The process of buying real estate development with a clear vision
Buying real estate is not done on a whim. He is preparing step by step. Following the right advice allows you to enjoy a successful real estate development and investment. Otherwise, you risk losing money. Are you going to buy the house of your dreams? Is this your first time buying a property? You are in the right place. In this article, you will discover tips to know about the process of buying a property.
To Save Money in real estate development
If you plan to buy a property in the coming years, you must start saving money now. Real estate prices are constantly rising. You cannot afford to go into excessive debt by relying completely on mortgages for financing. You must have your own input.
In addition, financial institutions will require a personal contribution of 10 to 20% when you apply for a loan for your property. In addition, having a significant personal contribution is the best way to benefit from the lowest credit rate.
Determine your purchase budget and request financing
You must know in advance the budget that you can afford for the purchase of the real estate. It is therefore a question of determining your borrowing capacity and adding it to your savings. Also It is possible to calculate the borrowing capacity quickly by using online loan simulators.
It should be noted that the amount of money you can borrow from banks or other financial organizations depends on your monthly income. When you have managed to estimate how much your borrowing capacity is, you can start looking for financing, at the best possible rate. It is mostly done by a third party. This is why property management companies’ services are important
Define your objectives and find the property that suits your needs
You must look for the property that best suits your project. It is necessary to define the objective for which you buy it otherwise it will not be a profitable investment. Is this your primary residence or is it a second home? Are you buying it to resell it or for rental investment?
Knowing your purpose allows you to sort it out. You will have many choices in your search, whether you go through an apartment hunter, or a real estate agent, like Al Hayyat Group of Companies, a multifaceted group of Real estate development, construction, marketing, sales and investment portfolio Management Company or by carrying out the search yourself using free classified ad sites. Don’t be tempted by the quick sale. Take the time to visit and take stock of the various offers on offer. The most important criteria in real estate development research are the price, the city where the house or apartment is located, and the condition of the property in question.
Make an offer to purchase from the seller
Have you found the ideal property? Does it fit your needs perfectly? If you have made the visit carefully, and you are convinced that this is the property you want to acquire, do not waste any more time. Book it to avoid other people coming to buy it before you. Inform the seller by writing him a written offer to purchase. Indeed, the oral offer to purchase does not constitute a legal act.
In your offer, you will mention all the details concerning the property you want to buy. Thus, your letter will contain the area, the number of rooms, etc. Even if the negotiation of the price can always continue later, you must indicate in your writing the price for which you wish to acquire the property.
To do this, you must make an offer below your real budget.
However, you don’t have to do anything. Refer to the prices per m2 of real estate development in the area and also to the price set by the seller. A price drop is sometimes difficult to negotiate. Do not hesitate to seek the help of a real estate development expert. Offer does not require a down payment. So beware of scammers. You should also know that you have a legal withdrawal period which is generally 10 days if you ever change your mind for any reason. In addition, adding suspense clauses to your purchase offer can help you cancel the sale if problems arise, such as the refusal of a mortgage or a building permit.
Sign the sales agreement or the promise of sale with the seller
The seller has accepted and signed your offer to purchase. It is time to move on to signing the sales agreement or the promise of sale. The sales agreement is an agreement between you and the seller. The seller agrees to sell the property to you, and you agree to buy it from him. The signature is done at the seller’s notary if each of you has his own notary. It is also possible to opt for a private deed directly with the seller without going through a notary.
In the promise of sale, only the seller makes a commitment. In this case, you must pay 10% of the selling price of the property you want to buy. This sum will be deducted from the price to be paid if the sale is concluded. In the event that you withdraw within 10 days of signing, this sum will be kept by the seller as compensation.
Signature of the deed of sale
This step completes the process of buying a property. This is a sign that the sale has been successfully concluded. By signing the deed of sale in front of the notary, you become the new owner of the property. Certificates of ownership will be issued to you. This will confirm that you have paid the amount agreed upon in the negotiations.
The procedures following the signing of the deed of sale are the responsibility of your notary. Indeed, it is he who must register the deed of sale at the land registration service. Just as for the signing of the sales agreement, you can use one or two different notaries. It is important to emphasize that the law requires that the seller’s and buyer’s notaries share the fees. The notary’s fees are then not doubled. Otherwise, to avoid any inconvenience you can hire Real Estate Company and best example in Peshawar, Pakistan is Al Hayyat Group of Companies,