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Home Buying Information
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Buyer’s Information
Buying a property is a wonderful experience. It is, however, also a business transaction, and must be treated as such. Buyers at the same time faces problems in the transaction. They may end up paying too much price or taking a wrong decision while purchasing the property .So we have to make a systematic plan to avoid these unwanted losses or you can say errors.
Here are some tips on making the most of your property purchase:
Get the right information you need
Its necessary to know the price you are offering the seller and to know if the seller is asking for a high price Your research is important.. Without knowledge of the market, your offer could be too much.
Check the title
Before you sign any document, be sure the property you are considering is free of all encumbrances.
Update the survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes.
Get pre-approved
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.
Remember additional costs
Besides the funds for the purchase of a property, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.You need to deduct from money available, the costs of selling your property, buying your new property. These cost include
Mortgage arrangement fees and indemnity fees - check with your lender
• Valuation fees - Check with your lender to find out what their fee will be and expect about $175 for an average price house (the average price of a house is officially $188,000).
• Legal fees. Shop around for the best deal. Some solicitors charge a percentage (perhaps 1%) while others charge a flat fee
• Stamp duty. This is a government tax, charged for properties above $125,000. If your new home is priced above $125,000 you will pay 1% of the property price. Higher value properties are subject to higher % charges on a sliding scale.
• Land Registry Fee. The Land Registry charges a fee for transferring the register to the new owner. This fee is charged according to property price. For houses between $100,001 – $200,000 the fee is about $200. (variable depending on area).
• Local Authority Search Fees. Local searches will be carried out by your solicitor/conveyance to ensure that there are no potential problems such as planning permission on neighbouring properties or plans for new roads nearby. Allow at least $60.
• Other Search Fees and Disbursements. Allow about $70 to cover an average house purchase.
• Estate Agent's Commission. If you're selling your property as well as buying one, the sum charged by your estate agent has to be taken into account. Usually this is charged as a percentage of the property price, around 1.5 – 2 per cent on average. If you are selling it yourself, you will need to pay for advertisements.
• House-hunting Expenses. House-hunting itself can be a costly business – allow money for eating out, travel and telephone calls, and hotels if you are buying in a different area. Consider whether you will need time off work.
• Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Don’t do any transaction hastily or you could lose money
Buying & Financing the property
A. Role of the Real Estate Broker
B. Selecting an Attorney
C. Terms of the Agreement of Sale
D. Shopping For a Loan
E. Selecting a Settlement Agent
F. Securing Title Services
G. Processing Your Loan Application
Before setting out to look for a property you need to work out how much you can afford. You have an idea of how much you hope to raise from the sale of your property. Add to this how much you have available from savings and how much you are able or wish to borrow on a mortgage. Consult a mortgage lender for advise as to how much you can borrow. This will depend on how much you earn and how much deposit you are able to pay. If you have a mortgage already you will need to ask the lender for a redemption figure.
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