The dream of our own home has always been in us, and when the possibility of concertizing it comes close, we see that the process involves a series of details that we do not always take into account. Today from NWRealtyMagazine we come to tell you that with the right knowledge and advice, living the process can be part of the dream and not a cumbersome obligation for which yes or yes we must pass. So that you enjoy the purchase of your house step by step, this guide comes with everything you need to know and do since you choose the house of your dreams on the portal to enter your new home.
1 – Check all the details of the house
You already have your future home in sight, you already visited it, you already talked to the real estate agent, you asked all your doubts, they agreed on a price. But before moving on to the purchase process, it is essential to check the year of construction and the surface to verify that the number of square meters is the same as that offered in the property form.
If everything is in order and you decided that it is the perfect house to buy, proceed to the second step.
- Hire a Notary
The first thing is to contact a notary of your trust. You will need one to review the status of deeds, titles and property purchase processes in the last 30 years. This way you get a history and verify if the property has debts or mortgages.
The notary also drafts the purchase document and the structures of the process. In addition, it has the function of acting as an escrow agent for the initial payment of the delivery or payment.
And if you are interested, the notary can guard the Property Title after the purchase is made, although this last detail is not mandatory and it remains in the decision of each one to do so or not.
3 – The steps of the documentation: Reservation Ticket
Your scribe agrees the terms for the drafting of the first document: a preliminary contract called Reservation Ticket, where written record is given of the following:
– That those involved in the sale agree to agree on the business and establish the price and payment method.
– The house is identified with its registry number, surface, boundaries and plans.
– A fine is established if any of the parties fails to comply with the agreement (usually 10% of the price of the house).
– Together with the Reservation Ticket, you give your notary a sum of money that is normally 10% of the total price of the property (sign), and the seller deposits property titles in the hands of the same Notary Public.
– A period of between 30 and 45 days is set for the study of the good condition of the titles of the property, where the Notary verifies that everything is in perfect conditions at the legal level. Otherwise, and if these defects are not corrected, the contract is terminated and the deposit and securities deposited are returned.
– A date is set for the final signature
4 – The steps of the documentation: Deed of Sale
This document is written by the notary and signed by both parties. It is delivered when the price of the house is paid in full (either in cash or when the last installment is paid, as agreed). Your notary registers the purchase in the Public Registry and gives you the Title (or it is left in custody if that was your decision, in which case he gives you a certificate).
5 – You, the real estate and your future home
The real estate has a fundamental role in the entire process of buying and selling the property. In the first place, it provides a comprehensive service from the beginning, advising you on the search of the property so that you get the most out of the investment you are going to make.
In the event that you do not have the total money, the real estate company informs you of the different financing possibilities that exist in the market.
They also work as a pre-filter to facilitate the documentation required by the sale, since the owner must have everything in order at the time of listing the property.
There are times when the house you are interested in is too far away for you to check your conditions during the negotiation. Real estate makes it much easier in these cases because it makes the inventory of the house and ensures its correct valuation.
It also facilitates the haggling of the price and acts as a mediator between the parties involved in the sale so that everyone is satisfied with the operation.