What is the First Step of the Home-Buying Process?

What is the First Step of the Home-Buying Process?

What is the First Step of the Home-Buying Process

Before starting the home search, it’s important to assess your financial situation and determine how much you can afford to spend on a home. Evaluate your income, savings, credit score, and other financial factors. Additionally, explore mortgage options and get pre-approved for a loan to understand your borrowing capacity.  The first step of the home-buying process typically involves assessing your financial situation and determining your budget.

By establishing your budget and financing options, you will have a clearer understanding of your affordability and be better equipped to proceed with the home-buying process. This step helps set the foundation for your home search and subsequent steps, such as finding a real estate agent, identifying suitable properties, and making offers.

Step to follow in Home-Buying:

Title Verification:

The first step to home-buying a home in India is to verify the ownership of the property. The title determines the legal owner of the property and helps establish the trail of ownership. Title verification checks the property documents to confirm that the seller is the rightful owner of the property and has the right to sell it. Documents to inspect by the buyer include a sale deed. A title deed, tax receipts, ts, and other related documents. This step is important to avoid any legal disputes or problems in the future.

Agreement of Sale:

After the title verification is complete, the buyer and also seller enter into a contract of sale. The sale agreement is the document that precedes the signing of the sale agreement and must be on non-judicial stamp paper. A sales contract outlines the terms and conditions of the sale, such as the purchase price, payment schedule, and possession date.

Payment of property:

Once the sale agreement and deed, the buyer pays the seller a token amount. It is also a Deposit Amount/Advance. If the buyer has the means to pay the deposit. They can also proceed directly with the home-buying and home-selling process.  For more details, contact us.