24/10/2024
*THE BUYING PROCESS; 6 Things You Should know When Buying Real Estate*
Please take note of *the buying process,* especially when buying from credible real estate development firm.
*1. Payment for land:* This is the cost of the land. This can be done in full or part (monthly installment). Of course it is assumed that you have gone for Site Inspection, and you are satisfied with what you saw (the land).
*2. Collect Receipt And Contract Of Sales Document:* Both documents are handed over to you on full payment for the land cost. While receipts are issued on every installment.
*3. Payment Of Survey Plan And Deed Of Assignment:* After payment for land, you are required to pay for your survey plan and deed of assignment. Though the real estate company receives the payments but they always remit to the state government and lawyer respectively.
*4. Physical Allocation And Issuance Of Allocation of Letter:* This ought to come before point 3. However, experience has taught most real estate firms to request for the payments of the survey plan and deed before physical allocation and issuance of allocation letter.
*5. Issuance of Deed And Survey Plan:* With these two additional documents, you can be fully congratulated as a land owner.
*6. Payment of Development Levy:* The development levy covers
(a)Drainage System
(b)Water installation
(c)Security
(d)Access Roads
(e)Perimeter Fencing, etc
