If you want to borrow to buy, first approach your financial institution to inquire of its terms of lending and obtain a pre-approval, including for the deposit you will pay to the vendor/vendor’s attorney-at-law as a stakeholder until closing.
Having found the property you would like to buy, enter into some soft commitment so that the vendor does not immediately offer it to someone else while you line up your ducks to get a binding contract for sale.
Engage the services of a licenced land surveyor to verify the boundaries for you, and possibly, where appropriate, produce a new plan.
If there is a building on the property, obtain the services of a competent professional to advise you on the integrity of the structure.
You should do your own inspection of the entire property, at the outset and immediately before closing. Where this is not practical, ensure that someone you trust is available to do that for you.
If there is a building, and it is occupied, inquire of the vendor of the terms of occupation by occupants, and decide whether you want to keep the occupants after closing, and upon what terms.
You should obtain a valuation, but should be guided by your financial institution’s stipulations on choice of valuator.
If you are buying a building with contents, for example, furniture and appliances, inspect, list and agree with the vendor on a value for these items.
Select an attorney-at-law after doing your own due diligence.
Ensure that you have available to provide to your attorney-at-law at least two (2) pieces of government-issued ID, proof of address, and documentary proof of the source of your funds, especially where you do not intend to obtain a mortgage to finance the purchase.
Obtain advice from your attorney-at-law on options for co-ownership if you are buying with another person(s). Disclose all other matters you are concerned may affect the purchase so the attorney-at-law can advise you fully.
Let your attorney-at-law provide you with a fee estimate and engagement terms before let him/her start to work for you.
Grenada Bar Association