If you are contemplating purchasing property, it is best to first educate yourself on any legal requirements or impediments relating to that property. There are a number of steps, and nearly all of them require the payment of a fee. These are called transaction costs, which are often additional to the price quoted for the property you are about to purchase.
If you don’t have enough cash on hand, visit a mortgage institution to determine how much loan you will be able to get based on your salary.
It is essential to establish whether a registered title exists for the property. A registered title ensures that you know who exactly owns the land.
Acquire the services of a commissioned land surveyor, to assess and give a detailed report, defining legal boundaries and ensure that boundary pegs are in place and there are no breaches of the covenant.
Acquire the services of a valuator to provide a detailed report of the true market value of the property and to ensure that you pay the correct amount and which is also needed if you have to acquire a mortgage. The cost for this is normally a percentage of the value for the property and it can be more based on the expenses which will incur and the condition of the property.It is advisable to secure the services of an Attorney-at-law to draw up the necessary documents like sale agreement and assist in the transferring of property from vendor to purchaser.
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