Buying a real estate property, especially in foreign countries such as Morocco, can be one of the major financial events for the buyer and the seller of the property, regardless if it is a house or an office building. Your decision of purchasing an establishment including the lot will have a great impact in your finances so it is best to set your guidelines in pushing through a real estate deal. If you are wise enough in dealing with every terms the seller offers, then you are good to go with your investment. However, for first time investors to venture on this industry, a good reading will help you deal to get the estate with convenience.
Making an offer to purchase
After taking a good tour and exploring the possible place where you will build your investment, the next move is to contact the owner of the property and write an offer. When making an offer, the first thing to do is to negotiate a contract with the owner. It is good to show empathy and relate to the seller and think of how the seller would react with your price. This could help in achieving what you want since you can rightly tell what the property owner is thinking. In making an offer to purchase, you must include the price that you are more than willing to pay as well as other details of the purchase including the down payment, forms of payment, repairs that will be performed, and other details in ensuring a good turn-over of the property. The letter should also contain certain resolution in case disputes occur.
Ensuring contingencies in your offer
As investments involve serious amount of money, both the buyer and the seller must determine the risks that they will have to make. In every purchase, challenges are almost unavoidable but if you want to prepare for potential disputes, you will have to enumerate them to the seller. These possible problems are called contingencies since they will give you the protection if in case the transaction gets cancelled. Creating your contingencies or conditions with the property owner will help you safeguard your reputation if you back out.
Determining the amount of deposit
Surely, the owner will give you the price he or she has figured and when you both have come up with a fixed price, the next thing to do is determining the amount of deposit you want to give with the offer. Make sure that you deposit less than two percent of the fixed price. This is to give the owner the confidence that you are truthful in paying the property and ensuring that no grave financial damage is done on your end.
Closing the deal
Now you are nearly finished with the transaction and what you will just have to do is to close the sale by paying your remaining balance for the property after your deposit. It is important that you set the close date for you and the seller to have time preparing your plans after the transaction is finally finished. Once the transaction is closed, you will also have to settle the documents and be sure that they are all legal to avoid possible court suits.
Filed Under: Real Estate Tips