Reason 90 - Your Real Estate Agent Helps You Complete Pre-Closing Scrutiny

 

Reviewing the closing figures of a property is a great responsibility for which you need to be prepared before deciding to buy. Remember, there are various legal pre-requisite you have to complete and examine beforehand.

Especially in the case of a property encumbered in a loan, pre-closing scrutiny should be undertaken with partners in the field. The final state of the account should be determined and all details shall be documented property to avoid glitches in the future.

If the property involves multiple owners, you make sure that all parties must be represented during the documentation process and while documents must be signed duly by all parties. The property’s purchase agreement cannot be closed until waivers have been signed and issuance of letters shall be distributed to concerned owners.

After notices have been sent to concerned parties, the property may remain open to the market, until such time that the court finds it reasonable for the estate’s beneficiaries to put the property into final distribution.

In case of petition, decisions shall be put in the hands of the court. Petitioners shall provide duly required documents to support their claims. The real estate property must be closed, before a representative must file a Petition for Final Distribution.

Petition is very essential and it must be presented carefully, to include all relevant information about the administration of the estate, the actions taken during administration, the property remaining on hand to be distributed, and the names, addresses and relationships of the beneficiaries who are to receive property.

As for your part, review all necessary documents. Find out if all receipts and disbursements have been waived. 

 

Buy, Sell, Rent, Invest, In Singapore

 

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
Fax: (+65) 64021826

mindy@mindyyong.com

 

KF Property Network Pte Ltd
CEA Licence Number : L3008430D