Buying a home involves a team of professionals to help you make smart and confident decisions. These people are usually experts or consultants you can either provide property recommendations, offer financing options, issue the right paperwork up to ensuring that you are getting your money’s worth upon turnover.
Here is the list of people you’ll meet along the way to home ownership and how they can help you own your dream home.
1. Real estate professional
Job description: A real estate professional is regarded as one of the main players in the homebuying process. He or she is your partner in ensuring you will find the best home that suits your needs and budget. According to this infographic, 6 out of 10 Filipino millennial want to buy a home through a real estate professional, specifically a broker.
When you will meet them: Before or during your research for a home.
What to ask them: Your real estate broker or agent should be there for you all throughout the homebuying process. As such, they should be your go-to person whenever you need advice or you need assistance, let’s say, when you want to go to a viewing or talk to the seller.
2. Project developer or representative
Job description: A project developer or representative should assist you when you are purchasing directly from the developer (e.g. asset and leasing management of the developer). They will provide you with the documents and other forms that you need to fill out among other things.
When you will meet them: During your research for a home and when you are actually buying a house and lot, townhouse, or condo for sale directly from the project developer.
What to ask them: There are many points you need to bring up when buying from a developer. Put them in the hot seat and ask these questions.
3. Records Officer
Job description: The records officer will check if the real estate property you are buying has not yet been owned by anyone. In addition, they will verify if the property title given to you is authentic or not.
When you will meet with them: Due diligence is a crucial part of the homebuying process. You need to visit the Registry of Deeds, where the property you are buying is located, to ensure the title is not fake.
What to ask them: Check out these things you need to look out for to detect a fake land title and verify it with them.
4. Real estate appraiser
Job description: The appraiser will determine your property value based on the comparable sales price within your neighborhood, among other things.
When you will meet them: After you submit your home loan application.
What to ask them: You can “help” the appraiser assess your home value by providing information that he or she might miss out. For example, you can boast about the bigger living space your house and lot for sale has compared to the other homes in your street.
5. Loan officer
Job description: A loan officer could be a representative of a bank, government agency, or a credit facility. He or she will discuss with you the type of loan you can avail based on your income
When you will meet them: When you apply for a home loan. This is after you’ve completed your payment for the initial downpayment.
What to ask them: What is their process when you apply for a loan? What are the requirements needed and corresponding charges to pay to apply for a housing loan?
6. Lawyer
Job description: Your lawyer, particularly one who specializes in real estate law, can help you draft the contracts, verify the fine prints, and simplify the terms of agreement for you in official documents, like in a contract to sell.
When you will meet them: It is important that you have acquired the services of a lawyer before you finalize the purchase of a property, although not necessarily required. They will be the ones who will double check the details of the agreement as stated in the legal documents and check for loopholes and other pitfalls that you may encounter for failing to comprehend the content of the contract.
What to ask them: Discuss thoroughly the stipulations in the contract. Make sure that they are able to simplify legal jargons and real estate terms for you.
7. Home inspector
Related article: Home Inspection Quick Guide
Job description: A home inspector will assess your property and identify issues and concerns about the integrity of your property as a whole. Though getting an inspector’s services is not required, hiring a professional to check your home specifications (ex. electrical wirings) will make you feel more at ease and secured in your new home.
When you will meet them: Once you’ve purchased a home, you should have it inspected before it is turned over to you so that the property developer or seller can make the necessary repairs or improvements.
What to ask them: Properly identify issues that need to be addressed immediately. You can also download this punchlist and conduct the inspection by yourself in the presence of your broker or sales agent or a representative from the condominium property management office.
8. Insurance company representative
Related article: FAQs Home Insurance in the Philippines
Job description: An insurance representative will assist you in processing your requirements when you need to get insurance for your home.
When you will meet them: After you’ve bought a home, you can get a home insurance to further protect your real estate investment.
What to ask them: There are different types of property insurance. As such, you have to ask what insurance package is ideal if you are getting a house and lot or a condominium for sale. Make sure that you understand the coverage offered in the insurance, like coverage for fire and/or other related incidents or coverage for natural phenomenon like earthquake, flood, or malicious damage.
9. Movers
Related article: Moving In Checklist
Job description: They are responsible for moving and transferring all your things (home furniture, decorations, and other stuff) to your new home.
When you will meet them: Most homebuyers will hire a moving company to transport their furniture and other home items since they have the equipment and tool like moving trucks.
What to ask them: Work out a proper schedule with them. Ask them on the onset what are their charges as well as the coverage of their responsibilities. If you have unnecessary stuff, you can ask if they can take out the things you have decluttered from your old home.
Not sure what paper trails should you have as a new home owner? Learn more about the legal documents homeowners should have.
