Tuesday, June 17, 2008

Precautions while buying property from a Real Estate Agent

Precautions while buying property from a Real Estate Agent

Buying from a Real Estate Agent can be a good decision. To serve his best interests, however, a buyer must take certain precautions when buying a property from a Real Estate Agent. Some of these are listed below:

1. Always make it a habit of checking the credentials of the Agent whom you are dealing with. It is always best to choose an Agent who is a veteran and has years of experience in the locality you want to buy property in.

2. If a Real Estate Agent does not "look" professional, make it a point to double check his antecedents. You should not take any chances with your resources.

3. It is your right to know if the Agent is registered under an Association and/or works with a registered brokerage company.

4. Once you have chosen a Real Estate Agent, make sure that all legal formalities are carried out by him.

5. Engage the services of the Agent in personally verifying the property. Don't hesitate to check and double check.

6. Ask for all the photocopies of all title deeds from the Real Estate Agent. He should have all these from the seller and should be prompt in providing them. Also, seek the services of a property lawyer to check them and ascertain their authenticity.

7. Ensure from the Real Estate Agent that the property is free of litigation and any encumbrances or loans before deciding to buy the property.

8. Get the Agent to register your property with the correct valuation. Correct valuation is very important for a property to earn benefits and appreciation values in the future.

9. Get the Real Estate Agent to procure from the seller consent, permission, sanction, and NOC of concerned Departments.

If these issues are taken care of, dealing with a Real Estate Agent can be a beneficial and fruitful experience.

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