To Own A Condo; Steps to Follow

For some time now, our focus has been on high rise buildings, specifically luxury apartments. Today is the very last bit of the series and it is specifically dedicated to Eunice Peterson, who has been the inspiration behind this.

The acquisition process of apartments may have some slight differences depending on the company involved. However, some essential procedures remain constant for most apartments, as far as Ghana is concerned. Here are some general steps to be followed in the acquisition of apartments.

Identification of the property

Identification of property is the first step to the purchase of an apartment. This is where the prospective buyer identifies the type of apartment he or she intends to buy. How does one identify a property?

Properties are identified through advertisements in newspapers, the internet, billboards and posters.  Because the identification process can be hectic, the tenant may decide to engage the services of an Estate Agent to do the work of identification to save them the stress and also to acquire expertise services. During this period the prospective buyer must visit and inspect the site of the property to see the development and the owner to help draw conclusions as to whether he or she wants to proceed with the purchase the property.#1Source: Google 

Draft an offer letter

At this stage, the prospective buyer needs to write an offer letter to the owner. In the offer letter, the buyer must declare his intentions to buy the property at the market price, terms of payment and period with which he wants to pay over. All negotiations on the market price must be done at this stage.

#2Source: Google

Acceptance letter

The owner sends an acceptance letter to the prospective buyer. This letter is a confirmation of the seller’s approval of the offer letter.

#3Source: Google

Conduct a search

The onus lies on the buyer to perform due diligence before purchasing his or her property. In doing this, one must conduct a search at the Land Registration Division of the Lands Commission, which reveals all the details of the property and if there are any encumbrances on it. He can further go on to do background checks in the vicinity. If the buyer is confident with the information acquired, then he or she can go ahead to draft the agreement.

#4Source: Google

Sold and Purchased Agreement

The preamble of this agreement is a copy of the land document (indenture). It also describes exclusively the property you are purchasing. The necessary payments are made at this stage.

The Indenture

An indenture is a legal document that shows the terms of agreement between the purchaser and the vendor of the land. It includes the date of the document, type of the document, term of document, consideration, the parties involved, signature of witnesses, oath of proof and certificate of proof and the schedule. After the indenture is prepared, it is advisable that the prospective buyer goes further to register his or her land in order to secure it. Registration is key because the indenture and site plan are not enough evidence to show the buyer is the genuine owner. For example, in a case where the seller is dead and there is a dispute over the property, the buyer could be accused of forgery if he or she has no certificate of title. He may only be entitled to equitable interests which are only discretionary.

In order to start the registration process, one must obtain the yellow card from the Lands Commission. However, there are requirements one must meet to obtain a yellow card and they are as follows:

  1. Stamp duty
  2. Site plan
  • Indenture

COPY OF A YELLOW CARD

yellow card.png

Then registration kicks off from here

7 Reasons Why Life In a Luxury Apartment Can be Pretty Much Exciting

My grand mum used to say “One man’s trash is another man’s treasure, different strokes for different folks or one man’s meat is another man’s poison”. She was just trying to help me understand that different things appeal to different people. In this context I would say that your choice of residence depends on you!!!! “You” meaning your personality, preferences, priorities and in some cases your finances. Luxury Apartments (Condominiums) come with their own advantages and disadvantages. Here are 7 reasons why you may want to live in luxury apartments (condominiums)

1. Regular Maintenance

Most luxury apartments have an on-site maintenance team which sees to the proper upkeep of the building and addresses physical faults and defects of the building. This saves the owner time from going to outsource someone for the work to be done because an in-house team is just a call away.

regular maintenanceSource: Google

2. Good Location

I must admit that most of these high rise apartments have been strategically situated in the centre of Accra. Places like Villagio, Polo Courts and just to mention a few are all close to all centres of commerce and recreational areas.

good locSource: Google

3. Access to an array of amenities

A good number of these high rise buildings provide residents with communal facilities such as gyms, swimming pools and restaurants.  When residents patronize these facilities they are able to meet new people, network and establish long lasting friendships.

amenitiesSource: Google

4. Safety and security

Most of these apartments are built with strong security systems such as cctv cameras, finger print access systems and manned with security personnel. This makes residents assured of their safety and protection of their possessions.

safety and securitySource: Google

5. Cheaper insurance

Because Insurance is catered for by the entire Condominium Community, it is cheaper to insure luxury apartments

insuranceSource: Google

6. Prestige

Living in condos come with the “feel good” factor attached to it. The prestige attached to living in condos, combined with the serene atmosphere makes it a preferred option to most people.

prestige

Source: Google

7.It is Easier to Own a Luxury Apartment than to Build

The hustle that comes with building yourself has made luxury apartments a preferred choice to many

easierSource: Google

Despite these and many other exciting facts about living in an apartment, they are not without disadvantages. Here are a few of them

    Problematic Neighbours

In every group of people there are bad nuts. In as much as the apartment style of living provides a sense of community it can also be a nuisance to tenants when there are deviant neighbours who make so much noise and flout rules.

luxury apartmentSource: Google

Lack of personal outdoor space

When we talk about outdoor space we are referring to gardening space where you can cultivate beautiful plants and add an aesthetic touch to your apartment. Most of these high arise apartments do not accommodate this feature which is a disadvantage to people with a green thumb.

This is an overview of the apartment kind of living and we hope you will be able to make the best decision.

Stay informed as Saasepedia, enlightens  you more on the acquisition procedure for apartments.

 

 

 

 

Empty your mind, Be like water-Day 2 of the 3 Day Quote Challenge

I love this!

Sharing Stories by Selassie

Hiya guys! Hope your day went well and you were able to achieve whatever you set out to do this day. Well, it’s another day for a quote. Although I sometimes joke that I learnt taekwondo, I’m not really a fan of martial arts or the lessons attached with it. However, this quote caught my eyes, or rather my ears. My team, Enactus KNUST were camping in preparation towards the Enactus National Competition. We were watching a bunch of presentation tips and speeches made by various people and this particular one by Bruce Lee came up.

Bruce Lee quote

Bruce Lee, was a Hong Kong American martial arts artist, actor, philosopher, filmaker and founder of the martial art Jeet Kune Do. His statement sort of became our mantra and sometimes we would fool around with it and mimic Bruce Lee in the video. However, the truth in those words got to me. I…

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High Rise Buildings, The Beauty Spots of Our City!

High Rise Buildings, The Beauty Spots of Our City!

Growing up in the village was about a good start to life for myself and a couple of friends who sat through the Social Studies class of Mr. Koku. By the time I got to Form 2, I was much convinced that Social Studies was my favourite subject. I remember reading about interesting places in Accra like the Osu Castle which was then, the seat of government, the parliament house, the Supreme Court, among others. Sadly, we only saw these in our textbooks. I specifically remember how Mr. Koku would stand in front of the class to tell us stories about his life in the beautiful city of Accra. I kept having dreams of living in Accra till the year 2013, when my dreams finally materialized. I gained admission to study Political Science and Geography in the University of Ghana.

Villaggio-Vista_Accra1-1Source: Google

My First Day in Accra

Accra looked even more beautiful than what I saw in the textbooks. I had the opportunity of riding through areas like the Airport precinct, Cantonments and East Legon. All I could see was Beauty in different shapes! As I looked at these High Rise buildings in different styles and designs, what more could I say? They were definitely the city’s beauty spots. Some of these buildings were actually people’s residences known as apartments. This had ever since, increased my curiosity about apartments.

circle interchangeSource: Google

No matter how bad you think Ghana looks, high rise buildings are still creating a number of beauty spots in the city.

High Rise Buildings, The Beauty Spots of Our City!

Why Are We Seeing So Many High Rise Buildings Around, Especially in Accra These Days

The population of Accra is rapidly increasing due to rural –urban migration. Most people in Accra are in search of “greener pastures”. It is popularly said that Accra provides a lot of employment opportunities and it is the land of prosperity. Accra is termed as the hub of commercial activities because most businesses, workplaces and shops are located in the capital city. In view of this, many employees, employers, tourists, expatriates would want to live closer to where everything is happening like their workplaces , areas to do business transactions, tourist attractions and good recreational centres just to eat and have fun. All these factors have led to an increase in demand of land in Accra. The increase in demand for land has also led to an increase in the population of high rise buildings. High rise buildings have become specifically predominant in prime areas, where the demand for land far outweighs the supply of land. In response to the ever increasing demand for land in such areas, prudent real estate developers venture into development of high rise buildings to serve as measure to increase the supply of land or ensure that the highest and best use of land is attained. It is therefore not surprising to see so many high rise buildings these days in Ghana, especially in the city of Accra.Accra-night-lifeSource: Google

With an increase in high rise buildings, condominiums, which are also known as luxury apartments have become very popular. A good number of these luxury apartments such as the Villaggio Apartments, PLS Apartments, Hallmark residences, Jaria Apartments, among others have become very popular household names in Accra.

But why do people opt to live in luxury apartments?

Stay Connected as Saasepedia brings you reasons why people prefer to live in condos.

Stay Saasewise!