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Three Factors To Consider When Buying A Resale Property

Resale property is one that has been used before it was displayed in the market. One of the main benefits of purchasing a resale property is that the property becomes much cheaper than other property.

There is also a reduced risk of purchasing this type of property. Do you think this is the right investment for you? You can find the best resale properties via the online source.

Buying A Resale Property

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Here are some things you should consider before making a purchase:

Registration of the Property

How is the property registered? Before you part with your money you need to ensure that the house is registered property. As a rule of thumb, you should ensure that it's registered under the vendor's name. While you can do the research by yourself, it's wise that you hire a lawyer to do the work for you. 

Compliance with the Law

In addition to doing your research in order to determine if the property is properly registered, you also need to do your research and find out if the house complies with the law. Here you need to ensure that the property isn't built within a protected area.

Debts

Remember that when you buy a resale with debt you are liable for all the debts of the previous owner; therefore, you should always ensure that there are no debts against the house.

The best way of going about it is by contacting your lawyer and asking him/her to request a certificate from the community of owners. For you to purchase the house the certificate should show that the house is up-to-date with the community payments.


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