Keith’s Weekly Property News August 22-2021
Today we will address the issue of the property purchase process. These days there are quite a few different ways that people are purchasing property that pre-Covid would have been almost unheard of. Many buyers are buying completely remotely.
In this case, the process is different, but the main elements remain the same. A buyer must have given a POA to a lawyer. They also have to have the bank account activated, all of which can be done remotely. POAs can take time to put together, so buyers have to make sure this is in place prior to making bids on properties.
So, assuming all of that is in order, the next step is to identify potential targets. Once you have done that with the help of myself or one of my team, you can place an offer. These days on the budget properties, most of the time we are trying to get it at the asking price but including all the closing costs (stamp duty, commission, etc).
On higher ticket items, we may expect to get a 5-10% reduction in the price. Of course, we always offer lower prices. Blame this on the strong USD.
If the offer is accepted, we pass the deed to the lawyer who confirms if it is okay to put in for valuation. If it is, we request the valuation report (done by a government certified company) and it takes approximately 1-2 days. We usually follow this report up with a small deposit, 20.000 Try for budget properties, 40-50 for more expensive properties. We usually request 10-14 days for closing to allow for time to fund accounts, etc.
Finally, your lawyer will book an appointment at the Tapu (Land Reg) and usually buyers pay the stamp duty and complete a wire transfer for the remainder of the property simultaneously as the lawyer signs the deed. It is pretty seamless and efficient and the actual closing takes an hour.
And now on to the properties. There seems to be a sudden surge in properties on the market. That is great. We have to capitalize on these opportunities. Some of the prices are a bit spicy, but surely some gems will emerge. It will be a very intense week. As always, we are focussing on clients who have POA, bank account (online is fine). I think those people can expect to be hearing from me this week. If you do not, please whatsapp myself or Selin. Khalid is also experienced with new builds.
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