First time buyer criteria
Marie Van Coller provides a versatile range of services to a multitude of individuals, organisations and contextual applications. We pride ourselves in operational efficiency and superb client service delivery for legal compliance and regulatory components.
Conveyance and property law are particular areas of interest for Marie Van Coller and has an experienced set of lawyers and professionals to assist our clients with differentiating and niche requirements.
In this article, we will be looking at the specific characteristics of a first time buyer and the different contexts of which an individual has never owned a property or real estate investment owner. There are various aspects to consider when buying a property for the first time such as credit score ratings, prior assets owned, debt and liabilities and investment portfolios as well as affordability ratios.
An individual would require the expertise of a qualified conveyance attorney or real estate lawyer to facilitate the process between the different parties. Another component is the correct set of documentation that is required.
First time buyers of property would need to be vetted against the relevant bodies and aligned with the repo rate of the particular property laws at the time. Some disqualifying criteria would be inheriting a property or being added to the deed titles on ownership or residential property.