Key points to take a note of before purchasing land
The process of buying land is an integral support service for a construction process. Unless you are planning to pay for the land by cash, you have to borrow a loan. Construction loans are a little more difficult to borrow because it involves the purchase of something that does not exist yet. The loans are difficult to procure because the banks want assurance that the land will be high enough in terms of value to return the loan value. The process of buying a loan is a complicated process. Loans are difficult to procure as the plots of land do not exist yet. The process of buying a loan is similar to most land loans but different in some aspects. We are experts on loans for land .
Prerequisites of a Land purchase loan
- Deposit: The initial deposit of a 5 % to 10% will have to be funded through savings. The signing of the contract will be completed once the deposit is made.
- Stamp duty: The contract will require fees to be paid on deciding of the purchase price. Some builders include the stamp fee in the price of the contract.
Research to be conducted before purchasing a loan
The pre approval rate has been decided upon prior to purchasing the loan. The customer should be careful of the fluctuating rates of the loan.
Process of buying a loan
The process of buying the loan involves the initial checks being made, the land being examined, negotiating the price after which the land is purchased. The land is registered under the sub registrar in his office. The incorrectness in the agreement can lead to penalties and fines. The documents required are original title deeds, previous deeds, tax receipts and torence plans.