1. Select Investment Property
After looking at the various investment areas and deciding on the Knightsbridge Investment Property you wish to purchase, contact us to ask further question and proceed to the next stage.
2. Sign Purchase & Sale Agreement
This shows your details, the property information, the price agreed, the earnest money deposit (EMD), the method of payment, the closing date and other information. If you are buying your property through your LLC, make sure the LLC name is shown and not your name.
3. Send EMD of 5-10% of the Purchase Price to the Escrow Agent
This shows your commitment to the purchase the property and will ensure that the property is taken off the market and reserved for you.
4. Inspection Reports, Appraisals
As a matter of course we will provide you with an Inspection Report after the renovation has been completed, together with any issues that have been rectified on the report. We also can arrange for a full independent Appraisal, upon request, prior to close of your chosen property.
5. Property Insurance and Home Warranty Insurance
Knightsbridge has negotiated Hazard Insurance (property/building and liability) under a Master Policy to get the best possible rate which it passes directly on to its clients. Home Warranty Insurance, provided by a national provider, is also provided at an exceptional level and covers basic maintenance for the property. Both insurances will be included in the HUD Settlement Statement and will automatically begin coverage from the day of close when you own the property.
6. Preparation of Closing Documents
The Title & Escrow Company will prepare all the closing documents which will include a HUD (US Department of Housing and Urban Development) Settlement Statement. This shows the total price you are paying for your property, deposits you have paid (EMD), closing costs, any fees and taxes owed. It is split into two halves, the buyer’s side and the seller’s side. The total figure at the bottom left of the page on line 303 is what you will pay at the closing.
7. Sign Closing Document and Wire Completion Funds
You will need to wire the Escrow Company the amount specified in the HUD so that they receive it before the closing date together with the signed closing documents.
8. Close & Fund
Upon closing, the title company will register you or your company as the new property owner with the county and you are now the proud owner of your investment property.