Real Estate Investor Magazine South Africa Real Estate Investor Magazine - July 2017 | Page 23

Step 6:
Closing the deal
A
ctually closing the deal on property can be
scary. As with anything, you need to know
exactly what you’re getting yourself into.
An essential piece of advice here, is to realise your
own limitations and experience in the home-buying
process. Statics show that, on average, 50% of home
buyers are first time buyers – that means that you’re
not alone in your uncertainty.
Make use of the technology at your disposal
We live in an exciting time for technological advances
– don’t let it go to waste. First establish your budget
and then look for a property. Get an online and
accurate online indication of the home loan you can
qualify for. Most home buyers first look for a property
online and then make contact with a seller or an
estate agent to view the properties selected. A Virtual
Reality viewing saves a buyer time and effort to get in
a car and view each property personally. We’ve looked
Robert Kiyosaki outlines the following items on his checklist for
closing a property deal in his book Rich Dad’s Roads to Riches –
6 Steps to Becoming a Successful Real Estate Investor:
1 Select a closing agent.
2 Make sure your financing is in order.
3 Carefully examine your settlement sheet to determine your
closing costs.
4 Review the contract.
5 Perform the title search.
6 Get your homeowner’s insurance.
7 Take a final walk through of the property.
8 Sign the contract.
www.reimag.co.za
at these steps in our previous editions – feel free to
check out our website for a quick refresher!
Only when the ideal property is identified, an actual
viewing can be done. Use an online comparative
market analysis, also called a CMA to compare
prices online. Do online research on amenities,
public transport in the area and even crime statistics.
Calculate the extra cash you have to put down for
legal and transfer duty expenses.
Assemble your property dream team of
experts.
Knowing what you can’t do for yourself is e