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Home | Real Estate Blog | Articles | Video | Forum | Success Goal | 中文
Is The Property Mine Yet ?
This is a very common question almost every buyer asks. The process of buying any type of real estate can be (and sometimes is) a very complicated process. When you first look at a property that you have you eye on you hope that the process will go as quickly and smoothly as possible. Most of the time everything will go very smoothly and you will have possession of the property within three months (conservatively). This can take longer if there are any unforeseen problems that come up anywhere in the process. At times there is no telling what problems can come up.
Some possible things that came up are: problems found during the property inspection by the home inspector (structural or insect/pest infestation); liens against the property; wrong information on the contract of sale or in the title deed to the property; or inaccurate financial information (inability to get a mortgage loan) by the buyer(s). There is no need to freak out if any of these problems comes up.
If there are problems that are revealed in the inspection, generally the seller is responsible for fixing any of these problems. More often than not, the seller has kept this under control in the first place.
If there are any liens against the property, the seller needs to address them; this problem will be discovered during the title search on the property.
The good news is the almost all of these problems can be fixed relatively easily. For any problems within or connected to the property itself, the owner/seller is responsible for correcting those. Most of the time if there are any major problems to be dealt with regarding the property that needs to be remedied, these can be written into the contract of sale. Once all of the problems have been dealt with the last thing to take care of is the Closing. This is when the property actually changes possession from the Seller to the Buyer. The Sellers, their Realtor and their attorney; as well as the Buyers, their Realtor, and their attorney all need to be present at the Closing.
Is there any information that has not already been disclosed to everyone involved? This is the time when every bit of relevant information about the property needs to be revealed, if it has not already been disclosed. There have been many times when previously unknown information comes to light. If this is something minor, it can be dealt with right there at the Closing. If the problem is something more serious, the Closing might be delayed for a few minutes to a few hours and possibly a day or two. This can, and has, happened. The final things done are for the attorneys to do: cut the commission checks for the Realtors, make sure that all other business is dealt with, then give the keys and title to the property to the buyers. As soon as the buyers have the keys to the property and the Certificate of Title, possession has been officially transferred.
Buy, Sell, Rent, Invest, In Singapore
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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