1. What should FAM disclose to a potential buyer?
A potential buyer should know everything about the property. From the ownership, to when property was constructed, to recent renovations, defects of the property and even information about the neighbourhood in which the property is situated. Amenities in the neighbourhood, security are of top most interest to most potential buyers.
2. How much is my home worth?
To know the worth of a property one needs to contact a property appraiser or a valuation officer otherwise called a valuer to assess the value of your house FAM has valuers to cater for that. Again, one can determine the value of the house with comparable properties.
3. Why is the assessed value different than what you say my home is worth?
In real estate, value is not the same as worth. Value of a property is arrived based on market values and the comparable method is mostly used to arrive at this. Worth on the other hand is mostly the individual or the seller’s perspective of how much the property should be traded for. In calculating worth, the investment method is mostly used. The difference is based on the methods chosen to arrive at the figures. However, the difference between value and worth of a particular property should not vary greatly.
4. Difference between a list price and a sale price?
• List Price-The list price is the price you list your house for when you put it on the market.
This price can change during the listing should you opt to lower or raise the price before it
• Sale Price-What your house sells for is the final sale price. The final sale price of similar
comparable properties in your neighbourhood that were sold within the last six months is an indication of your home’s current value.
5. Should I price my home higher to leave room for negotiations?
Pricing your home higher is not a good idea. It usually discourages potential buyers from making an enquiry. In making a sale, always remember that you’re the boss. You decide
which amount will be good for you. However, seeking the advice of a valuer on pricing your property is highly recommended.
6. How much commission does FAM charge me?
We charge our clients a maximum of 5% of the final sale price minus tax.
For a rental property, we charge ONE MONTH commission off the 12-months paid by the rentee (client) to the owner. (THIS DOES NOT APPLY TO ALL PROPERTIES, CHARGES ARE SUBJECT TO CHANGE)
7. How to respond to low ball offers?
Simply put a low ball offer is making an offer that is low enough to be seen as an insult to the seller. However, people who make low ball offers can turn out to be the buyers of the estate.
Here are a few ways to respond to low ball offers;
• Focus on the goal-selling a house
• Control your emotions
• Always remember you’re the boss
• Always respond with a counter offer
• Review comparable property sale prices
8. How does the inspection phase work?
A customer is expected to book an appointment with us at least a day to the inspection day. We will tell the client the time and location. Inspection with a potential client is free of charge. The property in question if land, should be cleared of weed to allow clear view of property and houses should be cleaned as pictures/videos may be taken if properties meet our requirement
9. As a potential buyer, what are my responsibilities?
A potential buyer is expected to do a diligent search at the Lands Commission to know the legal owners of the land however, FAM has persons responsible for that in order to save you time and energy. A potential buyer should request for a site plan to the land he/she wants to buy to conduct the search at the Public and Vested Land Management Department (PVLMD) and Survey and Mapping Division of the Lands Commission. This should happen before the negotiation for the property starts.
10. Difference between a titled land and registered land?
Land Title Registration confers on the individual ownership of land. When a land is simply registered, it is the transaction that has taken place between a buyer and a seller that is recognized and this does not confer title or ownership on the individual.
A titled land has gone through all the process in the Lands Commission and a final title
certificate issued to the owner of that property.
A registered Land is a land that is still going through the registration process at the Lands Commission but not yet completed.
NB: A titled land is more expensive than a Registered Land and also has a low-risk to litigation.
11. What if I default payment at stipulated time, what will be done? Will I get an extension of time or penalized?
Clients are given 21 days from the expiry of the agreement to either complete payment or agree on an extension with interest. If after these there has not been a sign of good will to pay, FAM reserves the right to terminate the agreement, relocate the client to a different property or refund part of the
monies paid exclusive of administrative charges.
12. The right time to buy a house?
Whether you’re buying the house as your primary residence or for speculative reasons, the right time to buy a landed property is NOW. Landed properties appreciate with time. It is true that there have been some cases where it has depreciated than appreciated. But those cases are very rare.
13. Difference between brokerage fee and commission?
There is not much difference.
A brokerage fee is a fee charged by an agent or agent’s company to conduct
transactions between buyers and sellers. The broker charges the brokerage fee for services such as purchases, sales, and advice on the transaction, negotiations or delivery.
14. On visitation to view property, am I supposed to be charged?
At the moment we DO NOT charge our clients for visiting any said property. It is FREE
15. On renting a property, am I supposed to pay security deposit if it is not a furnished house or apartment?
Whether a property is furnished or not security deposit would be paid subject to review by the owner though.
16. What is the average Lease period for Land use in Ghana?
A lease is usually for averagely a period of 99 years or less depending on the use of the Land that is either residential or commercial.
17. Square feet. All about it and measurement?
To obtain the square feet of a room or land, measure the length and width of the property, and multiply the two. Lands in Ghana are measured in square feet. The standard one plot-sized land is now 70ft x 100ft square feet.
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