What You Know About Buying House?
Once you have choose a property that you want to buy, the next thing that you need to do is you will have to complete an application form prepared by the broker/agent and pay the booking fee (normally it is at least 2% and above). You will then be given a receipt once you make your payment for the booking fee. In case you give up on buying the property after paying your booking fee, the seller has got the right to confiscate your booking fee. In contrast, if the sell then decided not to sell the property, he/she has to pay back double to you for the booking fee.
Two Options For Buying House
Then you will have two options:
1: You supply your financial documents to your broker. They are going to take a look at your assets, credit, and income to swiftly evaluate which housing loan you be eligible for.
2: You supply all the necessary financial documents and details to the broker.
As a buyer, you will need to to have your identity card ready as well as the deposit for buying the house. Your broker will then surrender the buyer’s detail, seller’s detail, and title to the lawyer so that the lawyer can come out with the Sell & Purchase Agreement. And your deposit payment is going to give to the seller once both seller and buyer have signed the Sell & Purchase Agreement.
Buying House With Signing Sell & Purchase Agreement
After both parties have signed the Sell & Purchase Agreement, all the relevant financial documents are going to put on the application form and submit to the financial institution for approval.
You will receive a reply from the bank after 7 days whether your application is approved or denied. If you housing loan application is being approved, it will get process and you will expect to receive an offer letter for your housing loan. You then have to sign the offer letter.
Buyer and seller can fit a date for settling the remaining deposit prior to signing the Sell & Purchase Agreement. Generally, the buyer will has 3 months for settling the remaining deposit. As a buyer you can ask for extra one month of extension but you will have to pay for the interest that incurred within this one month which is calculated each day. The amount of the deposit that you need to pay is is determined by the sum of the housing loan. For instant, in case you borrow for 70% of the total price of the house, then you will need to pay the 30% deposit in the given 3 months time.
As a buyer, you will then pass your deposit to your lawyer for paying off the ransom from the financial institution or bank and tax on the property for you to receive the house. After that the procedure for transfer could be proceed.
Once the house has been redeem and the seller of the house has paid off the property tax, the lawyer will then submit the form of the property transferring to the Land Service in order to register the property. Once the form of transferring is being approved, the lawyer is going to release the remaining deposit to the property seller. Concurrently, the seller needs to transfer the ownership of the house to the buyer as final realize.