In today's busy world, and increasingly complex market, it is wise to contract a professional to assist you in finding not only the right home for you, but at the best possible price, in the least amount of time, and with the least amount of stress to you, the buyer. At Century 21 CYCB Real Estate, our agents are professionally trained to do just that.

After an agent has been assigned to work with you, your agent will compile a detailed profile of the property that you are looking for. This profile will include criteria such as price range, location, lot size, interior and exterior finishes, building materials, roof style, neighbourhood, general amenities and much more. This profile will then be used to quickly and efficiently locate your dream home, with absolutely no stress, and at no cost to you the buyer.

After locating the closest matches to your profile, your agent will then present you with a list and escort you to view any properties which may interest you. Once you have made your decision, and your offer has been accepted by the seller, your agent will continue to monitor the progress of the sale, and keep you informed to ensure that the transaction goes smoothly.

Purchasing a home, for many people, is a life-time investment. First time owners should follow certain guidelines to avoid major mistakes. What may appear to be a saving in the beginning may prove to be quite costly in the end.

Here are some guidelines to follow when purchasing a home:

• Select a mortgage facility and determine how much you can afford to pay for your new home, and ascertain the mortgage for which you would qualify.
• Ensure that you have the deposit readily available (10% of the sale price of the property) as, when you have found your desired property, you will be required to pay the deposit to secure the purchase, usually within 4 days of your offer on the property being accepted.
• Decide on the area you would prefer. Consider the size of the property you desire, neighbourhood, services, security and proximity to facilities.
• Contact a reputable real estate agent. Do not pay for advice, or viewing of properties.
• Examine the houses that you prefer carefully. The electrical wiring, plumbing, condition of the woodwork, roofing, masonry work, cupboard work and the land
  on which the property sits.
• Should you have any doubts on the realistic value of the property, have a valuation done to determine the correct value.
• Be aware that the real cost of the house includes the cost of required renovation and repairs.
• Have your real estate broker or your lawyer prepare a Purchase Agreement, which should be signed by both vendor and purchaser on payment of the 10% deposit. Review all clauses in this agreement.  Usually 90 days are given to complete the transaction.
• Request from the Vendor, a copy of the Deed for the property, copies of the Land and Building taxes, up to date Water and Sewerage (WASA) receipts, a WASA clearance certificate and any other title documents that your Attorney may request.
• Take out an insurance policy to cover the amount of the mortgage.
• Establish the extras that will be payable on closing, stamp duty, legal fees and valuation charges, in order that there are no “surprises” at the closing of the transaction.

Government Stamp Duty (Effective October 1, 2008)

Lands and Commercial Properties:

• Under $ 300,000 - 2%
• $ 300,001 to $ 400,000 - 5%
• Over $ 400,000 - 7%

Residential properties: (2008 Budget)

For properties over $ 850,000 the following will apply:

• For the first $ 850,000 of the purchase price – No stamp duty will be charged
• For the next $ 400,000 (or for any amount between $ 850,001 and $ 1,250,000 – 3% on every dollar)
• For the next $ 500,000 (or for any amount between $ 1,250,001 and $ 1,750,000) – 5% on every dollar)
• And for any amount in excess of $ 1,750,001 – 7.5% on every dollar

Legal Fees:

• Up to $ 100,000 - $ 1,500.00 minimum
• $ 100,000 to $ 500,000 - (x.75%) $ 4,500.00
• Exceeding $ 500,000 - (x.5%)

Valuation Costs:

• Minimum cost of ¼ of 1% of the Valuation plus travel costs and VAT

On closing, you will be required to sign the Deed in the lawyer's office and all monies finalized at this point.

To transfer your electricity service from the previous owner to yourself, the electricity commission will require a copy of your new Deed, together with a payment of $ 95.00.

Responsibility for the payment of TSTT bills can be changed by presenting an authorization letter from the previous owner together with a request from you.

Mortgage payments should always be made on a timely basis to avoid unnecessary interest charges. The mortgage/lending company can foreclose on your home if arrears accumulate.

[ TOP ]