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Home Buying Tips
Home Buying Tips
Buying property needs careful consideration, following useful information can help you to realize your dream of owning home.
The below information about the buying property process and mortgage process is for reference only.
Expenditure for buying property
Before making the final decision on purchasing your own property, you need to know the transaction costs which you will pay. They include:
Key items of Provisional Agreement for Sale and Purchase
Buying a home,step-by-step
Price Negotiation between purchasers and sellers
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Paying the initial deposit to sellers and signing the Provisional Agreement for Sale and Purchase
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Apply for a mortgage
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Inform solicitors to prepare an Assignment Deed and Sale and Purchase agreement
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Land Searching from Land Registry for purchasers by solicitors
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Pay part of the Down payment
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Verify parity between Provisional Agreement for Sale and Purchase & Sale and Purchase agreement
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Signing of Sale and Purchase agreement by purchasers and sellers
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Pay the property price (paid by purchasers wholly or mortgage by bank) and sign the Assignment Deed by purchasers
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Get the home key and take ownership of the property
Applying for a mortgage, step-by-step
Fill in a mortgage application form and submit the respective documents for approval
(Documents include: Mortgagor's identification document, income proof verification and Provisional Agreement for Sale and Purchase etc.)
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Provide verbal notice of eligible mortgage loan amount by the bank
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Property valuation conducted by surveyor arranged by the bank
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After approved by the bank, the bank will provide notice to the solicitor to prepare a Mortgage Deed and arrange for the customer to sign the facility letter
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Upon completion, customers will sign the Mortgage Deed.
The bank will pay the rest of the property price and collect the correspondence charges from customers (e.g. Fire insurance premium)
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After the loan draw down, the repayment schedule will be distributed to the customer from the bank
To borrow or not to borrow? Borrow only if you can repay!
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