Category: Buying Guide (3)

Real estate agents and brokers who have been around awhile understand the skill, time, effort and measure of luck it takes to beat out the competition and get awarded a signed property listing agreement.

They also understand the marketing process; those things that must be accomplished in order to present the property to the real estate community, and then subsequently how to properly handle offers to purchase.

Okay, but on the other hand, real estate agents who have never listed and sold rental income property might not know the full scope of physical inspections that must be coordinated once the rental property is sold and enters escrow.

So for those of you who are just starting to service commercial real estate let me give you an idea of what you should expect to address in the way of property inspections. Of course we’re assuming that these inspections are requested by the buyer in the sale agreement as “subject to the buyer’s approval” and accepted by the seller.

 

1. The Walk-thru Inspection

A “walk-thru” inspection is where the buyer gets to physically enter and examine all the units in the rental property with an eye on the over-all condition and quality of the carpets, appliances, fixtures, and tenants. This inspection regularly takes place during escrow because sellers are reluctant to disturb or alert tenants about a sale until they are satisfied with the buyer’s financial ability to make the purchase and have an accepted signed-around purchase agreement.

 

2. The Infrastructure Inspection

This is where the buyer typically hires licensed contractors to make inspections for such things as pest and dry rot, plumbing, electrical, roofing, and maybe even mold. Obviously these inspections will be a cost to the buyer so they shouldn’t be ordered until the walk-thru inspection is approved.

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It is vital to take note of certain criteria before purchasing a property. Buying a property takes up an extensive time, planning, money, patience and sometimes lady luck is involved as well. Therefore, it should be decided wisely before making a decision.

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Financial plan

Money matters are top of your priority list. Maintain a budget in mind for ideal properties that makes your heart skip a beat. It is crucial to take time to slowly list the amount of cash available for expenses like loan insurance, legal fees, monthly instalments and other related costs. Secondly, whip up a list of all your assets (income, savings, fix deposits, investments) and then give the two figures a comparation and roughly gauge how much you can spend on the new home.

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Buying a new house is probably the single largest purchase you’ll make in your lifetime – so it’s important that you get it right. This means doing your homework and becoming an informed buyer. Find out the things that you need to consider before buying your dream home.

Before you sign on the dotted line, the Ministry of Housing and Local Government has listed some important things you need to be aware of to protect yourself.

  1. Before you decide to buy a house, ensure that:-
    * The housing developer has a licence and it is still valid.
    * The housing developer has an advertisement and sales permit and it is still valid.
  2. Determine the house type
    For landed property such as bungalows, semi-detached houses and terrace houses, the expected date of completion is 24 months from the date of signing of the Sales and Purchase Agreement.For subdivided building such as condominiums, flats, apartments and townhouses, the expected date of completion is 36 months.Buyers are advised to obtain from the housing developer the complimentary brochures with all the pertinent information about the project such the development’s licence number, and advertisement and sales permit.

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