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If you are the real estate agent, how to assist the Buyer to Obtain the Finance
By arlene | June 6, 2008
Very few residential units are sold without the buyer seeking a loan for the major part of the purchase price. For this reason it is advisable that you are in a position to assist the buyer efficiently in his search. You should be able to prequalify the buyer financially regarding the loan for which he may qualify. You should also be able to assist him in his application for a loan and where necessary, assist him to fill in the form. You should have contact with financial institutions and/or know from whom loans can be obtained, at what terms and under what conditions. Be able to calculate the approximate monthly payments using your financial pocket calculator. Understand the different types of financial instruments, for example the mortgage bond and the instalment sales contract.
After-sales service to the buyer
Your after-sales service to the buyer, like your after-sales service to the seller, is of the utmost importance. It leads to referrals. Keep the following in mind:
Forward a signed copy of the contract of sale to the conveyancing attorneys and purchaser without delay. If there are suspensive conditions embodied in the contract, do not wait until these have been fulfilled. By instructing the attorney as soon as possible he can start doing those things that need to be done before transfer can occur. These include obtaining a certificate from the local authority for rates clearance, requesting the mortgage bond cancellation figures from the building society or bank which holds a mortgage over the property, preparing the documents for the payment of transfer duties and preparing other necessary documents.
- Establish the whereabouts of the title deed of the property and inform the conveyancing attorneys.
- If this information does not appear in the contract of sale, furnish the conveyancing attorneys with the telephone numbers of the parties to the sales agreement, as well as their identity numbers and postal addresses.
- Supply the conveyancing attorneys with the name of the current bond holder and the account number, as well as the name of the person and/or attorneys to contact in this regard.
- Be available to act as an intermediary in any disputes which may arise between buyer and seller as a result of, for example, representations that you made to the parties. Do not make changes to the sales contract after it has been signed by the parties. This is a matter for the attorneys.
- Once you have assisted the buyer with his loan application, inform the conveyancing attorneys that the application has been submitted. Keep following up on the progress of the loan application, and inform the conveyancing attorneys as well as the buyer and seller when the loan is granted in principle and when it is finally granted. Be sure you know the difference between the granting of a loan in principle and the final granting of a loan.
- If there are suspensive conditions in addition to the granting of a loan, inform the conveyancing attorneys as well as the parties to the agreement immediately these have been fulfilled.
- Follow up with the conveyancing attorneys on the progress and problems
experienced with the transfer and give feedback to both buyer and seller.
- When transfer occurs inform and congratulate both buyer and seller.
- As in the case of the seller, present the buyer with a small gift when he moves in.
After the buyer has moved in, continue to contact him from time to time, for example on his birthday or on the anniversary of his first year in the house.
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