Legal Tips to Buy a Propertyby Ronald Wolf Business Consultant
Buying a new property is a Millennial dream come true. Due to the sudden urbanization, a lot of people feel the need to purchase their own properties and secure their families. However, the lack of proper knowledge and legal advice can turn this dream into a nightmare. How can you prevent yourself from falling for fraud?
To safely invest your hard-earned money into a property, you need to choose a property that perfectly suits your needs and is legal! So, here are some tips you need to stick to when purchasing a property.
1. Plan your finances
Even though purchasing a house seems like sunshine and rainbows, it can be quite complex. Before you decide to start looking for a perfect property, you need to plan your budget and get your finances straight. If you don't want to get into any legal troubles, get your finances in place.
How much money do you have and how much are you willing to spend on a property? Before you opt for a bank loan visit “Mum and Dad bank” and see if they can lend you some money to get you on your feet.
2. Arrange a mortgage
If you want to be considered a serious buyer, you should arrange a mortgage first. An owner that's selling his property needs to know that you're financially reliable and able to purchase his home. So, before making an offer, make sure you can arrange a mortgage first.
However, before you get a mortgage, you need to obtain some basic knowledge about it. Did you know that banks aren’t your only option? When getting a mortgage, you can seek various insurance companies, financial houses, large building companies and others who offer this type of service. Be careful about the type of mortgage you need!
3. Verify the ownership and identity of a seller
Believe it or not, the world is filled with fraudsters who are ready to disappear with your money and leave you without your desired property. That’s why before purchasing a property, you need to verify the identity of the seller and the ownership. If the seller is not a legal owner of the property, do not sign a contract!
Besides checking the ownership, make sure to verify the nationality and residence status of a seller. The seller must have lived in that property at least two years before the sale.
4. Physical verification of the property
Before you make your offer, make sure to conduct physical verification of the property. What is that and why is it so important? Buying a property isn't a blind date. You need to check it out before you decide that it is, in fact, ideal for you.
Physical verification of the property is also important for confirming the measurements of the place. You need to ensure that everything is as the seller claims it is. If you're buying a house, make sure that every element is in place and that installations are done correctly.
5. Get expert advice
One of the most important things you need to do before signing any contract is consulting an expert. In a perfect case scenario, you should hire a lawyer to join your team before you buy your dream property. This professional will help you transfer the ownership to your name.
Besides that, an experienced solicitor will let you know whether there’s something wrong with a contract you’re about to sign. Every case is distinctive, that’s why you need to find a solicitor that will take a personal approach to your matter. This expert will provide you with comprehensive advice in simple language you’ll be able to understand.
6. Make an offer
Finally, you can make an offer and get it accepted. You’re probably not the only one that’s interested in that property. That’s why you need to ensure to be the first in the buyers’ line. Organize a private meeting with a seller and arrange the price.
To ensure you’re the one who’s getting the property, create a contract with a small deposit amount with the owner. That’s how they are legally obliged to sell you their property.
Getting legal tips and advice before you purchase your dream property is crucial for both sides. You need to protect your rights as a buyer and make sure that the sale isn't some sort of fraud. Remember, if it’s too good to be true, it probably is! So, keep in mind these tips when purchasing your new home.
Created on Feb 28th 2021 23:12. Viewed 32 times.