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Old 03.11.2015, 20:28
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Re: Buying a Flat from a friend- advice

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For me, the rule is not: "Don't do business with friends", but rather: "Do business with friends and family with no less diligence than business with strangers."

If I were to borrow money from a good-work-colleague, or lend money to a cousin, if I were to start a business with a sister, or buy or sell property from parents or children or a friend-from-forever, if I were to employ a friend or be employed by a brother, I would perform all the same checks as I would with a stranger: get legal advice, put every single step down in writing, and make reasonably sure everyone understood the deal in the same way and would be able to live up to the pledges, and have the contract checked by a professional advisor.

If I think my people are "nice", then there is no reason why we shouldn't both take sufficient care to get the deal completely clear, and consult with external sources where necessary (the bank, the lawyers, etc.) until we're sure. Just as I would do with anyone I didn't know at all.
Very few people get the contract checked by a professional advisor (whatever that means), they just go to the Notary. I insisted on multiple causes being removed, If I don't understand what it means or it's to my disadvantage then remove the clause, or half of the contract in my case

Best advise if you ever want to go into business with someone is go on a holiday with them. If they try to avoid paying for their share you will know for sure they will rip you off in business.
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  #42  
Old 03.11.2015, 20:41
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Re: Buying a Flat from a friend- advice

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Very few people get the contract checked by a professional advisor (whatever that means), they just go to the Notary. I insisted on multiple causes being removed, If I don't understand what it means or it's to my disadvantage then remove the clause, or half of the contract in my case

Best advise if you ever want to go into business with someone is go on a holiday with them. If they try to avoid paying for their share you will know for sure they will rip you off in business.
Well done, you should never sign a contract you don't know/understand the full contents of.
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