The main advantage you can get from buying a resale property is that it is cheaper because it has been in the market there before. Below are some of the factors you should consider when buying a resale property.
Registration of the property
It is crucial always to know the property is registered before making any purchasing decision. Before depositing your money, it is recommended to ensure that the property you are ready to purchase is registered. As the law requires, you need to ensure that the property is well registered together with the vendor’s name.
For you to ensure that the property is registered, you can carry out a research of your own, and if necessary, you can look for a professional lawyer to assist you doing the work. And the lawyer involved in this process should do the work within a very short period.
Compliance with the law
Also, another important factor to check on before making quick decisions of purchasing a resale property is to ensure that the property is by the law. Also, what you should consider is whether the property is built in a protected or restricted area. You should not, therefore, purchase any property that is built in a restricted area because you will end up losing the property.
Before making any payments on the resale property, you should ensure that the property you are ready to purchase has no debts against it. You should pay a visit to the land registry to find out more about that property. It is crucial also to know that if you buy a resale property with debt, then you are responsible for all the debts.
If you do not know the procedures of identifying whether the property contains the debts, then it is recommended that you contact your lawyer to request a certificate from the original owners. The certificate should contain the required information of the property with the community payments that are up to date.
Most of the resale property more so houses have tenants, and it is good to respect them because you cannot make it a must for the tenants to leave your house if his or her tenancy has not elapsed. Therefore, you have to wait until the tenants leave the house then you occupy it.
Finally, it is important to ensure that your property is in good condition and you have to survey it to determine whether the property you are interested in is in good condition.