Tips for Buying Your First Property – What you should do?
Many people are not aware of the processes involved especially when they are off to buy their first property. If you are not careful, you might end up having to pay for more in miscellaneous fees than others and in the process even end up wasting a lot of time as well.
Some agents do not really help you in the process as they are out only to close the deal. Here is how it should all go.
Step 1 – Selection – This is perhaps the easiest thing to do. You need to find the property that you like and then make your selection. Ensure that you have done all the preparatory work beforehand.
Step 2 – Accept Offer – Once you have determined the property, then you will accept the offer by signing the letter of acceptance. This means you agree in principle to buy the property.
Step 3 – Pay earnest deposit – You will have to pay a small amount usually around 2 to 3% of the property price. It is like a ‘booking fee’ and is part of your downpayment.
Step 4 – Legal – Engage a lawyer and you will then sign the SPA (Sales and Purchase Agreement). After that, the seller will sign the letter of offer.
Step 5 – Downpayment – You will then pay the remaining amount needed to make up the 10% for the downpayment.
Step 6 – Stamp Duty – Here, you will have to pay the stamp duty and the SPA becomes official.
Step 7 – Registration – The transfer of ownership will be made here and can be done at the Land Office Registry of the respective region.
Step 8 – Takeover – You should be getting your keys to the property at this point.
Take note that the process can usually take weeks or months before everything becomes official. So you need to have patience and see through every step articulately, ensuring that all documents needed are provided along the way.
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