How to pay for a house and what are the steps to pay when buying a house ?
Let’s try to refer to the most popular payment methods today. And find out, during the checkout process – what you need to keep in mind!
Popular forms of payment when buying a house you should know
Currently, there are many ways to help you pay. Just go online and look up the keyword “how to pay for a house ?”, there will be many different results. However, let’s try to refer to the 2 most popular home payment methods below
1. Pay for the house by paying in cash
Cash payment is the most traditional form of payment. This form of payment ensures that the money goes to the seller and the product is given to the buyer. These forms will help shoppers feel more secure.
However, the money to buy and sell real estate is often a huge amount. Therefore, if you pay in cash, it will be very inconvenient. Even carrying too much cash also makes you vulnerable to unnecessary risks and unsafety.
2. Paying for a house by bank transfer?
Bank transfer will have great advantages when you need to pay large amounts. The transfer information will be recorded by the bank with the time and date of the transaction. However, the transfer will take two different forms
That is, you do not need to go to the bank to transfer directly, just do it online. You only need to register for an internet banking account (a form of online payment support) to operate. Then, transfer to the merchant bank information the transaction amount.
How to pay for house purchase and sale via bank?
You will have to go to the agreed bank to make the transaction. When transacting at the bank, you will have a transfer transaction record. The transaction information will also be easier to store, avoiding unnecessary risks later.
Particularly for this form of payment, you should make it after fully verifying the information. Avoid the case where the seller is not reputable, disputes arise.
Steps to pay when buying a house with 3 steps to keep in mind
Buying and selling real estate is not without risk. So how to pay for a house safely, you should note these 3
1. How to pay for the house when paying the deposit?
During the real estate transaction payment process, you will have to pay a deposit in advance. This deposit will be paid at the People’s Committee of the commune/ward, or the Notary Office. The deposit payment contract will be signed, agreed and stamped for confirmation.
The initial deposit amount is usually in the range of 10% of the trading asset value. You should limit deposits to large amounts, unless you determine its incentive. If the deposit receipt is handwritten, a witness is required. Witnesses should choose reputable people such as the leader of the residential group, the chairman of the commune, etc.
2. How to pay for the house purchase after signing the contract?
When paying the transaction amount, you should not pay the full amount due. According to experts, you should not pay more than 90% to 95% of the value of the house. Because, after the two parties sign the contract, they will carry out tax declaration or registration procedures.
During the mortgage process, the seller will have to pay about 2% of the value of the sold property. This amount is classified as personal income tax. The buyer will have to pay a registration fee of about 0.5% of the purchased property value.
Not paying more than 90% will make your transaction safer. You will avoid the risk if the seller does not fulfill all tax responsibilities. Or in case the seller does not support you with the paperwork as agreed.
3. How to pay for house purchase after tax declaration and registration as house documents?
After completing the above two steps, you will proceed with the registration of real estate documents. Normally, the receiving department will record the information and make an appointment 45 working days. After completing this procedure, you will pay the remaining amount as agreed. The two parties close the real estate sale and purchase transaction.
In general, learning how to pay for a home will make you safer. You will not spend too much time waiting, safer.
So, what should you pay attention to when buying a home?
Choosing the right home is both difficult and easy. However, for those who do not have experience in buying a house, immediately refer to some of the following notes
How to pay to buy a house also needs financial consideration
This is very important, as it affects the house you want to buy. You need to know how much money you have to invest? If you buy in installments, will you be able to pay according to the plan?
In particular, you should not choose to buy a house beyond your financial ability. Because this easily leads to unnecessary troubles in the payment process later. You won’t even be able to repay the loan.
Choose the most convenient real estate location
If your financial ability does not allow you to choose central housing locations, you should search in the suburbs. Besides, you need to choose convenient locations for the movement. Must be convenient for commuting to work, school, moving to external utilities…
Read the seller’s information carefully
If you are buying by project, you should find out information about the investor. If you are a real estate developer, you should carefully research information related to the landlord. Because, real estate is a big asset and also contains more risks.
Having a reputable landlord or project owner will help you buy better quality real estate. You will also not need to worry too much about the paperwork involved. The buying and selling process is also faster and more efficient.
Carefully check the information of relevant house documents
If you are buying a home from the owner, ask the seller for the house documents. Specifically, such as certificates of land use rights, purchase and sale documents, etc. If buying a house from a project, it must be a business registration permit, a construction permit, etc.
If buying from a second person you should ask the seller for a full contract of sale. The identity papers of the seller, and at the same time, carefully check the information contained in the papers… Real estate documents will ensure the legal elements of the buyer, so they will not be negligent.
>>> See more: Procedures for buying and selling a house and 5 notes when choosing to buy a house!
Above are sharing about how to pay for a home safely. At the same time, some basic notes will help you choose the most effective and fastest home.
Wish you quickly find the right home and the safest payment transaction!
Van Anh – Real Estate Information Analyst