When you are looking a property, you will be presented with a great many choices. However, new property may be very expensive for the normal everyday person to afford. Thankfully there are second hand properties that are good enough for habitation. In this guide, we give a brief overview on the things a buyer should be looking out for when buying a second hand property.
Since you may not be well versed with the market for property in whole world, it may be better to use a real estate agent to help in the process. Now you can also search various real estate options, especially when We Buy Any House. They should be able to direct you in the right path. However, make sure to sign a contract that clearly states the kind of services required, the duration of the contract and the payment terms.
The law in different cities requires that real estate agents should provide to their clients the saleable area of the property. The saleable area is the area that is covered by the property’s four walls. If possible the buyer should visit the property to be sure what is included in the saleable area.
Most people will sell their second hand property or when We Buy Your Home, as it is and the buyer may be required to take it or leave it. Buyers should check if there are any maintenance works to be done on the house and if there are, agree with the seller who will bear the cost. You may be able to get a reduction based on this.
Before signing a contract of sale or before We Buy Your House, it is important that the buyer is clear on the provisions of the government lease on the house. Be sure to ask when the government lease ends and what will be needed when the time to renew the lease comes. Generally, the buyer will be required to pay an amount that represents 3% of the value of the property starting from the new lease period. This 3% is considered the rent on the land the owner of the property is expected to pay. It is also important to check that there are no unpaid land rents on the house as it is the present owner of the house that will liable for any arrears.
When you find a second hand property or new property you like, you will be required to sign a provisional sale and purchase agreement before you do this, be sure to read the agreement carefully and ask any questions if you are not sure. Also take time to ask questions about the title on the house and if there are nay fees that may need to be paid. It is important for buyers to know that the provisional agreement is still binding. Therefore, it is important to get a lawyer to help them in the process.