The purchasing of a residential property is a long and sometimes a frustrating process. There are several factors and points that have to be considered. But there are a few property types that have a much more complicated procedure.
What can be understood by a Deceased Property?
One of this type of property is Deceased Property. This means that it is a residential house whose owner is dead. The house is put under the care of trust until the heir or inheritor claims it. If there is no one to claim it then it is sold through auction or Stop renting to own homes.
Are there any advantages to buying it?
Everything has its advantages and disadvantages. Same as with a deceased property. People often hesitate to buy these kinds of houses because there are complications in it. But if you look closer the advantages are more than the drawbacks.
- As soon as it is confirmed that the property has no heir apparent or no one is claiming it; the people responsible for its sale make efforts to quickly sell the property. This is because no other person can falsely claim it.
- It has been quite often observed that the deceased property is an old mansion or villa; also it can have a large area adjacent to it. This gives the buyers an option of remodeling and even adding a few structures to the old architecture.
- The one way to buy a deceased property is through an auction; but that doesn’t mean that the buyers can’t bargain the price. As the price of the house is according to the market value the buyers will have a good opportunity to purchase the house.
What Difficulties buyer has to bear?
The buyers who are interested in the property have to face only two difficulties throughout the whole procedure. But they have to patiently bear them if they really want the property.
- As discussed in the above point that the deceased properties are old; so there is a risk that the condition of the house is very poor and no maintenance is done in a very long time. You have to look at this factor before you purchase it.
- Why is the procedure complicated and lengthy? The one main reason is that the sellers have to wait for a certain period of time so that it is confirmed that no person comes forward and claims it. The organizers have to be very sure of it.
Is Stop renting to own homes a good choice?
In order to avoid taking large financial risks; the buyers can stay in the house on a rental period and when they are satisfied with the property; they can actually buy it. There are many experts like Stop Renting Perth who can help you through.
Important questions you need to ask
The buyers need to ask the following questions to make sure that they are buying the right property.
- Are there any potential claimers of the property?
- Is auction the best choice or there are options?
- How long will the procedure last?
- Has the property any previous dues?
Proper Steps to follow when buying a Deceased Property
Although the majority of the steps of purchasing a deceased property is the same as other ordinary ones because of the nature of the complexity; the procedure becomes extended. The following are the steps of the whole buying procedure.
- The deceased property seems to be a great way to invest in a property; but you have to look into various legal aspects of it. A detailed investigation has to be done; so that you can be clear that there are no people who will come afterwards and claim the house.
- There are numerous properties whose owners die and on one is there to claim it. It is important that you find the house that is according to your needs and desires. Several websites and classified ads in newspaper and magazines can help you with the search.
- You will need professional assistance in this matter because the process of the purchase is different. The professionals who can help you are; solicitor, accountant, buyer’s agent, property lawyer, financial planner and most importantly a real estate agent.
- You have to wait for some time before making the deal because the sellers have to make sure that the property doesn’t have any heir. Once this is proved then the buyer can continue with the next step.
- In the meanwhile waiting for the confirmation; you can arrange the money for the house buying. In the beginning the buyers have to pay 20 to 30% of the total amount and then when the deal is finalized; the rest of the payment is made.
- As soon as the ownership is confirmed; the buyers can make preparations to make the deal. All the paperwork should be in order. It has to be noted that the deal you make of the house through Stop renting to own homes is different from normal ones. So be very sure of what kind of deal you are looking for?