Home YOUR Home Series :3: Know Your Rooks and Pawns to buy a home

Although it is your decision to buy a home and the home will be going to belong to you only. but buying a home is just like game of chess to get a best results you must have your rooks and pawns to be placed at strategic position to get the best deal for you . A typical real estate transaction involves more than two dozen separate individuals-insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals.

It is a process to create a perfect harmony rom a group of different instruments artists. It is your responsibility to proficiently coordinate all the professionals or you may have some professional representative who acts on your behalf and for your interests.. Make sure to pay him the professional fee. Peanuts only catch the monkeys. And when you are take one of your major financial decision pay a profession what you agreed to others wise he may play some trick because he is expert in his field

  • Paperwork is the key for your transaction. Ensure the title is clear.
  • Put a cluse if any pending arrear arises to the period previous to sale is the seller responsibility to pay.
  • As far as possible make all the transaction through bank /cheque / draft
  • Area of the house is accurately mentioned on the papers.
  • You have paid the amount, you name and amount should be properly mentioned on the transfer papers and stamp duty
  • Make sure that property is endorsed on your name in the council records / revenue records.
  • Check your home insurance papers and ask for claim out procedure, settlement time, what are the major key clauses.
  • Always enquire the service in details, professional fee is covering what and if you want extra service what will be the costs. ask a lot of coverage of services ,negotiate the deal .
  • Try to read between the line of any deal or any paper your going to sign. Signed stamps will be a legal document.
  • Finalise the amount with the professional and settle the terms and conditions before hand .
  • Ask your agent or broker to get at least two monthly electricity gas, water bills.
  • Ask each of the profession ,What are some mistakes that you think people make when buying their first home?
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