Real Estate Transactions: A Beginner’s Guide
June 5, 2021|Posted in: real estate
Going to buy your first apartment? Checking out flats for sale in Kochi? When you are dabbling in real estate, understanding real estate transaction basics is essential. The premier real estate portal in Kerala Luxury Kerala Flats brings to you Real estate transactions: A beginner’s guide so that you know what to expect as a property buyer.
The Parties involved in Real Estate Transactions
The main parties that play some role in your real estate transactions are:
- Real estate agent/broker
- Real estate transaction attorney
- Title company
The basic steps of real estate transactions are:
You can browse flats for sale in Kerala in luxurykeralaflats.com. Once you’ve found the flat in Kerala that interests you, you need to put in an official offer. If you don’t have the experience or tools to determine the right purchase offer, you may need to seek assistance from a real estate agent. He/she can help you draw up a formal contract with a good purchase offer for said property.
Conduct a title search to confirm that the seller of this property is actually the owner and has the legal right to sell it. Any claims on this property will also show up here.
Hire an Attorney
As there’s a lot of paperwork involved in real estate transactions, it is always better to hire a lawyer for legal opinion in any real estate deal.
Get pre-approved for a loan
You can set your budget limit from the beginning & this will filter out any investment properties above your budget, saving time. Being pre-approved can also help you close on a property faster.
Appraisal of the property
You need to have an official report on the condition of the flat for sale in Kerala by hiring a professional. If there are any problems found, you can request to take care before the purchase is complete.
Renegotiate the offer before closing
Before any real estate sales go through, renegotiate the purchase offer according to any issues you found. It’s recommended that you walk through the investment property and make sure everything’s fixed if repairs were agreed upon.
Agreement for sale
The real estate sale contract that legally binds the buyer & seller at the time of property purchase or transfer.
It is the process of transferring or conveying the rights, title, ownership & interests of a property from the seller to the buyer.
It is a contractual agreement made between the lessee (user) and the lessor (owner) to lease out the property for a period of time.
It is the decline in the value of property brought about by age, physical deterioration etc.
- Completion certificate
- Encumbrance Certificate
- Occupancy Certificate or OC
Never rush through real estate transactions & ensure the basic steps are covered so you won’t end up regretting your purchase decision. To make sure you’re really investing in a good income property, check out luxurykeralaflats.com.