The Home Buying Process
1
Consultation
During our complimentary consultation we will meet to go over your Buying Criteria and to explain the Home Buying Process from beginning to end..
2
Pre-Qualifications
Financing Options - Get Pre-Approved
1. Upfront Payment or Personal Funds (POF) - Bank Account, Retirement Account by bank/wire transfer, cash cheque
2. Mortgage - Requires anywhere from 20- 50% Down depending on the following: a. Net income b. Expenses c. Debt to income ratio (30%)
3. Payment Plans (Off Plan Sales) flexibilty up to 2-5 years Depending on (Builder /Investment)
4. Seller Financing
3
Home Search
Once we have identified your Buying needs and Location, I will send you some listings of Homes that meet your Buying criteria in your search area.
4
Showings
Let me know (via text or phone is always faster) which properties you are interested in so I can research and schedule the Home showing for you. If you are unable to make the in person showing, I can do a Facetime Showing for you. Once we locate a Home and Negotiate the offer the Buyer must pay a deposit and Sign the SPA.
5
Escrow Service
The Escrow Service features one of Ghana's Top Attorneys, who will oversee a comprehensive five-step process to validates ownership of Developer/Seller in collaboration with the Land Commission, Courts, and various local authorities. This expert will ensure that the title is clear by reviewing all documentation to identify any liens or additional names on the title. Furthermore, they will handle all necessary paperwork with the lender if any to ensure everything is prepared for a smooth closing.
6
Survey / Engineer Report
To accurately establish the property's location and legal description, it is advisable to hire a surveyor who can define the boundaries and assess the size and shape of the land. This will help identify what property you are buying, the soil and who is the current owner.
7
Inspections
Inspections are recommended but not required. Typically scheduled on within 3 to 10 days of being in contract. The buyer will hire an inspector to thoroughly examine the property and compile a list of any deficiencies. This report will be provided to the buyers for discussion with their agent. Buyers may choose to negotiate certain items based on the findings. After all parties reach an agreement, we proceed to the next phase, which includes an appraisal.
8
Appraisal
If you are buying with a loan, then an Appraisal would be required to determine value. The goal is to have the appraisal come in at or above the purchase price of your contract so that the mortgage lender will approve the loan. If the home appraises at a lower amount then we maybe able to renegotiate the price of the Home.
9
Final Walkthrough
After receiving a confirmation from our Escrow Service and Lender if any, we can arrange a Final Walkthrough just prior to closing. During this walkthrough, we will examine the property and document any items that require attention. We will then conduct a follow-up inspection to ensure that all agreed-upon repairs have been completed before the closing.
10
Closing
Closing refers to the process where all essential documents required to finalize the transaction are signed. This typically occurs in an office environment. During this stage, ownership of the property is officially transferred from the seller to the buyer. The buyer is handed the keys, transfer the deed, while the seller receives the payment for the property.
11
Taxes & Land Registration
Taxes and Land Registration are crucial
elements of the home buying process.
Capital Gains Tax:
Individuals: 15% of Net Gains realized
Businesses: Included in annual
returns and taxed accordingly
Rental Income Tax:
Residential premises 8%
Non-residential premises: 15%
Property Rate: 0.5%-3% (to be
determined by Local District Office
It's essential to engage an attorney for
the land registration, but if you decide to
handle it yourself, ensure that you
submit all title documents and the deed
to the Land Commission or Municipality.
This will facilitate the recording of your
ownership transfer and pay all required
property taxes.
Receive your title document from the
Land Commission