Fiji Time: 6:18 AM on Saturday 24 March

Fiji Times Logo

/ Front page / Archives » Article Index

Dealing with real estate

Titus Narayan
Saturday, March 03, 2018

THE real estate prices have reached its peak and stand at "crossroads" and I predict it will crash by certain percentage as time passes by.

It is high time now that certain valuers carrying out appraisal on properties, either developed or underdeveloped, should do so according to the market price and not on assumption, as I have come across. Caution is needed when coming to the final figure.

Also, the newly-formed Real Estate Association of Fiji should be astute and more vigilant to advise the Real Estate Agents Licensing Board with regards to the issuance of real estate licences to applicants having as little as three years' experience. I believe some of these newcomers are bringing disrepute to the industry.

All things considered, I strongly feel this is one industry where local players should be protected.

Lending rates for individual borrowers are still too high for mortgages. The lending rate for mortgages should be fixed for at least 10 years then an option should be given to the borrowers for a further term of five years before variable rate is passed on to them.

Real estates tips to real estate buyers:

* Buyers have all the right to know the price of properties in advance before agreeing to site visit.

* Always insist for the price before viewing the property for you to find out your eligibility.

* Never sign any agreement in haste on real estate matters. Always seek second opinion, if in doubt.

* You may end up paying higher price for properties without finding out the cost first. If you do not do this, it becomes too late because you may have already executed certain documents.

* Also visit your financier for loan eligibility or seek advice.

* Above all ask for approved building plans and completion certificate

* Try to secure best finance available from various financial institutions. If in difficult — we can arrange it for you in accordance with your contributions and income.

* Never agree to buy a property by looking at the pictures. Inspect ot physically.

* Always ask for the agents licence issue by the Real Estate Agents Licensing Board. If the service provider is unable to produce his licence, report the matter to the relevant authority.

Sale and purchase agreement

There are a number of terms and conditions in the sale and purchase agreement which both the vendor and the purchaser must follow. If either party breaches the terms and conditions of the stamped sale and purchase agreement there are certain conditions which either party can rely on.

Forfeiture of deposit

No agent or the lawyer has any right to forfeit deposit or refund deposit unless firm instructions given either by a purchaser or the vendor.

* Titus Narayan is the director of Titus Real Estate Agency. Views expressed are his and not of this newspaper.

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.64290.6239
JPY 52.917249.9172
GBP 0.35110.3431
EUR 0.40370.3917
NZD 0.69480.6618
AUD 0.64820.6232
USD 0.49830.4813



Exchange Rate updated on 23th, March, 2018

Today's Most Read Stories

  1. Set academic goals achieved
  2. Teacher 'abused'
  3. Marist 7s: Tuvalu recruits Fijians
  4. Student queries A-G on expats
  5. 7s return
  6. Suspects arrested for robbery caught on video
  7. PM: Take warnings seriously
  8. Tabadamu chases fourth Marist title
  9. No universal vaccine
  10. Good news for fishers

Top Stories this Week

  1. Meningococcal disease outbreak Tuesday (20 Mar)
  2. 'Forced to go' Saturday (17 Mar)
  3. Doctors speak out Sunday (18 Mar)
  4. No desk for this girl Monday (19 Mar)
  5. Where are our horses Sunday (18 Mar)
  6. 12 dead by disease Tuesday (20 Mar)
  7. Police appeal to livestock owners Monday (19 Mar)
  8. Teacher reports male student in washroom for girls Tuesday (20 Mar)
  9. Speaker orders Nawaikula to withdraw accusation Saturday (17 Mar)
  10. SGS junior has fastest 100m time Wednesday (21 Mar)