When you decide to buy a real estate property, there are quite a few important things that you should keep in mind. First and foremost, you have to spend some time, effort and money in identifying the right buyers and sellers as the case may be. Once this has been done, if you are a buyer you have to find out ways and means by which you can fund the entire purchase. It is quite normal that eight out of ten buyers will have to seek help from banks for funding their real estate purchases. As far as sellers are concerned, they too may have to ensure that the current mortgage loan outstanding are cleared only after which the charge against the assets will be released.
While the above steps refer to the initial stages, once the buyer and seller decide in principle to get into a mutually agreeable transaction, there are a number of processes and steps that have to be followed. These steps are extremely critical for ensuring smooth transfer of ownership from the buyer to the seller. There are a number of complicated processes and steps involved and there are also many professional s involved in the entire process. Hence, it is not very uncommon for customers to take the help of professional conveyancing companies for getting the job done. These professional companies have a team of lawyers, advocates, real estate appraisers and valuers and also other professionals such as document specialists, administrative staff and other such professionals. The entire team has to work in perfect unison for ensuring smooth, timely and perfect transfer of ownership from one person to another.
Now coming to the work flow, it usually begins once the customer agrees in principle to go in for conveyancing, whether he is a buyer or seller. Once this is through, the conveyancing company sits with the customer and understands his requirement. The company also often sends a questionnaire which the customer has to fill up. It usually talks about all the relevant details that are required for smooth conveyancing. Once the questionnaire is received, the conveyancing company sends a formal offer letter outlining their duties and responsibilities, the time lines and the budget that would be required for completing the job. After receipt of approval from the customer, the lawyers and advocates get into the act and verify the property documents from the legal point of view.
The role of property valuers is also of paramount importance here. Though their main job is to ensure that the buyers and sellers get the right information about the fair market value of the property, they often have to go much beyond their normal call of duty.
Buying and selling a real estate property is not the same as it is buying other immovable or movable properties. While immovable and even movable properties apart from land can be easily bought or sold, when it comes to real estates there are a number of important points that should be kept in mind. There are many legal implications that are involved and the same have to be addressed before ownership can be transferred from one entity to another. Secondly, there are also quite a few statutory and compliance related issues that also have to be taken in to account. Unless they are completely complied with it is quite possible that the authorities concerned may not permit owner transfer from one entity to another.
While many customers might argue that it is possible to go through the various process on their own, when it actually comes to doing it on the ground there are a number of problems. Most of the customers would not be aware of the various rules and regulations applicable as far as sale, purchase or transfer of property ownership is concerned. Further, the processes involved are highly complicated and complex. It is quite likely that ordinary customers would not understand these processes. Hence taking these facts into account it is always better to take the help and assistance of professionals to get the job done.
Amongst the various steps property valuation is very important. It is about getting to have a clear idea about the right idea about the fair market value of the property that is being bought. Though the market could give us an indicative rate, when it comes to having a legally enforceable price for the property then having a valuation report from a valuer is extremely important. Further, apart from helping us with the fair market value of the property in question, there are some other bit and pieces of information provided by valuers which could also be very useful. For example any good valuation report will also make a mention about the quality of people in the neighborhood, the state of infrastructure development in the area and also the availability of facilities and amenities in the place. All such information will certainly help the buyer to firm up his buying decision.