A Brief Home-Buying Guide (No Broker)

This article provides a detailed overview of the entire process for an individual to directly purchase a second-hand home. It emphasizes that, provided the buyer has sufficient down payment funds, the transaction can be completed within four to five business days without the need for an intermediary. The article recommends prioritizing a pure commercial loan to simplify the process and outlines the procedure in fourteen steps. First, one must understand local housing market policies and conditions, identify a target property, and negotiate the price. Subsequently, select a bank and sign a preliminary sales contract, then proceed to the Housing Administration Bureau with documents such as the household registration book and ID card to complete the online contract registration. Next, open a Type I bank account and increase its transaction limits. Apply for fund escrow and pay the down payment into the escrow account. During the loan stage, prepare documents including credit reports, bank statements, and proof of income, submit the application to the bank, and choose the equal principal and interest repayment method. After the loan is approved, visit the Housing Administration Bureau with the seller to pay taxes, sign the final contract, and process the real estate title transfer registration. Upon paying a small registration fee, the real estate ownership certificate can be collected. Finally, arrange for the scheduled withdrawal of housing provident fund to cover monthly mortgage payments, and send the registration certificate to the bank to complete the mortgage registration. Throughout the entire process, it is crucial to closely monitor bank account transaction records, ensuring that salary deposits, provident fund withdrawals, and mortgage repayment dates align to avoid the risk of default.