Acquiring a property is a significant decision for the future. Your family will appreciate it, and it will be the beginning of better experiences. However, like any business, before investing, you must educate yourself and familiarize yourself with the basic concepts of the real estate buying process.
We have listed these concepts here to facilitate your investment and ensure that it meets your expectations, without any setbacks and with much to enjoy.
Mortgage Loan
It is a loan granted for the purchase of a home, with the property itself serving as collateral or "mortgaged" to secure the repayment of the loan.
Fixed and Variable Interest Rates
In loans, there are two types of interest rates: fixed, which remains unchanged for the duration of the debt, and variable, which increases or decreases based on payment amounts.
Amortization
If you intend to acquire a house with a real estate loan, amortization is the monthly amount you will pay to cover the debt with the lending institution.
Appraisal
It is an estimation of the value of a property based on an analysis of its location, features, amenities, and includes a market investigation.
Promise of Sale Agreement
A document in which the buyer and seller agree on the price and delivery date of the property.
Legal Certainty
Refers to the proper legal status of a property in the buying process, which is obtained through property deed registration.
Property Deed Registration
It is the process carried out before a notary to officially recognize a person as the owner of a house. It is a procedure that takes place after acquiring the property.
Encumbrance
Refers to the burdens or taxes assigned to a property. When investing, it is advisable for the property to be free of encumbrances.
Appreciation
It is the increase in commercial value that a house gains over time. It often increases due to factors such as location and surrounding growth.
We help you find your new home
Now that you know the basics of acquiring a property, the next step is to choose where to invest and with whom. Would you like to live in the Riviera Maya and have the best real estate service? Well, Grupo Emerita offers that and more.
We are an agency with various luxury sites to live in the most privileged areas of the Mexican Caribbean. Learn more about us and invest in your new home with security, confidence, and the best advice.
You may be interested in: Grupo Emerita: a developer of experiences.
