HP Consultants.LK
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1. Will your entire gross income be considered? (Will the income of the spouse, parents and other family members be considered?)
2. What is the rate of interest of the loan?
3. What is the nature of interest rate (floating or fixed rate) and how is it computed?
4. Will the interest be charged in advance or after the end of the month?
5. What is the loan tenure?
6. Will the lender levy commitment charges?
7. What security or collateral will be sought?
8. What is the percentage of the property price that you will have to pay as down payment?
9. What are the processing charges and what is included in them?
10. Would there be separate charges for legal and technical examination of the property?
11. Would there be a penalty for partial or full pre-settlement of loan?
12. Will the loan amount include costs like stamp duties and legal fees?
Title insurance is protection against loss arising from problems connected to the title of your property. It is likely that the property you purchased would have gone through several ownership changes. A weak link at any point in that chain could emerge to cause trouble someday. For example, someone along the way may have forged a signature in transferring title. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.
Prior to purchase, the Land Registry records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims and so they have to be cleared up before purchasing.
Occasionally problems regarding title are not discovered before purchasing, or are not remedied before purchasing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy.
Am I required to purchase title insurance?
Title Insurance may be required if you need a mortgage, because mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.
Who is protected with title insurance?
Title insurance policies can be issued in favour of a new/resale purchaser, a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; claims due to fraud, forgery or duress; unregistered easements and rights of-way. For a risk to be covered usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks such as environmental hazards might not be covered. Be sure to discuss with your lawyer what risks are covered and what are excluded.
When does the insurance coverage end?
When the title insurance covers the purchaser it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who receive title as a result of the purchaser's death or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.
When the title insurance covers the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.
The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Sri Lanka the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it.
Protection and peace of mind
Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.
(Source: Bhoomi.lk)
A Consultancy firm specializes in Financial Consulting, Management Consulting, Marketing and Busines
HP Property Management Consultants offers world class property management services to help keep your home and community looking beautiful. From landscaping to Pest Control, we make sure to take care of your valuable home to make life easy, and give you more time to enjoy the countless activities that abound your day to day life.
03/09/2017
HP Consultants.LK updated their website address.
03/09/2017
HP Consultants.LK updated their phone number.
03/09/2017
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For all your property management requirements...
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HP Property Management Consultancy Services
Documents Used in Property Transactions...
Abstract of Title
This constitutes a brief history of the transfers of a piece of land, including all claims that could be made against it.
An Abstract of Title is distinguished from an Opinion of Title. While the former states that all of the public record documents concerning the property in question are contained therein, the latter states the professional judgment of the person giving the opinion as to the vesting of the title and other matters concerning the status of the chain of title. Giving of an opinion of title is a practice of law, thus making it unprofessional for a non-attorney to do so.
As-Built Drawings
Drawings prepared after construction that describe the actual construction of a project.
Assessment Notice
Assessment Notice indicates the quarterly assessment rates payable to the local authority. Assessments rates are subject to revision periodically and charged for providing public amenities such as garbage disposal, maintenance of roads, drains and drainage, parks, reading rooms etc.
Blocking-Out Plan
A plan showing a subdivision with all dimensions, covenants, easements, etc. The subdivision survey plan, which legally must be prepared by a Registered Surveyor, finalises the area and dimensions of the proposed lots. All subdivisions will have to be approved by the planning committee of the local authority in the area. The applicant needs to send the subdivision survey plan to the planning division of the local authority together with the perfected application counter signed by the Surveyor. Upon payment of the specified fees by the applicant, a technical officer will make a site visit prior to forwarding the plan to the planning committee for approval.
Building Permit
A license granted by a local authority to construct a specific project on a specific site, under the terms of the permit.
Building Plan
This refers to the view of a building floor, looking down from above, showing its horizontal elements, such as, walls, doors, windows, cabinetry, etc., prepared by a qualified professional and submitted to the local authority for approval in three copies with blue print. Once approved, it is valid for one year and is renewable every year up to the date of completion of construction and until such time Certificate of Conformity (CoC) is issued.
Certificate of Conformity (CoC)
A certificate issued by the local authority confirming that the construction has been completed in conformity with the regulations in place and in accordance with the approved Building Plan and the Building Permit.
Land Registry Extract
Obtaining a Land Registry Extract has become a crucial part during the preparation process for the purchase of a real estate, since the land registry extract enjoys public faith. Due diligence requires that the buyer knows the status of the land registry. Not knowing it can also result in conflicts on the property. The extract must be stamped by the Land Registrar in order to be verified. You can apply for the Land Registry Extract of title of a property you are interested in by filling up an application and paying a nominal fee. Usually a land registry extract can be obtained within a week.
Non-Vesting Certificate
The certificate of confirmation issued by the local authority that all assessments rates have been paid up to date. This also confirms that no vesting order has been served on the property for default in assessment rates.
Power of Attorney
A power of attorney is a document that allows you to appoint a person or organization to handle your affairs while you're unavailable or unable to do so. The person or organization you appoint is referred to as an "Attorney" or "Agent." A Special Power of Attorney authorizes your Agent to act on your behalf in specific situations only. A General Power of Attorney is very broad and provides extensive powers to the person or organization you appoint as your agent. These powers usually include:
Handling banking transactions
Entering safety deposit boxes
Buying and selling property
Settling claims
Entering into contracts
Exercising stock rights
Buying, managing or selling real estate
Filing tax returns
Handling matters related to government benefits
You also have the option to grant the following additional powers to your Agent:
Maintaining and operating business interests
Employing professional assistance
Making gifts
A general power of attorney usually allows your agent to handle all of your affairs during a period of time when you are unable to do so; for example, when you are traveling out of the country or when you are physically unable to handle your affairs.
Street/Building Line Certificate
This certificate confirms whether the property is affected by a proposed road widening or any other reservations. The local authority generally issues a photocopy of the survey plan indicating the approximate position of the Street Line marked in red in case the property is affected by a Street Line. The Building Line is generally measured from the center of the road depending on the width of the roads the property is bounded by. The main purpose of imposing a Building Line is to maintain a reasonable distance between buildings to ensure privacy and sanitation of occupants.
Street/Building Line Certificate
This certificate confirms whether the property is affected by a proposed road widening or any other reservations. The local authority generally issues a photocopy of the survey plan indicating the approximate position of the Street Line marked in red in case the property is affected by a Street Line. The Building Line is generally measured from the center of the road depending on the width of the roads the property is bounded by. The main purpose of imposing a Building Line is to maintain a reasonable distance between buildings to ensure privacy and sanitation of occupants.
Survey Plan
This refers to a plan prepared by a Licensed Surveyor from field survey data and previous survey plan data according to standards and directions of the Surveyor-General. It is an assessment of property lines to determine the exact extent of land that a homeowner owns. Surveys show any easements or encroachments on a property that is noted on the title of the property. It's important to get a property surveyed after an offer is made to make sure any issues with easements or encroachments are documented on the title and resolved before closing. Make sure that the property you are buying has been approved by the local authority for its purpose of use such as residential, commercial or mixed development.
Tax Receipt
The proof of payment of quarterly assessment rates as indicated in the Assessment Notice.
TITLE DEED
Title deeds are documents showing ownership as well as rights, obligations or mortgages on the property. Compulsory registration is required in the Land Registry of the relevant area for all properties mortgaged or transferred. The details of rights, obligations, and covenants referred to in deeds will be transferred to the register, describing the property ownership.
Title Report
A written analysis of the status of title to real property, including a property description, names of titleholders and how title is held, encumbrances (mortgages, liens, deeds of trusts, recorded judgments). The history of the title is called an "abstract." Generally a title report is prepared by an attorney who has substantial experience in notarial practice or in a legal firm.
Valuation
Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is one of the most important determinants of their value. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property.
A real estate appraisal is generally performed by a licensed or certified appraiser (in many countries known as a Property Valuer or Land Valuer. If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations, the appraisal is most often reported on a standardized form. Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.
(Source:Bhoomi.lk)
10 Services offered by HP Property Consultants...
While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. With this in mind, here are some critical tasks that HP Consultants can help you with:
1. Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
2. Collecting and depositing monthly rent payments on time: If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
3. Marketing and advertising your property: Through long experience, we will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
4. Finding the right tenants: Our Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
5. Managing tenants: In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. Our property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
6. Managing vendor relationships: We have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only we will get you the best work for the best price, we'll oversee any necessary maintenance projects.
7. Ensuring that you're in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). Our property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
8. Enabling you to invest in geographically distant properties: If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By hiring us, you can take advantage of investment deals in any location you wish.
9. Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
10. Maximizing the profitability of your money: Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.
What should I look for in a commercial property management company?
Managing commercial properties requires different expertise than the management of residential buildings. While there is some overlap in the skills required, you should look for a property management company that is either specifically dedicated to commercial property management or has a team devoted exclusively to commercial.
In addition to the skills that residential property managers typically provide, commercial property management firms often also provide asset management, and work with you to ensure that your investment is a profitable one. Specific asset management services typically include analysis of the following:
Investment strategies and development opportunities
Lease proposals
Cash flow and general financials
Risk
Commercial property management companies typically have experience managing multimillion dollar portfolios in addition to providing large scale professional facilities management.
Do I need a commercial property manager?
While it may be possible to manage a small commercial property on your own, if you're hoping to expand your portfolio of properties—or just want to free up your own time—hiring a property management company can be a smart, cost-effective investment.
A commercial property manager can:
Fill vacancies in a timely manner
Maximize the value of your lease agreements
Handle both day-to-day and emergency maintenance
Build and maintain good relationships with tenants
Take care of accounting and provide regular financial statements
No matter what the scale of your commercial property, a professional property management company can help improve your ROI.
3 Signs You Might Need a Property Manager
* You have a general lack of experience or knowledge of all the aspects related to managing a property
* You're concerned about the amount of time you have to invest in managing, marketing and maintaining the property
* You can't personally oversee the property due to the distance between the rental property and your personal home
Property owners with a temporarily vacant property might be wise to take steps so that it does not appear obviously empty, which in turn can discourage unwanted guests.
It is possible to reduce the risk of vandalism and theft with fairly simple steps. They will not eliminate the chance completely, but safety can be improved and cleanliness can be maintained.
Keeping the property in good condition tends to give the impression it is occupied, or at least visited frequently. As a result, people who do not want to be found are less likely to stay there. Since this makes the property more appealing to potential renters, this effort will not be wasted either way.
Put lights on timers will also help deter undesirable guests, helping to make the home look occupied. Also consider using the blinds. According to the source, one method is to leave bottom blinds closed, so no one can see in, while higher blinds remain open. This may give the impression that the home is occupied, but residents are upstairs.
Beyond that, owners and managers should be careful how much information they make easily accessible through advertising.
By following these simple steps you also could safeguard your valuable vacant property until its occupied.
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