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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.

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