Demetris Ch. Demetriades LLC has created a guideline on the steps needed to be followed by a property buyer in order to safeguard a successful and safe transfer of ownership.
Step 1 – Research and Budgeting
Research potential properties that interest you that will be within your price range.
It is crucial to have in mind the additional cash expenses that you will have to cover for the finalisation of the sale and issuance of title deed, which are as follows:
- Transfer fees payable at the Department of Lands and Surveys (DSL)
- Loan deposit in cash for the approval of the loan will be at 20% for a Permanent residence, 30% for a second residence (Holiday house) and 40% for an investment.
Step 2 – Hire a good reputable Estate Agent
Find a reputable and professional agent that will guide you through your selection process and provide you with viable options.
Step 3 – Have your Bank pre-approved your mortgage
Deals most often than not fall out due to the buyer’s inability to secure the money required for the purchase. We suggest contacting your bank for a credit check and have available for submission all required documents for your loan application for expediency purposes.
Step 4 – Shortlist and final screening with a professional
Once you have identified the properties that interest you revisit the property with your estate agent and a professional in the field such as mechanical engineer to identify any construction flaws and repairs that may be needed which you do not have the technical expertise to identify.
Note: It has been our experience that buyers have had to pay extensive amounts on repairs which were not accounted for in the purchase. Hiring a professional to survey the house prior to purchasing a property is highly recommended even for new houses.
Step 5 – Make your offer
Once you have screened the properties make an offer. Your offer if you choose may include terms such as repairs and methods of payment.
Step 6 – Hire an experienced Real Estate Lawyer
Once your offer has been accepted, it is vital that you hire an experienced Real Estate Lawyer to conduct all necessary searches to safeguard a successful transfer of title dead.
What we will be doing for you:
- Conduct a search at the DSL to verify the owner of the property
- Conduct a search at the DSL to verify that the property is free from any encumbrances.
- Review or draft a sales Agreement for the property
- Provide you with a checklist of all the tasks that need to be finalised upon transfer of title dead.
We have encountered numerous times complicated issues with ownership or encumbrances by banks or businesses on a property. For such situations we shall advise on how to safely navigate around such issues and coordinate with all related parties to make the deal possible.
Step 7 – Finalising the Purchase
Once all issues have been identified and tackled, we shall set a date to finalise the transaction at the DSL in collaboration with the bank in situations where we have a mortgage or a memo. We shall coordinate with the Estate Agent and submit all relevant documents to the DSL.
All parties involved will be present for the transfer and once all paperwork are executed and the transaction is concluded the relevant fees for the transfer of property will need to be paid to the DSL.
Step 8 – Insure your property
We strongly advise to get home insurance once the ownership has been transferred in your name to safeguard your investment.