Archive for the ‘Buying A Home’ Category
How many times have we considered what happens if you stop paying the Community! Do the same rights as are acquainted? What process can continue against the defaulters? Most communities have some neighboring homeowners defaulting. The existence of these can cause serious damage throughout the Community and its left action could lead to paralyze or works that you can not close deals. In the Community’s interest that somehow the non-payment leads to a loss of the right to vote in the Neighborhood.
The payment procedure is a legal procedure which seeks to require the payment of dues owed. To this end, the residents themselves through a board must approve the settlement of money due and detail the defaults. The next step is the assessment notice in the home that once gave the defaulting owner. By law just a notice on the bulletin board of the residents for a period of three days. After those three days, the President of the Community can begin the process for payment, for what must go to District Court or lodge a complaint.
It is then followed a period of arguments for the defendant, and finally, the Judge decide. This process allows the delinquent payment has no vote at meetings of the Community, although it can have a voice.
It is also important that the buyer of any floor, before signing any papers, find out if the owner is selling debts to date with the Commonwealth of housing for sale, and that these debts should not be cleared before they are affected housing, so the new owner would become the debtor of previous defaults.
If you’re about to buy a second hand house, be careful and not pick at the bait of the seller. Here are some tips for getting the prices right.
Jump on now and do not hesitate
This is like the driving theory test, as you start to doubt you take it wrong. Do not think it’s best to wait until tomorrow to be cheaper, because that no one can know. And if you’ve bought a house, nor martirices you with that assumption that they had waited a couple of months.
Bargains, having Hayley
As the witches, the bargains are, but of course there are a number of factors such as luck and being in the right place at the right time. In any case the economic crisis has caused many people want to sell, almost get rid of some floor either because they can not afford it or because they have several and have no choice but to shed weight. They want to sell, many at any price because it is urgent, and you want to buy, so it piques the first hook.
The old craft of bargaining
Do not be ashamed because you think that the seller will have to put the price when looking for the greatest benefit? Do not grab at the official price that gives you, because then you will be the buyer that everyone wants to be ever docile and saying yes to the first thing offered. They want to sell NOW, so take advantage of this situation and offers at least 20% less than the initial amount, because you do not lose anything by trying and have much to gain. Do not let the deal in your hands.
Move a lot
If you already have designed the area in which you want to live, move in it and, even if you do not attract story, go to visit them and ask the price. So you have a solid reference the average price on the street or in that area and know whether the price they ask for the floor that you like is very inflated or not.
Price per square meter
Some websites of real estate ads now include this service for calculating the square meter in the area. What they do is compare and take the average price of all apartments that are offered on its website and applications from the same area or district. Knowing how much is more or less, the price per square meter, you will know if the price floor that you meet or not to reality.
Official agencies
Another way of getting the prices right is to go to any housing offices that depend on your municipality or your community autonomously since one of the characteristics of these official agencies is that they prevent the seller will pass “three people” with the selling price. And is that a requirement is to adjust the price as possible to reality. Furthermore, the community or town hall act as intermediaries in the deal, a way to avoid surprises later
Beware of mortgage
Do not be misled by the good momentum, the benchmark for most mortgage loans that are granted. For though the current situation is good, will not take long to change. So if the monthly fee to pay at present seems very fair and you get to it with difficulty, imagine how you will spend the time when interest rates go up again. So be careful when calculating the monthly mortgage, get in the worst case and Place it in an affordable amount.
Following today’s decision unanimously in the Senate, referring to the removal of soil clause included in mortgage contracts, Ausbanc wants to show publicly welcomed this initiative and that the clause, which prevents mortgage although lower than the Euribor do so, constitutes an abuse by the banks, which harms the economic interests of consumers. As published in various media, the Senate has already approved the deletion of the clause in mortgage land. This clause, which apparently existed since time immemorial, it has become fashionable since our dear Euribor has decided to take a vacation and lose miserably. Of course, this comes to them fatal banks, so they’ve had to resort to this clause that imposes a minimum at which the transactions are tied, no matter which reaches values.
I do not know what you think, anyway Congress has to approve it, but if it goes ahead it seems that banks will have to seek other tricks to gain right?
This type of clause provides that in the writings of some mortgages there is a paragraph which stated that although the Euribor lower and lower, the minimum rate to be applied shall be 2%, 3% or even 4.5%.
The block Senate urges the Government to remove the soil clause mortgage:
- The Upper House plenary session this morning approved a motion by the parliamentary group in which the Government claims the implementation of measures to prevent the abuse of some banks in the review of mortgage loans. The ground clause, which prevents down mortgages, has focused criticism from consumer associations in recent months.
- The initiative passed the Senate enforces amended text of the General Law for Protection of Consumers and Users (Royal Decree 1 / 2007 of 16 November), which provides for exclusion of unfair terms.
- It also calls for improving consumer protection in financial services proceeding to ask the Bank of Spain the development and referral within three months of a report on the existence of clauses in mortgage contracts that limit the rights of users , identified the lack of reciprocity and proportionality.
Institutions know that never reach the ceiling of 10% set their mortgage contracts, along fixing soils of 3% and 5%:
- In addition, claims to establish the effective translation of declines Euribor quoted at 1.247% – the share of mortgages, so that people look better when the Euribor contracts fall as the current rates.
- Senator the DB by Segovia, Francisco Javier Vazquez, was pleased to be able to reach an agreement that will benefit two of every three citizens who have mortgages, if the Government complies with the constitutional obligation to implement the mandates Parliament.
- During his speech, echoed consumer groups and users for months denouncing the existence of mortgage terms that prevent users benefit from as low as Euribor today, because many of the contracts signed in ceilings years contain 14% or 15%, that financial institutions know that will never be met, while the soils were between 3% and 5%.
A non-advertised
- The popular senator criticized that such clauses did not contain advertising of loan contracts and in many cases were not warned consumers, being able to have incurred a lack of transparency in the inclusion of clauses on the type of imitative interest “.
- Thus, the popular parliamentarian denounced the practice of some financial institutions, with at least dubious interpretations of legislation to protect consumers and users, prevent impact contract Euribor downs of mortgage loans.
- “These practices may be considered unfair within the banking sector, since its purpose is to prevent mortgage fees are reviewed in their entirety Euribor declines,” he said.
- Vazquez warned that such practices may violate the General Law for the Protection of consumers and users that establishes the exclusion of unfair contract terms.
As important as knowing how to negotiate a mortgage is to know all expenses that will affect the formulation of a purchase and sale, and although for practical purposes in most cases be the same bank that you will spend a minute of the manager in charge , it is worth that ye ye that ye may know in advance which are the same and, of course, consider whether you are interested in who you hire to do the necessary steps.
Expenditure
Valuation fees
Assessment is made of housing mortgages, as required by law to mark this assessment will be taken by the Bank as a reference when grant the amount requested. Generally, the amount granted to us will be between 80 and 100% of that valuation.
Insurance
It is normal to have to make a disability insurance or death, so if you happen one of these two cases would be the insurance that would take over the outstanding amount of debit. Also usually done, but not required, with home insurance to cover any eventuality that may happen to the mortgaged property.
Cost
These are the expenses incurred in connection with the handling of the sale of housing, its subrogation, mortgage cancellation, etc. Processing includes the Land Registry, the cost of completing the Transfer Tax in case of sale or of Stamp Duty in the case of mortgages.
Taxes
Apart from taking into account the VAT, or in the Canary Islands IGIC, we must also take into account the ITP for purchases of existing homes and new housing IAJD.
Land Registry
Is the public body responsible for keeping a record of all real estate in the country, whether rural or urban. He will have to go when looking for a home second-hand for a simple note to find out if it is free of charge or not.
Notary
Notary is legally certifies that the public document which notes the operation performed. It formalizes and subsequently a deed must be recorded in the Land Registry mentioned above.
It is time to invest in a home. We want to buy a house and we know what it is. But as important as knowing exactly what we want to live, is known throughout the mortgage offer on the market. Keep in mind that our future is in that mortgage, which will be years that we will pay it, and that what we get now negotiate and defuse before signing it, will revert to our benefit in the future. It will be a game between two contenders, in which each within its capabilities, endeavor to bring the rope to his side.
Mortgages
Preliminary
Always remember that you are the customer and banks you live, no matter how small you are. Do not go ever with a passive or proving that you need that money. Always remember that the bank competes with other banks and that therefore, everything possible will not remain with him. If he sees you hesitant or unaware of the topic, they will take the dominant position and take the lead.
For all that, the first step that you give to start all the mortgage process is to know the offer on the market. Probes. Move by Internet. Find out what each bank offers and what you can ask. Be clear about the amount, term and interest with which you can play, because that will give you security and will face the business of the bank, he will see with different eyes.
Request for mortgage offers
When they may know the existing mortgage offer and what each bank offers, he conducted in person at branches. Enter through the security door and say what you want. Remember, active attitude, the singer’s voice must carry you always.
Once in the branch hear what you offer, but never at this stage of listening to offers, aceptéis no. What you see is not anxious to close the deal. You will have to know basically the end fees, early termination of the early repayment terms and interest rate, and, of course, what the bank needs to access a better interest rate. That is, keep in mind that the more you get in that bank assets, the more likely it is that the differential. Salary paid directly asked of you probably, two or three bills, cards, life insurance and even home insurance. Ideally at this stage is to search for offers different deals 10/12 to study quietly at home then. Begin with your own bank because to do so, fidelity is a degree to be considered and a major asset in the future negotiations. But also within the same bank, attended several branches because they might surprise you to give you notice that there are managers or business with which it is easier to “bargaining” with other, either because they have to achieve economic targets or by the very attitude of the person facing us.
Selected Offers
Of all the initial offers must stay with a 3 / 5 of them to proceed to negotiation. Going in order of importance, as you see you can agree you better. The negotiations will be tough, but you must know the points where you can “bargain”. Generally, the fee, the partial cancellation and the differential are the points that you can try to reduce. Use your letters one by one; nothing to remove all the guns at once, but above all, show that you are interested to be faithful to the bank and that you involucraréis in your business, offering payroll card or receipts. This is your best weapon. Manejadla with caution.
Finally, seek the appropriate time to demonstrate that you know the market offers, and let it drop without acrimony conditions that other banks will offer.
Closure of the transaction
Already have the 3 / 5 final bids on your hands after bargaining. I must decide calmly at home. Choose one where you feel most comfortable, where you give more long-term safety and return to the bank. Try one last bargain on the grounds that you come to close the transaction.