Acquiring real estate and becoming a homeowner in Senegal is a well-established process. Indeed, buying a house represents a significant event in everyone's life, whether for personal use or for rental investment. It also often represents the building or expansion of one's personal wealth. In this article, we will explore the steps involved in becoming a property owner in Senegal.
1) KNOW YOUR BUDGET
Whether you opt for cash payment or bank financing, establishing a budget is a crucial step. Understanding your budget will allow you to determine your financial aspirations. This is precisely the advice real estate professionals give to potential buyers.
If you opt for a loan, you'll need to know in advance the amount you can borrow and the monthly repayments. Therefore, contact your bank or even a mortgage broker. They can run a loan simulation for you based on your income, debt-to-income ratio, and other factors. Keep in mind that in most cases, a security deposit of 5% to 10% is required when purchasing a property. You'll need to plan for this beforehand.
2) RESEARCH
Now that you know your budget, you can start looking for your dream home in Senegal. Several options are available to you:
- You contact one or more real estate agencies , who can then offer you properties based on your search criteria. They will show you one or more properties on the same day so you can compare the different offers.
- You can also provide your search criteria to a broker . Provided they are reputable, they will also suggest properties from their personal network (sellers and/or agencies).
- Classified ad websites are also a good way to find a wide range of offers. Always check the source of the offer, specifically whether it's from an individual or a professional. The appearance of the offer will help you avoid scams .
- Real estate portals will be of great help to you. These platforms are entirely specialized and will offer you verified and certified listings.
3) THE PURCHASE OFFER
So you've fallen in love with a house that meets your expectations and budget. Now it's time to make an offer to the seller. You have every right to negotiate and not include the starting price in your offer. For example, if you believe the property needs renovations, you can certainly factor those costs into your offer.
If you're interested in a property listed by a real estate agency, it will be up to the agency to negotiate with the seller. With their experience, they should be able to find a mutually agreeable solution. However, your offer must be reasonable and reflect current market conditions.
4) SALES AGREEMENT
The offer has been accepted. Now it's time to go to the notary for the preliminary sales agreement crucial step to becoming a homeowner in Senegal, and neglecting it poses a significant risk. Firstly, you will not be protected by law during the transaction. The notary is a public official and is the only one authorized to formalize the procedure.
You have the option of choosing your own notary, who will not necessarily be the same as the seller's. The procedure will therefore involve two notaries.
When signing the preliminary sales agreement, several elements relating to the property itself will be mentioned in the document: the characteristics of the property, the inventory of all equipment, any co-ownership rules if the property is in a residence.
If you have opted for a mortgage, a contingency clause for obtaining financing will be included in the preliminary sales agreement, specifying a deadline for signing the final deed of sale. This period will allow you to complete all the necessary steps with the bank to secure your mortgage.
Finally, it is at this stage that you will need to pay the security deposit mentioned above, by check or cash. If, through your own fault, you fail to purchase the property despite all the previously stipulated conditions being met (last-minute cancellation), this sum will be paid to the owner as compensation.
5) SALES CONTRACT
This is the final step before becoming a homeowner in Senegal . It also takes place at the notary's office. It is only possible if all the conditions established in the preliminary sales agreement are met. It is essential to carefully verify that all the elements stipulated in the previous step are still present in the final document.
Visit the property one last time. The idea is to check if it is still in the same condition as when you visited it, and that any pre-recorded items have not disappeared.
Everything is signed, you are officially a property owner in Senegal ! You can now enjoy your property.
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