Guide To Buy Property In Cambodia
Generally speaking, however, a property purchase is a large investment. Also, Cambodian people now generally require a loan or mortgage to finance such a purchase:
We will tackle financing in a moment. But first, let's start by considering how much you can afford. To determine a reasonable price, you need to consider the amounts you intend to fund, whether using your existing assets or a loan/mortgage.
Planning and Funding
* Good location
* Property pricing
* Supportive infrastructure
* Healthy environment
Now that you know how much you can afford, the next step is to gather information on properties that meet your requirements and priorities:
- cambodialand.com-listed agents offer a great selection of properties with photos and floor plans, mainly in the city center. It also covers many, many more areas throughout Cambodia.
- cambodialand.com-listed agents make it simple to search for properties that suit your needs and wants. Properties Search. Once you find properties that interest you, please contact listing agents and they will get back to you by phone or e-mail with specific details and availability. AND if you wish to visit the property, no problem! They will arrange everything for you and accompany you on your visit.
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Once you find properties that interest you, visiting them is the next extremely important step. The listing agents will be available to schedule visits for you and then pick you up at a convenient meeting point to show you the property.
Basically, if the property is vacant, the bi-lingual agent can arrange a visit at almost any convenient time for you. If, however, the property is still occupied, we will generally need a working day or two, prior to your desired visit date to schedule a visit with the seller.
After you have decided on a property, you need to submit a "purchase application form". Completing the "purchase application form" notifies the seller of your intention to purchase the property through the listing agent. This is important for the Seller to know that the listing agent can work on your behalf.
- Your offer price
- Payment method
- Contract date
- Delivery date
- Others (upon request)
The listing agent will help you negotiate all the details (including the final price) with the Seller. Once you and the seller have agreed on the major conditions, a sales contract can be prepared.
Prior to signing a contract, the listing agent and lawyer will review all the content with you. The listing agent and lawyer will help you to review certain contractual issues with the Buyer and Seller at the time of purchase. Such issues include an overview of the property as of the contract date, the agreed-upon payment method, compensation for contract violations and the owner's rights.
After the required explanations, the Buyer and Seller will acknowledge their agreement and will sign and seal the contract. Upon signing the agreement, the Buyer shall make a partial deposit. The amount deposited at this time will be deducted from the agreed-upon final sales price.
Housing Loan Application
In the event that you intend to fund your purchase with a loan/mortgage, you need to apply to an appropriate financial institution, right after signing the property sales and purchase agreement.
Each financial institution applies its own specific loan approval process and requirements and these can get complicated quickly. The listing agent can assist you by introducing suitable mortgage lenders and lending plans to you and by helping you through all the steps with each potential lender. Each financial institution will require that you complete, sign, seal and deliver their specific loan application form.
Since it is very common for potential Buyers to sign the property sales and purchase agreement BEFORE obtaining official approval from a financial institution for a loan, a special clause is necessary. The clause allows for, "canceling the agreement in the event that the Buyer fails to obtain a housing loan". If a potential Buyer does have to cancel this, they need to notify the Seller through an agent. In this case, the property sales and purchase agreement usually stipulate that the whole deposit shall be paid to the Seller.
Closing and Transfer
Once a housing loan is approved, the Buyer pays the remaining sum of the sales price to the Seller and the property is transferred to the Buyer. The agent will arrange the time and place for the closing. If the Buyer is using a housing loan, it is quite common to hold the closing at the bank which offered the mortgage.
The Buyer pays the remaining sum and other expenses, and then receives the keys and necessary documents for the property. Normally, a Legal Scrivener (arranged by the agent for the deal) processes the title transfer to the Buyer and necessary related registration documents).
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