In our last post, we looked at some of the common errors buyers make so that you can avoid them. Shown below are some others.
- When you finally decide on a property, get a valuation before signing the agreement. If not, then try and have a clause inserted in the Agreement that allows you to walk away from the deal if the valuation report shows a figure lower than the price in the Agreement. If this clause is not there, your loan amount could be affected and could result in your losing your deposit!
- It is very important that you get an attorney before you sign the agreement. Let your attorney review the agreement and advise you if there are any changes necessary. It should be mentioned here that should the attorney that is preparing your Deed of Conveyance or Assignment be the same one as the bank uses to prepare the Deed of Mortgage, then the fees for the latter will be discounted 50% assuming the property does not fall under the Real Property Act (RPA) formerly Real Property Ordinance (RPO).
- Buying a home might be the biggest investment of your life and at times, the task can seem very daunting to newcomers. It is a good idea to obtain guidance on the different steps and documents necessary. If you know someone experienced in purchasing real estate, (e.g. an attorney, real estate agent, banker, financial consultant), ask them for assistance if necessary.
You can also call G A Farrell & Associates Ltd. and ask about their MAP (Mortgage Assistance Plan) that is available to ALL their clients that require a valuation report to purchase a property. G A Farrell & Associates Ltd. will offer guidance through the entire process at no charge other than their normal valuation fee.