Steps in the process of buying a property
Yazmin Nieves
Yazmin Nieves
Navigating the New Times: Simplified Guide to Buying a Resale Property
In the modern era, the process of purchasing a resale property has evolved, but certain key steps remain fundamental. Here's a brief and simplified version to help you better understand the path to your new home:
Step 1 - The Offer: Your First Step Toward Your Dream Home
After choosing the property that captures your heart, the next step is to make an offer. This is the moment you let the seller know you are interested in buying and at what price. Your guide in this process will be the real estate agent, who will assist you in creating the offer document. Make sure to include the mortgage pre-approval letter if applicable. For cash purchases, attach a bank statement supporting the funds you will use.
Step 2 - Offer Acceptance: Making Things Official
If the seller accepts your offer, the legal gears will start turning. Instruction will be given to a "Title Company" to prepare all the necessary documentation for the property transfer, handled by specialized attorneys. Here, the buyer needs to make a reservation for the property, usually paying between 5% and 10% of the total offer amount. This money is placed in an escrow account known as the "Escrow Money Deposit." It's important to note that this process may vary if it's a pre-construction property.
Step 3 - The Closing: Sealing the Deal
Once the attorneys have thoroughly researched the property title and confirmed there are no additional liens, the closing day will be scheduled. In this ceremony, the final payment of the remaining property amount will be made, and the official title transfer to the new owner will take place.
Important: A resale property implies it has had previous owners and is not a new construction. While these steps are essential, keep in mind that the exact process may vary, and it's always advisable to seek guidance from certified professionals before embarking on this exciting journey. Welcome to your new home!
Meet : Yazmin
Yazmin Nieves Colomer is a highly respected Puerto Rican real estate professional with proven over 30 years of experience, renowned for her dynamic approach and proven ability to generate results. As the President of Caribbean Properties Investments, Inc. since 1993, Yazmin has built an impressive track record in both new development sales and marketing as well as resale transactions. She has successfully represented dozens of developers and real estate projects, sold and marketed thousands of properties, and has personally overseen the sale of more than 15,000 units, including high-end luxury properties and high-rise condominiums.
Under Yazmin's leadership, Caribbean Properties Investments became a dominant force in the market, achieving more than $50 million in annual sales, managing over 60 closings per month, and growing her firm’s portfolio to over 40 new developments and re-sales. She is also recognized for her exceptional ability to conduct market analysis, oversee buyer financials, host sales events, and coordinate sales support staff for the firm’s many represented properties. Known as a problem solver, Yazmin excels at finding creative solutions and navigating challenges, ensuring that every deal is successful.
Yazmin’s extensive experience includes expertise in advertising, branding, presale organization, logistics management, and financing and closing coordination. She has worked on everything from developer conceptions and market analysis to identifying the best products and market trends. Yazmin has collaborated closely with developers, architects, appraisers, contractors, and bankers to create some of the best communities and ensure the success of each project’s planned concept. Her comprehensive involvement in these areas ensures smooth operations from pre-launch through post-sale, helping to secure financial backing and facilitate seamless closings.
Yazmin combines a versed and passionate knowledge in real estate with a warm and cheerful personality, which allows her to build meaningful relationships and create a positive experience for her clients. Engaging and organized, Yazmin’s dedication to exceeding goals and delivering profitable outcomes has earned her the trust and respect of developers, buyers, and sellers alike.
Based in Puerto Rico, Yazmin continues to specialize in all types of properties resales, new developments, new construction, high-rise condominiums, and luxury properties throughout the island and the Caribbean. She is a licensed real estate broker in Puerto Rico and a licensed sales associate in Florida. She is a member of the San Juan Board of Realtors and the Florida Urban and Land Institute of South Florida/Caribbean, and holds several certifications in areas including market analysis, real estate finance and investment, appraisals, mortgage processing and underwriting, and negotiations.
Outside of her professional life, Yazmin enjoys photography, wellness pursuits, spinning, healthy food cooking, exploring nature, gathering with friends, hosting, and meditation. She is also the proud mother of a charismatic 25-year-old daughter, who is currently studying law. Fluent in both English and Spanish, Yazmin is passionate about the multicultural diversity and lifestyle of Puerto Rico.
Her business philosophy centers on exceeding goals, leveraging resources effectively, and fostering growth through proactive decision-making, problem-solving, and strong team building.
The Real Estate Agent or REALTOR®
When embarking on the exciting journey of purchasing a property, having a real estate agent by your side becomes a crucial decision.
A mortgage loan? Cash payment? Both?
The payment method to use for the purchase of a property will depend on the amount of money you have available to invest, as well as your credit reputation. The budget you have will help you choose the area, the type of land and the dimensions of your new property.
New property, used property or in pre-construction?
When deciding on a property, it's crucial to understand the different options available. Here's a simple guide to help you make an informed decision.
