With businesses closing down, there is an opportunity to make money from these properties. Both the selling and buying part of the transaction require rigorous checks of documents before a deal can be closed. There are also instances that sellers become frustrated with interested buyers wanting to inspect the property. To avoid these frustrations, keep in mind the following.
If you are selling your property, prepare a title search, easements, and covenants recorded by the Land and Property Information Department. You will need these attached to your contract of sale. You will also need to get a zoning certificate from your municipal council. Real estate brokers take care of these requirements, and they will gladly help you out.
When you are a buyer, you need to know what you want. You may not need to secure the documents required by the seller, but you may need to give them a heads up if you decide not to buy, which can be your problem later on. You should be aware of the documents that you need to have and taxes that come in purchasing a property, as well as compliance with local property standards. During your inspection, you should ask for an engineer, plumber, and electrician to check the state of the facilities you are getting.
Government and Other Fees
Buying and selling a property also involves government fees that need to be settled. A registration fee needs to be paid for the transfer of ownership to the buyer. There is also a conveyance fee, which is for the solicitor, and a real estate fee.
Looking at it, you may think that purchasing a property is a tedious task. If you are buying a business, it is best that you have a trusted real estate agent who can make a smooth transaction. However, you should also be aware of what is required so that you don’t miss anything that can cause problems later on.