Funding & Planning
The first step is the planning and funding state and there are a number of things that you need to consider when buying property in Cambodia. These things include:
- Price of the Property
- Surrounding Infrastructure
- Surrounding Environment
- Complete Legal Documents
- Location
Buying a property is a large investment and most people will need to have a loan or a mortgage to pay for it. Therefore, it’s important to consider how much you can afford when funding a property purchase and this includes how much you intend to fund yourself and how much you intend to fund with a mortgage or a loan. Moreover, you need to think about additional costs of purchasing the property itself including registration costs, title transfer, legal fees and other fees.
Choosing the Right Property
After you have considered the amount that you can afford to spend on a new property, you need to collect some more information and start looking for properties that are suitable for your requirements.
The first thing that you should consider is the type of property that you’re after. This could include a flat, villa, land, condo, etc. Secondly, you need to consider the purpose of the property. Are you buying it to live in, be it an investment or will it be a second house? The next thing to think about is the location and the surrounding areas. It is close to schools, hospitals, banks, entertainments, markets or your workplace? You need to consider each of these things. We can provide you with information about the various areas in and around Phnom Penh.
Secondly is the exclusive agreement and here you can only use one agent to advertise your property. Here the agent must report any responses to you every 2 weeks or sooner.
You should also consider things such as the year of the building, whether it has a space for parking and other things that you require from a property.
We have a range of properties in our portfolio and we can provide you with properties that meet all of your requirements and more. We make it easy for you to search properties on our website so that you can easily find suitable properties.
After you have found a suitable property, contact directly to the agent who advertise the property for more information and to arrange a viewing. You can contact the agent by phone or email about a specific property or your requirements and they will do the best to find suitable properties for you. If you want to visit a property, give the agent a call or send an email and they will arrange a viewing at a time that is suitable for you. They will even accompany you on your visit and will be on hand to answer any of your questions.
Visiting Properties
When you have found some properties that interest you, then next step is to visit them. Most agents are very flexible and can schedule visits at a time that is most convenient for you. They can pick you up and take you to the property at any time of the day ..
Most agents are bi-lingual and can speak English and Khmer. If the property is vacant, they can take you to it in just a few hours. However, if the property is occupied, they may need a to arrange a time that is both suitable for you and the seller.
Making an Application
When you have found a property that you want to buy, you will need to make an offer. This will give the seller notice of your intention to purchase the property and you will need to include the offer price, the payment method, the date you want to transfer the property and any other requests that you may have.
Agents will help you to negotiate everything and try to get you the best price. Once an agreement has been reached between yourself and the seller, they can start to prepare a sale’s contract.
Contract
Before signing a contact, you should review it with agents and a qualified lawyer. Most of registered and experienced real estate agents have contacts for experienced real estate lawyers if you don’t have one yourself. Together they can review the contract for any problems and protect your rights.
After reviewing the contact, if both parties agree, the contract will be signed and sealed and the buyer will be required to make a deposit. This deposit will be deducted from the final agreed sales price of the property.
Loan/Mortgage Application
If you need a loan or a mortgage to fund your purchase, you will need to apply to a bank or other financial institution as soon as you sign the property sales agreement.
Experienced real estate agents can help you to find a suitable mortgage lender that meets your requirements and they can help you through all the steps required. Although all institutions have their own rules concerning mortgages, they will all require that you sign and seal their loan application form. After the application for a loan, the institution will usually take 3 or 4 weeks to process the loan. After it has been process and approved, you will then need to sign an agreement to finalise the process.
Generally, it is normal for the buyer to sign the property sales purchase agreement before they get official approval for a loan or mortgage. If the property is used as collateral for the loan, the title must be transferred to the buyer first. The buyer would then need to have a guarantee from the bank to ensure that they have enough money to make the final payment.
If an ‘interim deposit’ has been requested by the seller, the buyer will need to pay it on the date stipulated on the contract. The seller will issue a receipt for the payment and it will be deducted from the final sales price of the property when making the final payment. In the process of transferring the title, there are also a few fees involved:
- Bank Charge = 0.5 - 1% of total amount of loan approval.
- Title Deed Burden = $200 - $300
- Lawyer Fee = $200 - $300
- Property Valuation Certificate = $150 - $500 or more, depend on size and location of the property
- Fire insurance = Depending on size of the property
Transfer of the Property
Once the housing loan has been approved, the seller will require the bank to issue a letter of guarantee. After the bank has issued the letter to the seller, the seller will need to start process of transferring the property title to the buyer.
Both the seller and the buyer will need to sign and seal the registration forms and it usually takes between 4 and 6 weeks for the transfer title certificate
After all processes are completed agents will arrange the time and place for the closing. Usually, if the buyer is using a loan, this meeting will normally be held in the offices of the bank that provided the loan. After the final sum and all associated expenses have been paid, then the buyer will receive the keys, property tittle deed and all necessary documents of the purchase.
Therefore, it’s very important to ensure that all the necessary documents have been prepared so that the transaction and avoid any undue delays. These documents include:
- Property Tittle Deed (original)
- Identification Card (original)
- Family Book
There are also other fees that need to be paid and these include:
- Agent’s Commission
- Registration Fees
- Legal fee (if any)
- Other fees as applicable
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4. Amount in request………..
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Hello Everybody,
ReplyDeleteMy name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of S$250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of S$250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.
BORROWERS APPLICATION DETAILS
1. Name Of Applicant in Full:……..
2. Telephone Numbers:……….
3. Address and Location:…….
4. Amount in request………..
5. Repayment Period:………..
6. Purpose Of Loan………….
7. country…………………
8. phone…………………..
9. occupation………………
10.age/sex…………………
11.Monthly Income…………..
12.Email……………..
Regards.
Managements
Email Kindly Contact: urgentloan22@gmail.com