Thinking Of Buying a Home – Are You Aware Of the Time Line?
For all of us, buying a new home is a tedious task. However, if we are aware of all the processes that are going to take place, for sure the process will seem a lot simpler. Below we have listed some steps, which will help you understand what happens when. This will arm you with all the necessary information so you can push your solicitor and get the work done faster.
The first few steps explained in detail:
- How to start: The first thing you need to do is go through all the online available options and contact a dependable realtor.
- Decide your budget: Decide what you can afford. Your realtor is supposed to filter all the available options and show you only those, which are possible for you to get.
- Find the right place: Don’t compromise at all. Remember, you are paying a big deal of amount for this property so make sure that it fits exactly in your criterion.
- Make the right offer: If you have no idea about how to make an offer, it advisable that either you involve a professional or go through some handy tips, which are available online. This step necessarily includes hiring a professional inspector or local contractor to inspect the house and provide an estimate for repairs. According to the experts at Ideal Construction LLC, “These professionals are familiar with paperwork and all necessary details to make a claim as accurate as possible.” You’ll want to factor repair claims into your offer so that you don’t end up financially responsible for a previous homeowners neglect.
- Offer accepted: This is indeed the time to celebrate, but keep in mind, you are not yet in a mutual contract so don’t get carried away.
- Take care of things, which can go wrong: Once you have made an offer and it is accepted, it does not mean you and the seller are bound in any sort of contract. There are still chances of gazumping and gazanging.
- Find the best mortgage: There are new mortgage deals coming up every day. Make sure you don’t go to your old lender without going through the available market options. If your credit score is good, there are several lenders out there, who can offer you better mortgage deals.
- Hire the right solicitor: There are a number of things, which a solicitor takes care of. So make sure you hire one and hire one who is reputed and experienced. Research well over internet and get quotes from conveyancing firms. Compare all the quotes and get yourself the best deal.
Following are the steps ahead:
- You will get a mortgage offer
- If you need a survey, book one
- Checkout the insurance options
- Negotiate the final completion date
- Handover your deposit money to your conveyancer
- Exchange contracts
- Get the completion statement from your conveyancer
- You solicitor will carry out one final search
- Sign the transfer deed
- Solicitor will get the funds from lender
- The seller is paid
- Almost done, the house is yours
- Pay the necessary stamp duties
- Register yourself as the owner of property
- Get the title deeds and all done
Once all these steps are completed the property is finally yours!!!
Arthur Cooper is a property buying and selling consultant, and he normally writes articles on topics related to real estate. You could visit their website to get quotes from conveyancing firms and compare them