Buying Process
Process of buying a house - Our Property Practitioners can assist you to:
- Look at different options based on your needs and affordability, and do a comparative market analysis.
- Get a Pre-approval according to your unique circumstance so we can tick important boxes.
- Set appointments to view properties, to help you find what you love.
- Identify and agree on property repairs / or no repairs so that you know upfront, and a Property Practitioner can advise.
- Understand all costs involved so that you can plan for these ( e.g. attorney fees).
- Sign the Offer to Purchase (OTP).
- Present OTP to the seller for their signature.
- If cash sale - send OTP to attorneys.
- If by Mortgage Bond, send it to a financial institution to help you get a bond.
- If all is well - you get approval in principle pending bank valuation, the Property Practitioner can also negotiate a better rate for you wherever possible.
- Then after Property Valuation and all is well with the property.
- Bond granted by financial institution e.g. Bank.
- The Property Practitioner sends all necessary documents to Transfer attorneys to start the transfer process.
- From the bank's side, they appoint Bond Registering attorneys.
Tips When Buying
- Get clarity on reasons for buying a house (family home, rental investment, flip investment i.e. buy fix sell).
- Understand the whole buying process.
- Do an analysis of what you need - the type of house and features, amenities, affordability, house size, deposit, location/area.
- Save time by knowing the deal-breaker - what is it that you know will discourage you from going ahead with the sale
- Make sure your Property Practitioner is registered with Property Practitioner Regulation Act so that you know they are legit and should anything happen with the buying process you can have a place to protect youth rights.
- Prepare questions and ask your Property Practitioner to get clarity on any aspect of the sale (e.g. sectional title vs freehold pros and cons, levy amounts, rates amount, your preferred amenities, transfer process, etc.
- If you have a deposit, pay that as your down payment, and take a lesser bond
- If you have extra cash at the end of every month, pay that towards your bond consistently and it will reduce the number of years you will pay for your bond.
- Ask if the property for sale is an estate matter in case you have to wait for long whilst the attorneys are working with the family/executor.
- Do ask why the seller is moving so that you don't have lingering questions.
- Negotiate your interest rate with the bank, or compare what interest rate the other financial institutions are willing to give you.
- Work with a Property Practitioner that shows knowledge, reliability, soundtrack record, and is interested in your needs as a buyer.
- Please remember that as the buyer, you pay both the Bond Registration Fees ( for the bond given by the bank) and you also pay the Transferring attorneys for them to transfer from the seller into your name.
- Do NOT take any loans or make big purchases that may impact your affordability, even after you have been granted a bond.