Reserve ample transaction period to avoid troubles when buying or selling property

Buyers need to carefully discuss the terms of the transaction to ensure smooth mortgage application and building inspection

Have you ever thought about purchasing your own property? If you are a first-time homebuyer or looking to purchase another property, it is important to pay attention to the transaction period when negotiating the terms of the transaction.

The transaction period refers to the expected date for completing the transaction after both the buyer and the seller confirm the transaction terms. When a buyer applies for a mortgage loan, banks usually require a building inspection to ensure the property's value. In addition, if the bank does not have the building's plans, a surveyor may need to be hired to conduct research, which takes time to process.

Therefore, I recommend that you try to negotiate for a transaction period of at least two months or more when discussing the terms of the transaction with the seller. This will ensure that you have ample time to complete the mortgage application and building inspection, avoiding any delays in the transaction due to insufficient time.

Furthermore, when both parties discuss the transaction terms, please ensure that the property's ownership rights are clear. For example, whether the property has a lease or whether the property rights have been transferred. These are areas that require special attention during the transaction process.

Finally, I hope that you can make a careful selection when buying or selling property, and not make hasty decisions. If you have any questions, be sure to seek professional advice. I believe that with sufficient preparation and a careful attitude, you can successfully realize your dream of owning a home!