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Buying property is a big decision and expense, and can be complicated if you don’t know what’s what. Scorpion explains the terms you need to know.
Before you can even consider the type of house you would like to purchase, you will need to do an affordability assessment with the bank. This is an assessment of your ability to afford monthly instalments based on your income, and will result in the bank giving you what is called an “affordability score”.
If your score qualifies you for a home loan, you will need to know the following terms:
When you are ready to buy, you will need to be familiar with:
Once the offer to purchase has been submitted, you should know:
Scorpion’s can help with purchase and sale agreements and any concerns you may have surrounding these. Need help? Click here.
NB: Scorpion can offer advice, but does not deal with conveyancing matters. You will need to hire your own conveyancer to handle your property transaction.
You may also be interested in:
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* This is only basic legal advice and cannot be relied on solely. The information is correct at the time of being sent to publishing.
Date added: 23 June 2023
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