FIRST REGISTER WITH SEASIDE REALTY INC.
Our experienced agents will need as much information as possible about the type of property you are looking for and will do their very best to find your ideal home.
IF A MORTGAGE IS NEEDED
It is advisable to get a mortgage agreed in principle as early as possible, as this always helps to speed up your mortgage application
VIEWINGS
Viewings are conducted by appointment. Our staff are happy to work after hours and on weekends as well. This is ofcourse if it is suitable to the home owner.
NEXT STEP IS MAKING AN OFFER
Once you have found a suitable property, we will put your offer forward to the owner immediately. Any offer is subject to a contract being signed. There are no legal obligations on either side until a contract is signed.
LEGALITIES
An Attorney will be required to handle the legal work involved. Should you not have a specific Attorney, Seaside Realty Inc would be happy to suggest one of those which we have worked closely with over the years.
SHOULD THE SALE BE AGREED
Should your offer be accepted, you will need to instruct your Attorney to proceed. At this stage we will try to agree on an exchange and completion date. This is also the time to instruct your mortgage broker to proceed with your mortgage application and make arrangements for a survey.
A CONTRACT WILL THEN BE DRAFTED
This is drawn up by the sellers Attorney and sent to your Attorney, who will raise some preliminary enquiries and make a Land Registry search
THEN COMES THE CONTRACT APPROVAL
Once results of the local search and answers to the preliminary enquiries are received, the draft contract is approved by your Attorney providing there are no further enquiries
IF GETTING A MORTGAGE THEN COMES THE FORMAL MORTGAGE OFFER
This document will be sent to your Attorney for you to sign. Once signed and returned your mortgage is in place and you are ready to exchange contracts
EXCHANGE OF CONTRACTS
The contract is signed by you and the seller. The deposit which is usually 10% of the purchase price is paid by the buyers Attorney and the completion date is usually set at this time.
NOW COMES THE COMPLETION
This generally takes approximately 12 weeks after exchange of contracts, depending on each parties personal requirements. The balance which is usually 90% is now transferred from your Attorney to the sellers Attorney.
COSTS INCURRED BY THE PURCHASER
There is no Property Transfer Tax for buyers.
Buyers Legal Fees - Approx. 1.5% to 2% of the purchase price (plus 15% VAT).
Local Mortgage Down Payment - Usually a minimum of 10%
Mortgage Repayment Time - Up to 30 Years or until the borrower reaches 65 years of age.
Mortgage Commitment Fee and Negotiation Fee - Ranges from 0.5% to 3%.
Life Insurance - Required if you need a mortgage.
Annual Property Insurance - 0.4% for a residence
SELLING A PROPERTY
Let us start with the good news that you only pay commission when we successfully sell your property and one of your professionals will always be there to assist you.
PREPARING YOUR PROPERTY FOR SALE
Before putting your property on the market, first have a look to see what decoration, if any, and cleaning needs to be taken care of before selling. A well presented home ALWAYS works because as you know, there is nothing like a FIRST IMPRESSION.
SEASIDE REALTY THEN LISTS YOUR PROPERTY
Just make the phone call and we will be there equipped with a listing sheet and camera for photos. It is always advisable to have available for the agent any plot plans and floor plans that you might have, as this will have all the the layout and size details which any purchaser will need to know. From this meeting the following will be confirmed:
Asking price (Our agents are happy to give their opinion on a fair asking price taking into consideration what the market is like at the time)
Agreed commission rate
Extent that we the agent can go with the advertizing (some of our clients prefer to be more discrete with their sale, and we are happy to comply with such a request)
Exclusive or Non-Exclusive agreement signed
WHEN CONDUCTING A PROPERTY VIEWING
Depending on a buyers availability, viewings can be conducted during working hours 8am - 5pm Monday to Friday, as well as after hours and weekends. We will check that a time is suitable prior to confirming a time with a prospective buyer.
Our agents are always present for the property viewings; you need not be present once we are holding a key. We have noticed however that having you the owner present during a viewing proves to be an advantage as you are able to share a more in depth knowledge and description of your home and purchasers tend to really appreciate that. At no time do we take a client to view your property without consent from you the owner.
TIME FRAME IN FINDING A SUITABLE BUYER
According to market demand, it can take anywhere between several days to a couple of months. At Seaside Realty we are able to maximise the speed of sale due to our many advertizing mediums used as well as our client database.
SHOULD AN OFFER BE MADE
As soon as a prospective buyer has made an offer, we will let you know, verbally and in writing. The offer will be subject to a contract being signed and there are no legal obligations on either side until this is done.
There may be a process of price negotiation and this can be difficult, but by working with Seaside Realty you'll benefit from our expertise in this area.
IF YOU ACCEPT THE OFFER
You will need to appoint an Attorney to prepare a Contract of Sale. This will then be sent to the buyers Attorney who will make the necessary enquiries, complete a satisfactory local search, etc. before proceeding to Exchange of Contracts.
THE EXCHANGE OF CONTRACTS
To prepare your Contract of Sale, your Attorney will need certain documents from you such as Title Documents, Proof of payment of your most recent land tax bill and utility bills, Planning and Building Regulations. Some cases require more documents.
These will then be sent to the buyers Attorney for their perusal. This checking process may involve many specific queries.
When the buyer's Attorney has obtained a satisfactory local search and if applicable a copy of the buyers mortgage offer, the contract will be signed and a cheque for the deposit which is usually 10%, will be sent by the buyer to your Attorney. Exchange of contracts can then take place and the transaction becomes legally binding.
THE EXCHANGE OF CONTRACTS
The final stage of the sale can take almost 12 weeks following the Exchange. The buyers Attorney hands over the remainder of the purchase money to your Attorney. Legal fees and our real estate fees are also paid at this time.
COSTS INCURRED BY THE SELLER
Property Transfer Tax for land only - 2.5% of the Purchase Price.
Property Transfer Tax for house and land - first $125,000 exempt, 2.5% on the excess.
Legal fees - Approx. 1.5 to 2% of the Purchase Price (plus 15% VAT).
Stamp Duty - 1% of the Purchase Price
Land Surveyor's fee - Approx. BDS$1,500.00 (plus 15%VAT)
Early mortgage termination fee - There is often a fee when a mortgage is terminated before the agreed time period. (Rates vary dependent on financial institution.)
Standard real estate fee - 5% plus 15% V.A.T.
FOR THOSE SEEKING TO RENT A PROPERTY
FIRST REGISTER WITH SEASIDE REALTY INC.
Our experienced staff need as much information as possible about the type of property you are looking for and are experts in helping you find your ideal property.
We then compile a selection of all properties that match your criteria. Often viewings can be arranged immediately. We are happy to also conduct these after hours and on weekends, once the owner is in agreement.
THE TENANCY AGREEMENT
Once you have decided on a property, we will inform the landlord. Should both parties wish to proceed we will draw up the relevant paperwork, forming an agreement to be signed by both parties.
AND INVENTORY IS NECESSARY
An inventory of the contents and condition of the property is usually produced prior to commencement of the tenancy. This will be supplied to both landlord and tenant.
RENT AND DEPOSIT
Standard procedure is that the first month, last month and a security deposit (usually one months rent) is required prior to the commencement of the tenancy. The security deposit will be reimbursed to you at the end of the tenancy, subject to the details of your agreement and the findings of the inventory check-out report.
FOR LANDLORDS SEEKING TO RENT OUT THEIR PROPERTY
You will want to know the rental value of your property. We are happy to give you an estimate once we have visited your property. Another good indication of the rental value is by checking similar property to your own on the rental pages of our website.
The great news is that you only pay commission when we successfully let your property.
TO RENT FURNISHED OR UNFURNISHED
You may let your property furnished or unfurnished. Once we have seen your property we can advise you what would be best to do.
CONDUCTING A VIEWING
A Seaside Realty representative will always be present. Should we have a key to the property we will first seek your permission to enter with a client on a specific day and time. Some owners prefer to be present and we welcome this.
THE LEASE
A lease is a binding contract between you the landlord and the tenant. Leases vary depending on your requirements and the tenant's requirements. Our agents come with plenty of experience in drafting tailor made leases and take care of getting them signed by the tenant before the rental period commences.
Most landlords require a first months rent, last months rent and a security deposit (usually one months rent). This should be in your possession before the keys are handed over to the tenant
AN INVENTORY
All landlords are advised to prepare a full inventory which needs to be checked by the tenant, signed and returned to the landlord. Any items missing or damaged can be deducted out of the security deposit at the end of the contract.
OBLIGATIONS OF THE LANDLORD
These will be listed in the lease agreement
COSTS INCURRED BY THE LANDLORD
Our commission charges are as follows -
Should a rental be for one year or more, we charge one months rent plus 15% V.A.T.
Should a rental be for less than one year, we charge 10% plus 15% V.A.T. per month.
