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A guide to buying a home

A Guide to Buying Your Home

When you found a property that you would like to buy, you make an offer via the real estate agent.

Once your offer is accepted, you then sign a contract with the seller so that the legal process of the deal can be initiated. You should be aware that even though you have an accepted offer, until you have signed the contract , the vendor may still shop the property around to get an even higher price.

Once you’ve signed the contract, you are also agreeing with the terms and conditions that are within the contract, so it’s important that you go over every page of the contract. By reading the contract, you can also make sure as to what is included in the selling price.

When the contract has been finalised, it takes four to six weeks to settle the sale. This time is used to insure the property, fill up more mortgage papers, satisfy stamp duty fees and finalize transactions with your vendor. If an existing property is being sold, you should make sure your solicitor takes into account the dates of settlement of the property sale.

Auction is another option. Here, you must have to fight for your property. You should also make sure you’ve got access to a ten percent deposit or a deposit bond guarantee.  You need to pay this immediately if you win.

Some auctions uphold that a reserve price must be met. If the highest bid for the property is lower than the reserve price, the highest bidder will have the opportunity to negotiate with the seller first. This is not a guarantee though that he will get the house.