Buying a property is a big deal. It is a significant financial investment and comes with contractual obligations. That means that once you sign, you cannot just walk away, and you are bound to the contract.
It is therefore important to ask the right questions before you sign an Offer to Purchase. It starts with asking the right questions when you view the property.
Here are a few examples of questions that any potential buyer may want to ask:
How long has the property been on the market? This will help you understand if there are perhaps issues with the property or the price.
Why is the seller selling? You will want to know if there is anything wrong with the property or neighbourhood.
How does the agent feel about the asking price? It is also good to know whether the agent views the property as well priced.
Aside from understanding why the seller is selling the property and how long it has been on the market, you will also want to know a few more aspects about the property and seller such as:
When is the seller planning to move out? It is important from a planning perspective to know when the seller plans to move out. Usually the new buyer only takes occupation of the property once the transfer of ownership has been registered.
What are some of the aspects of the house that he/she should know about that they may not be able to see? It is important that the buyer does a thorough check of the property to check for any defects. Be sure to also ask the agent and seller to point out any defects or other aspects that you need to be aware of.
Understand the neighbourhood in which you are buying. If you are new to the area, it is especially important that you take some time to familiarise yourself with the area and ensure that it meets your lifestyle needs.
All of these will help inform your decision as to whether you would want to make an offer on the property. Once you are satisfied, put your best offer forward to ensure that you do not miss out.
Author: Gina Meintjes, 17 December 2020, Expert Insight