Property Under Construction

For a project under construction, you should ask for the allotment letter and development agreement. The allotment letter contains details regarding the agreed price, payment and construction schedule, house plans, delivery date and builder's liability in case of late completion or problems after possession. It is issued to the buyer upon payment of the 15% of the property value to the developer. The development agreement is inked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property.

Investing in property - shared ownership

Shared ownership of property as a live-in home, holiday residence or ‘To Let’ investment is a viable option to finance your first property or to enter the property investment market. Whether you co-invest with a partner, spouse, friend or family, be sure to construct a solid legal foundation for this relationship.

An attorney should be consulted without hesitation to draw up a contract for every form of shared ownership, regardless of the investors’ relationship. This contract should specify roles, contributions and what should be done in the event that friendships dissolve, couples separate, one party sells, another wants to buy-in or an investor dies. A pre-emption clause ensures that when one party leaves the investment – for whatever reason – theirshare in the property will be offered first to existing shareholders and then to other parties.

You and the Seller Must Agree on Some Services

Settlement and Escrow
Title Insurance Companies
Termite and Pest Inspections
Also, che

How Financing Details Affect Your Offer

Down Payment
Interest Rate
Closing Costs and Financing Incentives
Seller Financing
Cash Offers

Writing an Offer - Safeguards Regarding the Property

Disclosures From the Seller
Condition of the Property Upon Transfer
Inspections You May Require
Final Walk-Through Inspection

Offering to Purchase Real Estate- the Basics

Introduction and Overview
Contingencies in a Purchase Offer
Earnest Money Deposit
The Closing Date
Transfer of Possession

Comparable Sales and Your Offer Price

Determining Your Offer Price
Comparable Sales in the Public Record
Comparable Sales in the Multiple Listing Service
Comparable Sales - Pending Transactions

Buying a Home With Resale Value - the House

A Home With a View?
Lot Choice and Landscaping
House Size
Bedrooms & Bathrooms
Closets, Garage & Laundry
Kitchen
Fireplaces
Swimming Pool?

Buying a Home With Resale Value - Location

Location, Location, Location?
Location - Local Community, Town or City
Location - the Local Neighborhood
Location - the Residential Neighborhood

Why Search for A Realtor?

Finding an Agent by "Accident"
Listing Agents vs. Selling (Buyer's) Agents
Should You Call the Listing Agent?
Agent's Advertising - Is the Purpose What You Think?
Finding Your Own Realtor
Some Basics About the Search
How to Conduct the Search
Interviewing A Good Realtor
When the Agent Asks You for an Appointment

Why Buying a Home is a Good Idea

The Best Investment
Income Tax Savings
Stable Monthly Housing Costs
Forced Savings
Freedom and Individuality
The Business Cycle and Buying a Home
Looking Ahead - Buyer's Remorse
Buyer's Remorse - Did You Make a Huge Mistake?

If you can't put down the usual 20 percent, you may still qualify for a loan

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

Aim for a home you can really afford

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

Don't buy property if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

Drawbacks to Buying Land

Finding skilled craftsman willing to travel might be difficult. Some might not show up as promised and may want higher wages to compensate for the distance. Transporting building materials and paying for delivery will likely cost more over building a home in the city.

Although modern conveniences are available, they aren't always reliable in the middle of nowhere, which is why many home owners in the country use generators as a back up when utilities fail. Going into town for groceries and other shopping needs generally requires planning and long trips. If it snows, and the roads aren't promptly plowed, you could be snowed in for days.