Buying A House Or Property Need Not Be Complicated
Many people think that buying property can be a complicated process
. In breaking with this tradition, Umbrella Real Estate believes that we can overcome this complication. This step-by-step guide has been designed to walk you through the process of buying property.Step 1: Register Your Interest - The first step is always to contact us by calling our landlines or by registering your interest online or via e-mail. We recommend you go directly to our real estate Makati office to talk to one of our agents.
Step 2: The Search Begins - Once we have a clear understanding of your requirements we will present you with a selection of properties in Manila that match your requirements. We recommend an early viewing in order to secure a property.
Step 3: Finances - Have your finances ready, including any mortgage, as early as possible. Having to organize your finances after finding a property can result in losing out to another person who is ready to buy.
Step 4: Viewings - We are open for viewings at your most convenient times, even after work or at weekends. We have a fleet of chauffeured Cheries and Mercedes that can take you on all your viewings so you do not have to arrange your own transportation.
Step 5: Making an Offer - After finding a suitable property, we put forward your offer to the seller verbally and via a letter of intent. However, there are no legal obligations on either side until contracts are signed.
Step 6: Legalities - You may choose to appoint an attorney to handle the legal paperwork or you may choose from a selection of our tried and tested attorneys that are experts in property transactions and whom we are happy to recommend. Our licensed agents handle all the legal paperwork.
Step 7: Sale Agreed - Once your offer is accepted, we will proceed to get the necessary paperwork drafted as soon as possible. Exchange and completion dates are discussed at this stage.
Step 8: Verification and Appraisal - A draft contract is drawn up by the seller's attorney and sent to us, then, to be presented to you and your attorney. You may request searches on the property. An appraisal of the property may be booked by you or by the bank if you have raised a mortgage.
Step 9: Contract Approval and Mortgage Offer - Once results of the search and answers to the preliminary enquiries are received, the draft contract is approved by you, provided there are no further queries. Then the document is sent to you or your attorney for you to sign. Once signed and returned, your mortgage is in place and you are ready to exchange contracts.
Step 10: Exchange of Contracts - When the contract is signed by you and the seller, (1) earnest money must be set; (2) be ready with the equity ranging from 30-40%, depending on the bank. Completion date is then set.
Step 11: Completion - Generally, a set of a few days after the exchange of contracts, depending on each party's personal requirements. Residual monies are now released by the bank upon the title transfer to your name. You now are the legal owner of your new home.
Umbrella Real Estate is growing fast to becoming the Philippines' most recognizable name in Philippine real estate, attracting hundreds of buyers every month. Our vast listings of Manila homes, Manila condominiums, Manila property and even Manila rentals gives us a high edge in property searching.
Our style of Philippine real estate is completely unique and original. Everything is designed to give you better service. This has catapulted us as one of the top brokerages in the Philippines in the 21st Century
If you would like to know more, come visit us online at www.umbrellaonline.com or you can call us direct at (02) 889 1817.
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