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What Is The Difference Between Freehold And Leasehold Tenure?
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Freehold tenure means that the purchaser owns the fee simple title or sole rights to the property whereas leasehold tenure means that the lessee purchaser requires the consent of the lessor to sell. The lease is for a defined number of years. The lessor maintains the value of the real estate by maintaining the infrastructure and covenants within the lease. |
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How Do I Find Out Whether I Can Build My Offices In Woodbrook? |
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Woodbrook requires two sets of approvals for commercial purposes since this entire neighbourhood was zoned originally for residential purposes. First you apply to the Town & Country Planning Division for commercial use for your offices. Once you get this permission you then apply to the City Corporation for their approval. |
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What Is Time Being Of The Essence? |
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This phrase is normally included in all sales agreements, which means that the agreement for sale expires on the completion date stated within the agreement and the deposit may be forfeited. |
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What Are The Documents Required To Sell A Property Free Of All Encumbrances? |
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Encumbrances may mean an outstanding mortgage; rates and taxes. Therefore it is important to have your mortgage released when it is fully paid off and a Deed of Release prepared by an attorney and executed by the Mortgagee (eg: the lending institution or person) and registered at Government’s Land Registry.
Water Rates and Land Taxes should always be in the name of the present owner of the property and paid up to the completion date. |
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Why Are Witnesses Important On An Agreement? |
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Should there be a dispute between the parties of the agreement, witnesses may be called upon to provide evidence of the agreement that they have signed. |
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What Is The Least The Owner Will Accept On Their Purchase Price? |
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Most motivated sellers are willing to entertain offers on their property, and may be willing to accept an offer that is within ten (10) percent lower than his asking price. |
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Do You Have Any “deals” For Sale? |
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Our “deal” properties are listed on our home page. We feature these properties as being a good investment since their listed sale price is under the current market value.
It is extremely important that you buy a property rather than rent a property even if this is not your dream property. How else will you break into the market of property owners? Buy with a friend and/or a family member! As a property owner you will start to build equity and savings for the future! |
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Who Pays The Brokerage Fees? |
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Brokerage fees are usually paid by the seller or vendor and can range from 3% to 5%. In some cases, the buyer or tenant may pay the brokerage fee. This is in the case when he requires the broker to seek his sole interest in the property.
In the case of tenancies, Landlords usually pay the brokerage fee of one month’s rent as commission. In the case of short term leases the fee is 10% of the total rental income. In the event of a renewal for a short term lease under 12 months, you will be required to pay a fee for the renewal.
Most established Brokers have standard form Agreements for Sale and for Rent that they will supply free of charge. |
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Do I Have To Pay A Fee When You Visit My Property To Give Advice? |
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Most Brokers will provide their expert advice free of charge, however, it is important to note that “talk is cheap” and therefore it is much more desirable to get a written Appraisal and pay for this service for insurance purposes, market purposes and/or mortgage purposes. |
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Who Is Responsible For Paying Legal Fees And Stamp Duty Charges? |
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The purchaser is responsible for paying these fees and charges. The vendor only pays legal fees if he appoints his attorney to peruse the documents or if there is an encumbrance or problem with the root of title. |
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