Check List of Steps in Acquisition of Property - Part 2 of 3.

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The three videos are primarily intended for novice investors.

At the end of every meeting with an investor, after the decision had been made
And want to move forward and do business, the first question:
What do you do from now on ?!

So we decided to make videos to explain the steps
From the moment there is a decision on a deal until the deal is working
With a tenant inside.

Highlights of the video:

5. Transfer of funds to the trust company (Teitel Campani).
Regulation in the country requires a signed contract to transfer
Overseas funds.
If the transfer of funds is to an LLC overseas,
So the bank sometimes requires a company stamp.
The demand is not justified and can be handled in one conversation
Of the developer in front of the banker.

There are now options to also transfer funds through companies such as:
Koversi, TransferWise, etc.

6. The next step is the process of registering the property on your behalf.
Once you have received the HUD1 or Settlement Agreement,
No matter what you call it, you've confirmed all the numbers
And you made the money transfer - sign at the bottom of the pages and transfer
Send them to the entrepreneur or Teitel. At this moment the Teitel company will ask the seller
Sign from his side and then the funds will be transferred to him.

It is important to understand that the signature of the seller will be on the HUD1 only
After the money was in the trust company. After signing two
Parties and transfer of funds, you will get 3 documents:
A. Document signed statement of both sides.
B. A Title Insurance document that gives you insurance against any claim
Of liens.
third. A Deed document that is proof that the property is yours.
It takes time for new details to be seen on websites
So this is proof of your ownership.

Interesting point to you .. Teitel insurance is for life,
As long as the property is in your name. If the insurance company goes bankrupt,
Then it is transferred to another private ownership or transferred to the responsibility of the state.
In any case, you are protected.

7. Now that the property is in your name - insurance must be done for the property.
You can consult with the entrepreneur about what insurance is there and what is worthwhile
Take or check for yourself whether to take it or not.

8. Next step, if necessary - go in to make a property renovation.
It is important to remember that the renovation does not start right when the property is in your name.
At Jonathan, it usually takes 7-10 days for the renovation team
Entered the asset to work.
Of course, it is important to pay attention to the scheduled schedule, budget and percentage deviation from the budget,
So that the issue of responsibility for the deviation will be closed in the contract.

If there are extensions that have been agreed upon, it is important to understand that there may be exceptions
At times, there should be a Permit on changes at home. Time is changing
From country to country and of course .. depends on the extensions you ask.

Next steps in the next and final video.

Hope you received added value.
Albert and Jonathan choose real estate.

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