Why you need an estate agent to purchase or sell your property

Why you need an estate agent to purchase or sell your property

Your property is one of the biggest assets that you own or will plan to own. The process of acquisition is a little bit complicated when one is doing it for the first time. There are lot of things to consider before one reaches the decision to buy a property. If it is a house a lot of these decisions are personal preferences but they affected by other legal factors that one may not be aware of.

Things to consider when one wants to buy a residential property

Location

Size of house

Appearance and architecture

Internal fittings and modernization

Life style

Curb Appeal

Gardens

Out buildings e.g cottage or staff quarters

Availability of water e.g borehole

Security

Transport

Schools

Shops

Proximity to work

Entertainment

Levies

Property tax

Asking Price

Your Budget

The list is not exhaustive but these are the major things to consider. With all the above things to consider one need to look for the properties that could meet their criteria then arrange for viewings until the most suitable property is identified. One will then have to put an offer, negotiate for the best price, do an agreement of sale, purchase the property, find a conveyancor, pay conveyance fees, get title deeds. The process is cumbersome and this where the estate agent comes to help.

The role of the estate agent

The estate agent will help you unravel the buying process and leave you to worry about payments and moving into your house.

The agent will find you properties that meet your criteria and arrange for viewings. The agent will normally have a number of properties on sale and will show you the ones that meet your need.

When you identify the property you want to buy the agent will convey your offer to seller. The negotiation is done on your behalf

Once offer is accepted the agent draws up an agreement of sale for both parties to sign. The agreement will specify any terms agreed. Payment for property can then be done to the agent.

The agent will connect you with a lawyer who will do the conveyancing.

The lawyer will inform you the necessary payments that you will need to do in addition to the purchase price. Budget 6% of purchase price for legal and transfer fees.

The lawyer will ensure all statutory payments are done before final transfer to your name. Statutory payments include Capital Gains Tax and Rates Clearance but these are on the account of seller.

So for convenience and to reduce the amount of running around, the professional services of an estate agent is critical. The agent normally checks that the paperwork for the house you are about to purchase is genuine. This shields you from buying bogus properties or buying from bogus sellers.