As you are eventually settling down in buying a property in Bali and it will be certain to see yourself facing an agreement with certain terms and conditions which are commonly included at the time a purchase is conducted upon a property. In the contracts, surely there will be addresses and price related with the purchase. There are some norms included in the contract of real estate transaction so that both parties—seller and buyer—can have safe sides in which most of us are not aware of.
There are several things that an investor should be certain that there are points to be included in contract’s terms and agreements:
• One foremost point to be mentioned is about payment and other financial terms. It is strongly vital in all kinds of agreement because it will prove the kind of payment method which is made. When a buyer is paying with hard cash, the he should mention about the method of payment because it can bring different impression upon the seller. On the contrary, when the buyer’s is taking a loan, the agreement on the loan should include the same financial matters.
• When the seller is making plan to pay closing cost, then it should be mentioned in the agreement so that everything is not disclosed.
• Both buyer and seller usually pay certain fees and it should be mentioned clearly in the terms and conditions of the agreement. Surely, one party can choose for sharing the whole amount that may also be included. Such costs usually include the fees of notary, insurance title, transfer tax, escrow, title search, and a lot more.
• When a seller is in particular of possessing any home fixtures and appliances such as microwave, dishwasher, television, washing machine, stove or some others, surely all those things are to be mentioned in the contract because it can be the proof. It is not recommended in relying the sort of verbal agreements because there will be no proof when there is a changing plan. Never rely on anybody, these days.
• The agreement should mention the date of closing at the time seller need the whole process of purchasing to be accomplished properly. Both parties should be discussing this matter and including it in the agreement. Any changes should be discussed later on based on both parties’ circumstances.
There are several other important aspects that a buyer should include in the contract of his real estate purchase. Surely everything depends from each person to another and each place. Making property investment in Bali may be different with making investment in Thai, for example.
So, it is a wise decision in noting down all things which comes into mind before generating final list. Afterwards, one can put them altogether in the contract. One can count on a reliable agent of real estate as he may help anyone who tends to make good bond because they have a standard norms related with terms and agreements in the real estate purchase contract.