Buying a property may be the single most important investment that one can make in a lifetime. Most view the property buying process as daunting and tiresome
Seven simple steps to developing a home through Family Bank to understand the process and expectations from all the stakeholders:
Step 1 – Property search
The search will reveal who the current owner is, whether there are any encumbrances on the property and whether there are any caveats.
Step 2 – Pre-qualification
Before you make any commitment to the seller, we advice that you get pre-qualification from your bankers.
Step 3 – Sale agreement
Once you are happy with the above you are now ready to enter into a sale agreement with the owner of the property.
Step 4 – Loan application and approval process
The bank will analyse the income to see whether it’s stable, consistent and whether it can meet monthly repayments comfortably.
Step 5 – Valuation
Once the Loan has been approved, the bank will appoint a valuer (at your cost) to undertake the valuation o f the property.
Step 6 – Conveyance process
This will involve transferring the property into the buyers name and registering a charge over the property in favour of the financing bank.
Step 7 – Disbursement and Loan repayments
Once the security perfection is complete, the bank will make the disbursement and release the funds to the seller.