Requirements For Completion

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Following is a check list of the requirements for completion which real estate agents should find useful in expediting the completion of a purchase transaction.

CHECK LIST OF ITEMS REQUIRED  (ON OR BEFORE COMPLETION)

All properties (freehold and leasehold)

1. Documents required by buyer’s Attorney at law in order to commence searches:
Contract for Sale signed by the parties. If furniture, appliances, etc. form part of the sale, the value of these should preferably be shown separately on the agreement.

2. The Deed by which the property was acquired or leased or original Certificate of Title, if the property is held under the Real Property Ordinance, If land is leasehold, a copy of the original lease is also required.

Any outstanding Deeds of Mortgage on the property.

2. Land and building taxes receipt or houses rates receipts assessed in the name of present owner of the property.

3. A W.A.S.A. receipt in the name of the present owner of the property. Note: The assessment number on the W.A.S.A. receipt and the tax receipt should be the same.

4. A W.A.S.A. clearance certificate - showing that there are no arrears of water or sewer rates outstanding (this must be applied for at W.A.S.A.’s offices and takes approximately 2 weeks to obtain);

5. Release/s of outstanding mortgage/s duly executed by the Lender/Releasor/Mortgage in escrow. Some institution take some time to arrange this so instruction should be given promptly in writing.

6. The Lender/Releasor/Mortgagee’s statement of the amount required to release the existing mortgage/s (the redemption statement). (This is sometimes referrers to as a redemption statement” or “settlement letter”

7. The invoice for the legal fees and disbursements in the matter of each Release or evidence that same has been paid (e.g. receipt from the attorney who prepared the Release).

8. Completion Certificate for the property as evidence that as applicable, the dwelling house or building constructed on the property comply with our planning and public health legislation.

9. Current receipts for Electricity (latest receipt);

10. Insurance Receipts - insured amount to be minimum value of sale price minus land value. Letter from Insurer endorsing the insured amount to the purchaser. This is necessary at the signing of the agreement for sale. In the case of a leasehold development, a letter certifying the coverage particulars of the plot or unit being sold.

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