Guidelines for Purchasers

The following few steps would assist you throughout the process of purchasing a property:

• Explore a variety of financial institutions to compare what they can offer you along with what you would be able to afford based on your income.

• Ensure that you have a least 15% – 20% of the value of the property youinterested in purchasing, however, this could vary based on how much financingyour financial institution is offering. This would allow you to cover downpayment, all relevant expenses or fees incur for the purchase and some minorrepairs or furnishing with comfort.

• Consider all the requirements you want in your new home, beforeagreeing on a purchase and if repairs are required, if you can afford it andwould the result be what you want.

• Consult with a trustworthy real estate agency who offers free advice. It would be in your best interest to use the servicesof a Realtor, as he/she can advise on the various steps, forms, financing,inspections, marketing, pricing, and negotiating. By choosing one Realtor torepresent you would eliminate the problem of having to deal with dozens ofpeople to view various properties with potential self-interest, at least yourpersonal Realtor would protect you interest.

• Review the houses you view carefully, taking into consideration all thepros and cons with the property and its location before deciding. Remember, youcan change a property to fit your needs, but you cannot control changes in thelocation.

• Seek information on the neighbors, water supply, electricity supply andother services you may require.

• Once you have decided to purchase a property, seek an advice from aprofessional Realtor on the steps, taking into consideration the process withthe Offer, valuation, legal, financing and all pros and cons with it.

• Once a Vendor agrees on your offer, a purchase agreement would be preparedand signed by both seller and buyer outlining the conditions of the sale. Thus,it is advised that you always review the agreement in detail with your Realtoror Attorney, so he/she can answer any questions you may have. A standard 10%deposit is to be made and a duration of 90 days is given to settle the mortgagepayments, but not mandatory as these terms can be negotiated.

• Ensure that the down payment is place in the care of a Stakeholder orin Escrow and not to the Vendors directly. When Vendors collect funds directlyupfront, they would have immediate access to spend, thus if a problem ariseduring the transaction and the sale cannot be completed, it may be difficultfor them to refund you. It is a safe practice to utilize a stakeholder orEscrow.

• Consider taking insurance coverage to cover the amount of the mortgageat least, in the event of death your family can be secure.