Grande pièce à vivre dans un appartement

Benefits from the expertise of a property finder at every stage of a real estate purchase

Getting into a real estate purchase is an important moment in life, especially if it is a first investment. This can quickly become time-consuming and complicated. Also, you do not want to cut corners and you need to be careful, that is to say act with care and caution. The expertise of a property finder, for a real estate purchase (house, apartment, office …), can therefore be very useful.

First phase : Define project research  property, and plan/set up visits.

Defining your project

Real estate purchase is a major event in life. Assessing needs and determining criteria is key to success : location, close to school, terrace,… It should also reflect on its budget (personal contribution, loan …).

This first step is crucial because it lays the foundations of the real estate project. Why is  a property finder helpful at this time? Simply because the property finder will validate with precision all search criteria and  will start “a fully shared search”. The property finder will validate the feasibility of the criteria, especially from a pricing perspective.

Starting the search

Searching for a property is not a small matter. The property finder compiles many ads  (web as well as in various newspapers), selects properties that match criteria. It is also possible to monitor ads posted by estate agencies in their windows or to call relatives who could put you on the track of one or more properties matching your needs and desires.

Entrusting this step to an apartment hunter has multiple benefits. He or she may call upon his or her network, work closely with various housing agencies or be directly contacted by the sellers even before their assets are placed on the market. In summary, to appeal to a real hunter for his property purchase is to secure access to a larger number of properties, but also avoid going through this stage of research which takes time that many people do not have .

Planning the visits

The search process of properties allows to select more to visit. Indeed, it is essential to see houses or apartments, for example, other than on photo where some details may not appear. In addition, multiplying  visits allows to sharpen the eye and know which questions are relevant.

But the visit of properties requires time and availability. That is why the use of a property finder is an excellent idea. The property finder handles the pre-visits and  thanks to his experience and his expert eyes,  knows whether a particular apartment is more suitable  than  another one. He will prepare detailed reports on visited properties  that caught his attention, will present to the  buyer  and will offer him to visit them in order to form his own idea. For this very important step, not only the buyer  benefits from the expertise of real-estate hunter, but he does not waste time with “unnecessary” visits.

Second phase : different approaches to start

Make an offer and get  a notary

When a buyer has had a crunch for a property,  he must make an offer to the seller. Price Negotiation phase starts. Reasons for negotiating the price may include, renovation needed, noise, no parking with the property if located in an area where it is difficult to park. By mandating a professional property finder, the buyer ensures that  his interests are best thought of. Moreover, the property finder advises and guides the buyer in the draft of the genuine offer.

Note that “firm offer” is binding to the buyer. If the offer is accepted by the seller, then a preliminary contract is drafted submitted to the buyer and the seller, then signed at a notary office.

The seller will suggest to his notary is used the seller may either accept or have his own notary involved.

The property finder  can suggest notaries  that he has used before, that the buyer may choose among. The property finder  makes appointments on their behalf and manages all documents to be assembled and signed  for the preliminary contract  as well as  the sales agreement. The property finder knows many professionals from different sectors. His customer can take advantage of his network with confidence.

Appointment is made to sign the preliminary contract.

Sign the preliminary contract and find the best loan

There are two types of pre-contracts: unilateral promise and  simple promise. Both must describe in details the property listing the conclusions of the mandatory inspections, precise financing of the purchase. It states the cancellation conditions such as loan acceptance and building permit if applicable. Also mentioned : the commission of the real-estate agent, the provision for the registration fees, legal fees and emoluments of the notary. The buyer has a ten-day withdrawal period (from the day of signing the preliminary contract).

Once past this withdrawal period, the notary sends  the Declaration of Intent to Dispose (DIA) to the local administration.  It takes the notary between two to three months to collect the necessary documents for the sale and about eleven weeks for the administration to reply.

Again, the expertise of a property finder for a real estate purchase is useful. The property finder will guide the buyer  to sign the preliminary contract, will ensure that everything is done properly and will assist the buyer to make sure that nothing is forgotten. He can then accompany the buyer to  find the best financing.

If the buyer who has signed a  preliminary contract is  in need of financing to acquire the property, he has a 45 day period to establish the loan with the bank.

The property finder  can help his client to connect with different organizations that offer fundings with various types of loans. These funding agencies will also guide the buyer according to his family situation (married, …) and provide answers to any question.

Once again, we see that calling a property finder can allow the client to benefit from his extensive network and his advice.

Loan application and  loan offer

A period of three months is required before signing the final deed of the sale. This period would allow the buyer to contact the bank to get a loan. If the loan is not granted, then the buyer can continue the purchase of the property (he must find  another funding solution) or abandon the purchase.

If a loan is not necessary this should be stated. If the preliminary contract has been signed at the notary office mentioning the no loan condition is not mandatory.

The bank issues a loan offer; a time line of 10 days between the receipt of the loan offer and the acceptance by the buyer, is mandatory. Meanwhile, the notary verifies all data for the property : ownership status, previous property titles, location of the property in relation to city plan rules …

How can the property finder help the buyer  for the loan application and acceptance of the loan offer ?

He can advise and guide the client, but also share contact information from his network  and  other professionals who are able to help in obtaining a loan. He can also accompany his client’s decision to accept or decline the loan offer issued by the bank.

Once the offer is accepted, the sale contract can be signed.

Third phase : Signature of the deed

The notary will contact both parties to inform them that the file is complete and offer them an appointment for the signing of the deed of sale. He asks the buyer to pay by bank transfer for the balance of the sale price plus a provision for costs.

The sale takes place as follows. The buyer and seller are present as well as the notary. Similarly, real estate professionals must be at the meeting. The notary shall read the deed to those present. The buyer, as the seller, may ask questions. Then the seller gives the keys of the property to the buyer “in exchange of full payment of the sale price to the notary.

The property finder is here to assist his client during the signing of the deed of sale. Moreover, it is at this point that his fees are due since he has fulfilled his mission and found the property for his client.

The property has been found and acquired but the mission of the property finder is actually not totally finished  and he is still accompanying the buyer in the final phase : moving in.

Fourth phase : Moving in

Moving in is the most awaited step for by the buyers, an it is not always simple. Sometimes there is work to be done or small issues  to solve.

From Renovation monitoring, help in moving, post purchase paperwork, the property finder is still available to help.

Most property finders offer a variety of services (contacts with entrepreneurs, job tracking, moving in  assistance …).

 

These are the reasons why a property finder is a specialist to help a buyer find a genuine property.

  1. The competency of a property finder is to advise the buyer whether the purchase project is feasible and advise the best steps that lead to success.
  2. Once the search mandate (single or exclusive) is signed, the property finder is starting the search himself. This is saving time to the buyer who will, in addition, benefit from the expertise of the property finder in real estate.
  3. Visiting  properties  is time consuming, which is not always easy for the buyer. The property finder will perform the so called  “pre-visits » and then share his thoughts with his client. He will then offer to visit selected  properties according to buyer’s specifications .
  4. An apartment or a house has been chosen by the buyer, and he wants to acquire it at the right price. Negotiation is not always easy. The expertise of the property finder is once again useful : he will take care of it.
  5. Buying real estate is synonymous to a great deal of administrative steps… By using the property finder competencies, the buyer does not have to manage the organization of notarial signatures, specifications for works or bank procedures and other studies and analysis.
  6. The property finder  is in charge of reading, all relevant documents such as PV AG (reports of General Meeting), and other inspection documents. He also helps to prepare the offer and to sign various documents, including the sales agreement.

Finally, once the buyer owns the property, the property finder  helps with  final phases (monitors  renovation work,  assists with the move)