Steps in the process of buying a property

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Cesar Hoyos

Date Published: 2021-02-06

Brief and simplified explanation of the property purchase process:

Step 1 - The Offer
When you have already selected the property you wish to acquire, you will need to make an offer. This is the legal mechanism used to let the seller know that you are interested in buying the property and how much you are willing to pay. The Real Estate Agent is the person in charge of guiding you in the creation of this document. In this offer it must be included the letter of approval of the mortgage credit in the case that applies. If the purchase will be made in cash, you must include a bank statement corresponding to the funds to be used.

Step 2 - Acceptance of the Offer
If the offer is accepted by the seller, a “Title House” will be instructed to create all pertinent documentation of the transfer of ownership. This is done by specialized lawyers. For this, the buyer must make a reservation of the property they wish to buy by paying a percentage of the amount, which usually ranges between 5% and 10% of the final amount of the offer. This money is placed in a security deposit (Escrow Money Deposit). If it is a property in pre-construction stage, the procedure could vary

Step 3 - The Closing
Once the lawyers thoroughly study the title of the property and determine that there are no additional encumbrances, a date will be determined for the signing of the sale contract. At the time of signing, the payment for the remaining amount will be delivered and the transfer of the title will be made to the new buyer.

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The Real Estate Agent will ask you questions at the time of your hiring, such as: Do you want to buy another property with the money you get from this one? In case you are currently inhabiting the property, how long after the sale do you need to vacate it?...

A Real Estate Agent, besides supporting you in the purchase or sale of a real estate property, can also help you and offer you a large number of benefits such as the following :

Brief and simplified explanation of the process of selling a property...Step 1 - The Offer When the buyer has decided to buy your property, delivery of the Offer will occur. This is the legal mechanism used for the buyer to inform the seller that he or she is interested in buying the property

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