lease of 30years, TOP in 2012. At the end of the 30years, if happened that we do not have the option to lease further, what will happen to the property? Give back to developer/government with or without returns?
2. My friend currently has a business, and is considering whether to use his personal name or his company's name to co-share the property. Will there be a difference in both when we apply for the loan for the property? I have an annual income of about $100K while my friend has only recently started to "CPF" his income, thus on record is a low income earner for past one year.
3. What will be the difference between me being a 3rd party guarantor versus a principal owner?
1. The property that we are looking at has a lease of 30years, TOP in 2012. At the end of the 30years, if happened that we do not have the option to lease further, what will happen to the property? Give back to developer/government with or without returns?
2. My friend currently has a business, and is considering whether to use his personal name or his company's name to co-share the property. Will there be a difference in both when we apply for the loan for the property? I have an annual income of about $100K while my friend has only recently started to "CPF" his income, thus on record is a low income earner for past one year.
3. What will be the difference between me being a 3rd party guarantor versus a principal owner?
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