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Real Estate FAQs
Buying a property
1. What is the difference between list price, sales price and appraised value?
List Price: The list price is the asking price of the property ; this is negotiable.
Sale Price – The sale price is what the owner will settle at.
Appraised Value – the price quoted after evaluating the property, which is usually done via a company that is specialized in property evaluation if one is obtaining financing . The real estate agent is able to provide a comparative market analysis to give the buyer a sound idea of what is sold and at what rate, and what is available in the market for a comparable property.
2. Who pays the registration cost of Title Deed?
The registration cost of Title Deed should be shared between the buyer and the seller, but in practice today,, it is paid by the buyer. This is, of course, subject to negotiation between the two parties.
3. Do I need a property inspection?
It is recommended that you get the property inspected. However, in the case of freehold property, the property is newly built, and it falls under the guarantee of the contractor for maintenance for up to 1 year of the development. It is then up to the owner to ensure that he/she has a preventive maintenance contract on the property.
4. What kind of home insurance should I get?
This is mandatory when taking a mortgage on a property. Moreover, it is always advisable to insure personal belongings. There are a lot of insurance companies in the market which provide customized packages.
5. What is the best time to buy?
The best time to buy a property is when the supply of real estate exceeds demand, so that the price and value of the property become attractive to a buyer, hence the term a ‘Buyer’s Market’.
6. Do I have to pay taxes?
In addition to lawyers’ fees and fees that must be paid to the developer or the real estate agent, there may be land registration fees and maintenance fees. For new-build developments, expatriates can expect to pay roughly 2% on land registration fees. The maintenance fee, which covers the upkeep of the building, gardens and shared facilities, can either be a fixed rate or a rate depending on the size of the property and is set by the Owner’s Association.
7. In addition to the mortgage payment, what other costs do I need to consider?
• Commission
• Deposits
• Transfer fees with the land department
• Cancellation fees for mortgages
• Developer fees for no objection letters
• Connection fees for the Electricity and Water Authorities
• Community service fees which may need to be paid in advance
• Mortgage application fees if required
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