Buyer's Guide

1. Set a Budget

The most important thing to do when you start looking for a property to buy is get your budget set.

2. Get a mortgage if required

Have the mortgage advisor to get the bank's preapproval which tells you how much you can spend. Remember you will need a minimum deposit of 25%.

3. Find a RERA qualified broker

Once you've set your budget find a RERA qualified broker you will sign a Form B contract with your broker to represent you in the upcoming negotiations.

4. Make an offer

Once you've found a property you love and are ready to make an offer move quickly.

5. Pay the deposit

At this stage you will be asked to produce a current dated cheque in the name of the seller as a 10% deposit and a PDC in the name of the brokers company for the commission.

6. Hire a conveyancer

In most cases you will engage the services of a professional conveyancer to assist with the sales process.

7. Get the NOC

Prior to the purchase the seller will need to obtain an NOC from the developer who built the property which will ensure the property is free from any outstanding service charges.

8. "Block" the property

The seller will obtain a liability letter from their bank and you will come to the DLD to "block" the property with four cheques in the name of the seller's bank, the seller, the DLD and the agency.

9. Transfer the property

At the transfer office you will need the cheque of 4% DLD transfer fee and cash for the DLD admin fees. Once the transfer is complete you will receive your new Title Deed and all keys/access cards to your property.

10. You are now a homeowner!

Congratulations. You are now a homeowner! You will need to make sure all utilities are registered under your name.