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That's it! You have found the house of your dreams and you have decided to buy it. However, it is not enough for you to pay the amount of real estate to the seller to be the new owner. Discover the purchase process step by step.

The signature of the preliminary contract

The preliminary contract is a document drawn up between the seller and the acquirer which has a binding force and which enables the latter to reserve the property. It can be established directly between the two parties, in a real estate agency or at the notary's. It can take the form of a promise of sale or a sales agreement.

When it comes to a promise to sell, the buyer must pay a sum to the seller who agrees to sell the property. If the buyer finally decides not to buy the real estate, this sum is returned to the seller. On the other hand, if the buyer confirms his desire to buy it, the said sum is deducted from the selling price. If the seller finally withdraws, the sum is returned to the purchaser who is then compensated.

When it comes to a sales agreement, the buyer must pay a deposit to the seller who agrees to sell the property. The sales agreement is mainly used because it induces a definitive and reciprocal commitment between the two parties. Thus, if the purchaser withdraws he loses the deposit paid for example.

Seeking financing

The search for financing by the acquirer is the second step of the purchase process. It must begin as soon as the promise of sale or the sales agreement is signed. When the purchaser does not have all the funds necessary to pay the price of the real estate, he must take out a mortgage loan from a bank, a loan he must obtain within two months of the signature of the preliminary contract. The buyer must then ask the banks and credit organizations for his real estate purchase to meet with a consultant. The latter may only grant a home loan to the purchaser in the light of various documents testifying to his financial situation such as his pay and tax slips, his current bank loans or his bank statements.

The signing of the authentic deed of sale

When the preliminary contract has been legally established and the purchaser has validly taken out a mortgage, the notary may set a date for the signing of the deed of sale. This authentic deed of sale is indispensable insofar as it is this document which legally establishes the change of ownership of the property in question. The day of the signature in the study of a notary coincides with the day when the purchaser must pay the full price of the property as well as the notary fees due to it. The buyer also receives title to the newly acquired property and the keys to move into his new home.

4.The process of buying a property, step by step

FAQ - 💬

❓ What are the steps in buying?

👉 5 Essential Steps in the Consumer Buying Process

  1. Stage 1: Problem Recognition.
  2. Stage 2: Information Gathering.
  3. Stage 3: Evaluating Solutions.
  4. Stage 4: Purchase Phase.
  5. Stage 5: The Post-Purchase Phase.

❓ What five steps must you use in order to purchase a house?

👉 5 Steps to Prepare for Buying a Home

  • Understand the Expenses of Homeownership. The financial obligations of owning a home go beyond saving for a down payment. ...
  • Get Your Finances in Order. ...
  • Gather Your Documents. ...
  • Find Your Team. ...
  • Get Preapproved for a Loan.

❓ What are the 6 steps of the buyer decision process?

👉 Let's look at the six stages of the buying process below:

  • Stage #1: Problem Recognition. ...
  • Stage #2: Information Search. ...
  • Stage #3: Evaluation of Alternatives. ...
  • Stage #4: Purchase Decision. ...
  • Stage #5: Purchase. ...
  • Stage #6: Post-Purchase Evaluation.

❓ What is the most important step in the buying process?

👉 Problem recognition. Problem recognition is the first in the quintet of phases and is often considered the most important point of the consumer buying process.

❓ What is the first step in buying a home?

👉 Buying A House In 2022: A Step-By-Step How-To

  1. Step 1: Decide Whether You're Ready To Buy A Home. ...
  2. Step 2: Calculate How Much You Can Afford On A House. ...
  3. Step 3: Save For A Down Payment And Closing Costs. ...
  4. Step 4: Decide What Type Of Mortgage Is Right For You. ...
  5. Step 5: Get Preapproved For A Mortgage.

❓ What are the 5 steps of the home buying process quizlet?

👉 Terms in this set (5)

  • Determine home ownership needs.
  • Finding/evaluating a property to purchase.
  • Pricing the property.
  • Obtaining financing.
  • Closing.

❓ Which is not a step in the buying process?

👉 The buying process is a sequence of steps that a customer follows while making a buying decision. These steps include getting aware about the product, searching about it, and evaluating the products available in the market and making a choice. Demographic analysis is not a part of the process.

❓ What is the buying process and why is it important?

👉 A buying process is the series of steps that a company or individual takes to decide on whether to buy an item. The single goal of an effective and engaging buying process is to make it as easy as possible for customers to buy the products or services they need.

❓ Is the first stage in the buying process?

👉 Identify the Problem This is the first stage of the buying process. A consumer will not initiate a purchase without the recognition of the needs or wants. When a consumer feels the need to buy a particular product, he will go for a purchase decision.

❓ What are the 5 steps in the home buying process quizlet?

👉 Terms in this set (5)

  1. Determine home ownership needs.
  2. Finding/evaluating a property to purchase.
  3. Pricing the property.
  4. Obtaining financing.
  5. Closing.

❓ What to check before buying a house?

👉 8 Critical Things to Check Before Buying a Home

  1. Check That All Appliances Work. ...
  2. Bring a Phone Charger to Test the Outlets. ...
  3. Take a Peek at the Electrical Panel. ...
  4. Open and Close All Windows and Doors. ...
  5. Test Toilets, Sinks, Showers, and Baths. ...
  6. Scout Out Areas of Potential Leakage. ...
  7. Pay Close Attention to Basement Walls.

❓ What is the process of buying a house?

👉 The process of buying a house includes more than just touring homes. You also need to review your credit and financing options, find the right real estate agent , make offers and negotiate, get an inspection, prepare to move and, eventually, close on your new home.

❓ What is involved in buying a property?

👉 Buying a property involves much more than an everyday transaction. Not only does it involve significant financial decisions, but also important legal aspects. The following is a fundamental guide to the eight steps involved in buying a property.

❓ What are the 10 steps to buying a home?

👉 Home Buying: 10 Steps to Success Step 1: Check your credit report and score Step 2: Figure out how much you can afford Step 3: Find a real estate agent Step 4: Get pre-approved by a lender Step 5: Start looking at homes Step 6: Make an offer Step 7: Home inspection day Step 8: Get insurance and establish utilities Step 9: Closing day

❓ What is the process of buying property in Dubai?

👉 SIGNING THE AGREEMENT OF SALE The second legal step of buying property in Dubai is signing the sale agreement, also known as the Memorandum of Understanding (MOU). The MOU or Form F is one of the RERA real estate forms in Dubai. Form/Contract F is available on the official website of the Dubai Land Department.


Video Instruction: Buying 4 - The stages of buying a home