Top 5 Things to do after zeroing in on a property

Purchasing or making an investment in a property is a crucial and a big thing. It is something a person looks forward to eagerly and as it are an investment and an asset to possess. As such, after the new property is finalized, there comes the long list of documentation, agreement, notices, contracts and work with the lawyers and notary. Some of the crucial steps the investor/buyer is required to undertake after zeroing down a farm house in Kanakpura road include:

·         The buyer should hire an efficient lawyer or a notary and attain the services. One can also seek other suitable professional advisors and consultants for a good referral or advice family and friends who might have undertook the process of purchasing a house earlier. The buyer should ensure he/she is hiring someone who has good experience in the field of real estate and the property deal closings. Though many property deal closings go on smoothly, still if there is anything untoward the buyer should ensure the lawyer or notary is there for help and has the required professional experience.

·         The lawyer or the notary would gather the required information from the buyer, regarding matters like how the investor wishes to hold the title to the particular property. Most couples who purchase together step in as joint tenants which  means they jointly own the entire property, in such a case, if one of the owner dies, the entire property would pass on to the survivor owner. Another way is the ‘tenants-in-common’ way where each owner has a fixed percentage as the owner and it can be a combination.

·         Tax information would be gathered by the lawyer or the notary and any other required information to make the statement of equal adjustments. This statement is the balance sheet of the property highlighting the funds required for completing after deposit is made and mortgage starts. The lawyer would prepare the closing documents including the title transfer, mortgage documents, property transfer regulated tax forms and the statement of property adjustments. The seller’s closing documents would also be forwarded to the lawyer of the seller for execution.

·         After the tax documents are ready, before the finalizing of the deal, the buyer will have to meet his/her lawyer or the notary to effectively sign documents and also submit the required balance that is left of the property purchase down payment or equity. The lawyer would register the payment transfer and all the mortgage documents in addition to seeking the seller’s lawyer for picking up the funds. Thereafter it is the duty of the lawyer to inform the buyer about the completion of the purchase.

·         After all these work, the buyer would receive the keys for the new home. Generally the house keys are given directly by the real estate agent on the scheduled possession date as mentioned in the purchase and sale contract. Once the house keys arrive in hand, the buyer or the investor is the new owner of the home and can start living in.