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Buyer – Buying a Property

Buying a home is probably the biggest investment you will make with long term financial ramifications. Such a decision would require an informed judgment and good advice from a real estate professional.

Before you decide on which agent to contact ask if they do all these:

  1. Schedule a meeting with the buyer at our office or at the buyer’s office whichever is the buyer’s preference.
  2. Ask the buyer questions on what he considers an ideal home and the features that the property must possess. We wither the list down to the non-negotiables.
  3. Search our real estate portfolio to compare the client’s specification with available properties.
  4. Where properties in our portfolio don’t meet the client’s requirements, we send mails to our most trusted agents and colleagues detailing all the buyer’s specifications.
  5. Review all properties received and carryout physical inspection to ensure that they meet the buyer’s requirements.
  6. Where possible, schedule a meeting with the seller to qualify the seller.
  7. Verify the seller’s motivation for selling. We do this to be sure that there are no legal/ownership encumbrance, neighbourhood, government, structural, natural hazards, or other hidden issues with the property been offered for sale.
  8. Check if the space, design, and building components of the property constitutes no health hazards nor safety issues for your kids while they play and enjoy the space.
  9. Ensure that the buyer has at least three (3) and at most five (5) comparable and competitive properties from which to make a choice.
  10. Research the age of the building and previous sales activity on the property in case of a fairly old house
  11. Ascertain both internal and external measurement to help in decision making in case of two or more seemingly identical properties
  12. Research and prepare CMA (COMPARATIVE MARKET ANALYSIS) in order to aid an informed negotiation process.
  13. Ensure that all relevant documents are available for perusal and a full disclosure on outstanding documents that are either in waiting or not available.
  14. Ensure that keys to the property are readily available upon scheduling an appointment for viewing.
  15. Discuss financing options with seller where the buyer wishes to use bank loans or pay in instalment
  16. Encourage the seller to carryout necessary repair works or to grant the buyer a discount to effect the repairs.
  17. Research whether or not the property is prone to flooding during rainy season.
  18. Assist the buyer to verify any outstanding bills like Land Use Charge, Service Charge, Residents’ Association or Communal Dues, Mortgage, and other government bills before transfer of ownership.
  19. Check with the relevant authorities to ascertain if the building has a certified building approval
  20. Once the buyer’s has decided on the property to buy we schedule a meeting between the buyer and the seller at our office or at the seller’s residence/office (in case of a seniour citizen).
  21. Ensure that the seller presents original copies of the title documents for sighting by all parties at the meeting.
  22. Once an agreement has been reached between both parties on the terms and conditions of sale we ensure that minutes and details of the meeting is recorded and sent to all parties by mail.
  23. Copies of the title documents received at the meeting is used to execute title verification exercise to ascertain the legal state of the property.
  24. At the instance of a good and free title report we send such report to the buyer.
  25. Upon the transfer of the purchase price to the vendor we ensure that original copies of all relevant documents are received and handed over to the buyer along with the house keys.
  26. After this we send a letter containing details of our professional/agency fees which is between 5% and 10% depending on the magnitude of the transaction.
  27. Coordinate, organise, and assist in the registration of title documents with the state government.
  28. We recommended our sister company ‘RELOCATIONS CONSULTING LTD. (RCL)’ or any relocations service provider of the buyers preference to assist in relocating the buyer to his new home. At the full payment of 10% as professional/agency fees, FIRST COLONY REAL ESTATE COMPANY LTD will be responsible for engaging the services of ‘RCL’ at no extra cost to the buyer.
  29. Follow up with the buyer on regular basis to ensure there are no outstanding issues and where there are, to ensure that we give our 100% to addressing such issues and making the buyer comfortable.
  30. Maintain a loyal relationship with the buyer.

You can also view how to sell a property by clicking here

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