Buying property, whether for business or personal use, is a dream come true for most people. This is because the process involves a considerable amount of funds, often acquired through rigorous saving or a bank loan. Property purchase is complicated in that it comprises legal and financial processes which most people are not conversant with.
If you would want to buy property, below are a few personnel who will make the process seamless for you.
Real Estate Agent
Once you decide to buy property, your journey will begin by visiting a real estate agent. He or she is a person that buys, sells or rents out property on behalf of clients. Real estate agents are vital in that they know which property matches your description. They will show you various property in your preferred location as they wait for your final decision.
After viewing the property, you have an approximation of how much it will cost you to acquire a particular property. If you do not have ready cash, then a mortgage is one of the best available financing options. In such instances, you will visit your bank's loan officer. The loans officer evaluates your credit history, your income, the property you intend to buy and other financial data to assess the risk of lending you money. He or she will inform you how much the bank can finance and the various available financing alternatives.
Alternatively, you may choose to discuss financing with a mortgage broker. The mortgage broker's work is similar to that of a loans officer, but he or she is not a bank employee. The mortgage broker's job extends to organizing your documents and ensuring that the mortgage is pre-approved, thus making the buying process very easy.
Once you have settled on a specific property, the services of a conveyancer become critical. The conveyancer will search the property to validate its legal status. Further, he or she will engage the seller's conveyancer in drafting a contract of sale. The conveyancer is better suited to handle any negotiations with the seller's conveyancer. He or she also engages your bank to make payments for the property. Finally, he or she follows up the legal process involved in having the property's title under your name.
When you plan to buy property, it is difficult to handle all processes on your own. You should consider bringing in a real estate broker, loans officer, mortgage broker and a conveyancer to ease the process.Share