The Buying Process

Let us help you through the important steps in the buying process. We have prepared an overview of the process to help guide you. Please feel free to call us if you have any questions. We are here to help. Deciding to buy a home or property is one of the most important decisions you may ever make. Before you start looking seriously at property it helps to sit down and think about what features are important to you.

1. One of the best methods is to make a list of the tenor so features that you would really like in your new home. If you find a property with eight or nine of those features you have probably found your new home. Our Mortgage Calculator can help you to see just what the costs would be to own your own home including the mortgage, taxes and insurance. One of the most important considerations is location. Trinidad & Tobago is home to many wonderful neighborhoods. We advise you to go out and explore!

2. It’s a good idea to interview the agent with whom you will be working in order to get a sense of the skills and talent of your prospective partner. A good buyer’s agent will:

3. Most of the time your mortgage broker can supply you with a much wider variety of competitive mortgage options than a single lender; however it never hurts to check with your banking contacts. The choices of mortgages are as varied as the houses available. What may be perfect for you may not work for your neighbor.

In general mortgages come in three basic groups:

• Fixed (30 year or 15 year)
• Adjustable (adjusting monthly or yearly)
• Fixed for a specific time and then becoming adjustable (3, 5, 7, or 10 year fixedand then adjusting is common)

4. Now that you andyour Hill & Co. agent have met and discussed the features that are most important to you, it’s time to go out and look at property. Your agent will keep you informed of all the newest listings and can send you information straight from the Multiple Listing Service (MLS) complete with photographs and listing information.

5. So now you have found the property of your dreams. What’s next? There are several factors involved in making an offer. Your agent will help you determine the following:

• If the property is fairly valued
• How fierce is the competition
• What are the comparables in the neighborhood
• The best loan available for the purchase
• What property inspections need to be performed
• The appropriate time needed to complete the transaction
• Your Cornerstone associate understands that this is not merely a financial investment, it is a life investment. The expertise, the experience and the attention of your agent will help guide you through this complex transaction.

6. What is Escrow?

It is a neutral third party that holds funds and disperses them to the various parties with, and only with, the proper instructions from all parties.

Depending onhow the contract is written, a typical escrow might look like this:

Offer is made and presented. Offer is accepted and escrow is opened.

• Agent deposits initial check.
• Agent helps buyer order various inspections.
• Agent notifies buyer’s lender of pending sale.
• Buyer reviews and discusses with agent all of the property disclosures.

7. Your hard work has paid off and the big day has finally arrived.Key in hand, you unlock the front door and enter your new home for the first time. You love it more than ever now that it is officially yours.

Remember that we are just a phone call away! Even after you close on your home.