Although you might already have a broker, you should still be familiar with the legal documents that you will encounter along the way. First is the offer to purchase, otherwise known as letter of intent, wherein you as the buyer send out a letter to the seller about being interested in the property offered. Then comes the Reservation Agreement that will make sure the property you want will be taken out of the market. Next is the Contract to Sell which will be signed both by you and the seller and will also include the provisions you both need to accomplish before you make a full payment.
A letter of guarantee will be made by the bank where you took a loan. This letter will state that you have been approved for the loan, and it will also contain the approved loan amount and other important details. The Deed of Absolute Sale is the document that transfers the ownership of the property from the seller to you. And finally, you should also have the Certificate of Title which states that you are now the owner of the property.
Home loans are a very serious matter and should never be taken lightly. And now that you are aware of the basics, you are well on your way to becoming a full-fledged homeowner.
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