Browse our set of frequently asked questions regarding real estate transactions.
When financing your home through the bank, getting pre-approved for a mortgage is the first step of the home buying process.
The first step is to know how much you can borrow. This depends on a variety of factors including your monthly income, assets and more. Being aware of your budget narrows down the options of your properties and gives you a realistic start to choose your properties.
The financial institution should now provide you with the down payment and closing costs. You may need more time to save up money, liquidate assets or similar measures to have the according down payment amount ready.
Being pre-approved for a mortgage by a financial institution demonstrates that you are indeed a serious buyer of the property.
A pre-approval letter of the buyer is required by most estate agents in order for the purchase transaction to be initiated with a written agreement.
The timeframes differ and depend on a variety of factors, but a home takes a minimum of about 10 to 12 weeks. As soon as a transaction is approved by both the seller and the buyer by means of a written deed of sale agreement, the average time of the escrow period on a home is approximately 30 to 45 days.
When properties are bought in cash the timeframe may be shorter. Properties which are financed through a financial institution may take longer. Other factors are involved including the turnaround time of the deeds office in Namibia.
The estate agents fee is negotiated and agreed upon in the mandate between the real estate agent and the seller.
There is no fixed amount that is charged by real estate agents in most of the cases since the amount may depend on the type of property that is to be sold.
The average of down payments in Namibia is approximately 10% depending on the financial institution.
Some financial institutions don’t require big amounts for down payments on mortgages. Thus it’s crucial to study your mortgage repayment and down payment figures carefully and revise which financial institution offers the best deal to finance your home.
It mostly depends on whether you plan on using your current home to finance the down-payment of your new property. It’s best practice to speak to your financial institution in order to determine if selling your home is required in order to finance your new home.
This depends on your preferences. We recommend to search for properties online and make a shortlist of your preferred properties before scheduling a viewing session.
The timeframe should be specified in the offer which should be done in writing. Giving the seller at least 1-3 business days to respond is recommended.