Advices and steps for buying a property.

Landmark’s real estate agents and brokers give you all the advices and tips that you need to follow in order to buy a property in Lebanon.

You Want to Buy, Rent or Sell? Get more info

Advice and Financing

Purchasing a Property

For the majority of buyers buying a home is the largest investment of their lives. Your Landmark broker helps you set your purchase budget as well as assisting during negotiations in order to get the best price possible

What are the first steps when buying a property?

It’s important to properly analyze your needs and make sure you evaluate your financial capacity before choosing a property. Landmarks' broker can assist you and arrange for a local bank mortgage representative to meet with you in our offices.

Besides the purchase price, are there any other costs to foresee when buying a property?

Brokerage Fees(تكاليف وساطة عقارية)
Sworn Appraisal fees (If seeking bank loan)(تخمين عقار)
Land surveying fees if buying a land/lot (Irtefak wa Takhtit)(بيان مساحة-ارتفاق وتخطيط)
Insurance premiums (high risk insured mortgages)(قرض تاْمين)
Interest rate adjustment (فوائد مأوية)
Property Registration and Notary fees(رسوم تسجيل وكاتب عدل)
Home insurance Life insurance for mortgage loan(تأمين حياة)
Sales tax (if applicable)(ضراءب)
Transfer fees (if applicable)(رسوم انتقال)

What services should a Landmark broker provide me with during my purchasing process?

Searches for properties that match your criteria
Provide you with a Comparative market analysis(CMA)
Arrange for visiting properties of your choice
Offers support for mortgage financing
Negotiation and drafting of the promise to purchase
Preparing all necessary documentation
Assistance at the notary if necessary
Assistance in Property registration(Applicable fee may apply)

What should be verified during a property visit with Landmark Broker?

Foundation wood doors, aluminum windows and accessories
Roof and exterior walls for water infiltration and isolation
Plumbing, drains and electricity panel,switches and wiring (visible parts)
Heating and air conditioning units
Ceilings, floors and walls for any cracks
Insulation (visible parts)
Ventilation
Generator condition and age
Septic tank, well, sewer lines (if inspector is qualified)
Designated Parking spaces
Land, especially around building’s drain, sloping and natural vegetation Overall integrity of building structures
Common/shared areas condition (in the case of a condominium or cooperative)

The main steps for selling your house

Selling a home is a complex process. The best way to come out a winner in every way is to enlist the help of a Landmark Real Estate broker, who will assist you and identify any problems along the way.

You can count on the extensive knowledge and skill of your Landmark’s broker when it comes to verifications, evaluations and marketing.

Here is an overview of the steps involved.

A REAL ESTATE BROKER IS A VALUABLE ASSET FOR YOU AS A SELLER

Once you have chosen a Landmark Real Estate broker to guide you in the sale of your home, you will have to sign a Brokerage Contract – Sale, which will clearly establish the terms under which your broker will act as well as your rights and obligations.

In addition to being represented by a professional who will devote maximum time and effort to the sale of your property, you will have access to the protections available under the Real Estate Syndicate of Lebanon (R.E.A.L), which governs and oversees real estate brokerage in Lebanon.

The brokerage contract includes:

· A realistic asking price for your property, set with the help of your broker’s expertise;

· The obligations of your broker (such as presenting you with all promises to purchase he receives);

· Your obligations (such as providing a certificate of location describing the current state of your property)

· The amount and terms of your broker’s remuneration (commonly known as commission).

The broker’s remuneration is usually based on a percentage of the immovable’s selling price, but it can also be a lump sum. It is normally paid at the signing of the deed of sale at the notary’s office, unless you have agreed on another method with your broker.Your brokerage contract must also specify the percentage or the amount that your broker undertakes to share with any other broker collaborating in the transaction. (In most common cases it is 2.5% of the agreed upon selling price).

When you sign the brokerage contract is also when you will decide with your broker on the promotional activities he will use to encourage the sale of your property: type of advertising (periodicals, newspapers, websites, etc.), signs, open houses, etc.

Before you sign the contract, the broker will review it with you and give you any explanation you need to make sure everything is clearly understood.

RECEIVING A PROMISE TO PURCHASE

When your home is marketed effectively, you can expect to receive a promise to purchase quickly. This contract document will be used by any potential buyer who wants to make you an offer.

A promise to purchase contains several important elements such as:

· The price which the buyer is offering you for your property;

· The items he would like included in and excluded from the sale

· The Terms by which you must accept the promise to purchase.

Your Landmark Real Estate broker has the necessary skills to assess the impact of the conditions contained in each promise to purchase. He will help you analyze the information and manage the various deadlines they contain, in order to find the right balance between these and your asking price.

To avoid any problem down the road, you should reply to any promise to purchase you receive, even if you are refusing it. If one offers exactly what you are asking for, you only need to accept it and you will be on your way to selling your property. If not, you can issue a counter-proposal.

HANDING OVER YOUR PROPERTY

Once the promise to purchase or the last counter-proposal has been accepted and all the conditions and all necessary documents have been fulfilled, the next step is to make the transaction official by signing the deed of sale before a notary.

Even at this final step,your Landmark Real Estate broker will still be there for you. Ask him any questions you may have so that no doubt remains in your mind.

That’s it, your house is sold. Congratulations!

Mortgage Financing

In addition to saving you money on your real estate transaction, Landmark Broker can save you even more by helping you find the best Housing loan on the market.

Landmark Real Estate is affiliated with most best known local Lebanese Banks in order to give you the convenience and best interest rate and loan conditions. Banks in Lebanon usually provide housing loans for both expatriates and residents. The loans purpose might be to buy, renovate or build a house.

There are three types of housing loans in Lebanon:

Iskan loans are loans granted by banks in collaboration with the Public Corporation for Housing. Usually Lebanese citizen or residents with a monthly income varying between LL600,000 and LL 6,750,000 are eligible. The purchased house must be located at least 25 Kms far from another property the beneficiary own and the purchased house area must be maximum 200 square meters. The maximum amount can be LBP 270 million reimbursed over 30 years.

BDL Subsidized loans are loans that are that are granted by bank sand with interest rates made lower with the help of the Lebanese central bank.These loans usually cover up to 75% of the property value for Lebanese resident sand 60% for expatriates with an unlimited loan amount. They are granted only in Lebanese Pounds and are reimbursed over 15 years with 2 years as a grace period.

Banks Offers are the different housing loan packages offered by each bank. The criteria and conditions of such loans are very different from one bank to another. Some create special housing loans for different categories of people such as expat, doctors, army etc.

For More info: http://www.bnooki.com/housing-loans-lebanon