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BUYING A PROPERTY IN TANZANIA

A property in Tanzania is not only a financial asset but whether it is a house, home, condo, land,
or apartment, it can also be a place to live, raise children, vacation, or an investment for the
future

Knowledge is said to open doors. This is literally true when it comes to buying a property in
Tanzania . To become a property owner in Tanzania , you need to know where and how to begin
the property buying process.
There are several factors and parties involved in a real estate transaction in Tanzania such as real
estate agents, appraisers, real estate attorneys, among others.

REAL ESTATE AGENTS IN TANZANIA

One of the most complex and significant financial events in peoples’ lives is the purchase or sale
of a home or investment property. Because of this complexity and significance, people typically
seek the help of real estate brokers and sales agents when buying or selling real estate.

Real estate brokers and sales agents in Tanzania have a thorough knowledge of the real estate
market in their communities. They know which neighborhoods will best fit clients’ needs and
budgets. They are familiar with local zoning and tax laws in Tanzania and know where to obtain
financing. Agents and brokers also act as intermediaries in price negotiations between buyers and
sellers.

When selling property in Tanzania , brokers and agents arrange for title searches to verify
ownership and for meetings between buyers and sellers during which they agree to the details of
the transactions and in a final meeting, the new owners take possession of the property. They
also may help to arrange favorable financing from a lender for the prospective buyer; often, this
makes the difference between success and failure in closing a sale. In some cases, brokers and
agents assume primary responsibility for closing sales; in others, lawyers or lenders do.

Before you go around looking at properties in Tanzania , meet with your agent to get an idea of
the type of house, home, condo, apartment, or land you would like. In this prequalifying phase,
the agent determines how much you can afford to spend. In addition, the agent and the buyer
usually sign a loyalty contract, which states that the agent will be the only one to show houses to
the buyer. An agent or broker then generates lists of properties for sale, their location and
description, and available sources of financing. In some cases, agents and brokers use computers
to give buyers a virtual tour of properties that interest them.

Once the buyer and seller have signed a contract, the real estate broker or agent in Tanzania
must make sure that all special terms of the contract are met before the closing date. The agent
in Tanzania must make sure that any legally mandated or agreed-upon inspections, such as
termite and radon inspections, take place. In addition, if the seller agrees to any repairs, the
broker or agent ensures they are made. Increasingly, brokers and agents are handling
environmental problems as well, by making sure that the properties they sell meet environmental
regulations. For example, they may be responsible for dealing with lead paint on the walls. Loan
officers, attorneys, or other people handle many details, but the agent must ensure that they are
carried out.

Real estate agents in Tanzania who sell commercial, industrial, agricultural, or other types of real
estate require knowledge of that particular type of property and clientele. Selling or leasing
business property in Tanzania requires an understanding of leasing practices, business trends, and
the location of the property. Agents in Tanzania who sell or lease industrial properties must know
about the region’s transportation, utilities, and labor supply. Whatever the type of property, the
agent or broker in Tanzania must know how to meet the client’s particular requirements.

APPRAISERS / VALUATION IN TANZANIA

When buying a property in Tanzania it is important to find the actual market value to evaluate the
right price to pay for acquiring it. In order for you to obtain an accurate value it is important to
use the services of a real estate appraiser. Real estate appraisers in Tanzania are specialists in
estimating the value of real property. Real property consists of land, buildings, and natural
resources such as water, oil, or minerals. Estimates of value, known as appraisals, are made when
property is bought, sold, assessed, taxed, condemned, insured, or mortgaged. They may also be
required in divorce actions, when partnerships are dissolved, and when property is listed as a
business asset.

Real Estate Appraisers in Tanzania prepare a written description of the property and make an
estimate of its value. They may complete standardized checklists as they evaluate the property
and the neighborhood in which it is situated. Appraisers in Tanzania obtain land values from
county sources and sales information about nearby properties. They also examine the income
records and operating costs of income properties. Appraisers in Tanzania estimate building
replacement costs using building valuation manuals and professional cost estimators. They also
verify legal descriptions of property with county records, measure the property and compare the
measurements with the legal descriptions. They draw land diagrams and note conditions and
special features of buildings. Appraisers in Tanzania analyze and evaluate the data and prepare a
written report outlining methods by which the fair-market value was estimated.

TITLE / DEED IN TANZANIA

Title in Tanzania is a legal term for a bundle of rights in a piece of property in which a party may
own either a legal interest or an equitable interest The rights in the bundle may be separated and
held by different parties. It may also refer to a formal document that serves as evidence of
ownership. Conveyance of the document may be required in order to transfer ownership in the
property to another person. Title is distinct from possession, a right that often accompanies
ownership but is not necessarily sufficient to prove it. In many cases, both possession and title
may be transferred independently of each other. In the real estate industry in Tanzania , the legal
instrument used to transfer title is the deed. A famous rule is that a thief cannot convey good
title, so title searches are routine (or highly recommended) for purchases of many types of
expensive property (especially real estate). In several counties and municipalities in Tanzania , a
standard Title search (generally accompanied by title insurance) is required under the law as a
part of ownership transfer.

REAL ESTATE ATTORNEYS / SOLICITORS IN TANZANIA

Whether you are moving house or want to find a better mortgage deal in Tanzania , you need to
appoint an attorney to look after your legal interests and ensure everything progresses to
completion without a hitch.

Real Estate attorneys in Tanzania represent homeowners, home buyers, home sellers, and
landowners in a variety of transactions and disputes involving residential property -- including
home purchases, foreclosures, neighbor disputes, zoning compliance, land use, and much more.

In order to pass the title of a property in Tanzania , a deed with a proper description of the land
must be executed and delivered. This is where you need an attorney. The federal and state
governments govern realty transactions by having passed statutes and common laws to regulate
how titles pass from owner to owner. A lawyer in Tanzania can help you with the day-to-day
specifics of ownership transaction and other aspects and concerns you may have.

There are many different areas and aspects that lawyers handle, including: Agricultural Law, Buy
Sell A Home, Commercial Property, Construction, Condemnation, Landlord / Tenant, Mortgage
Matters, Zoning.

MORTGAGE SERVICES IN TANZANIA

If you need to finance the purchase of a house, home, condo, apartment, or land in Tanzania ,
make sure to hire a qualified mortgage professional. They will search the market for a product
that best suits you and offer advice on a range of mortgages, including exclusive products
available only through mortgage advisors.

The key to sourcing a good deal is having full access to the market. For that you need a broker,
someone with experience and knowledge of the market in Tanzania .

INVESTMENT PROPERTY IN TANZANIA

Real estate in Tanzania that generates income or is otherwise intended for investment purposes
rather than as a primary residence. It is common for investors in Tanzania to own multiple pieces
of real estate, one of which serves as a primary residence, while the others are used to generate
rental income and profits through price appreciation. The tax implications for investment real
estate in Tanzania are often different than those for residential real estate. As for all property
rental, the benefits of a buy-to-let house, home, condo, apartment or land in Tanzania for the
landlord can include a stable income from rental receipts, as well as an accumulation of wealth if
house prices go up over time.

The main risk involves leveraged speculation where the landlord takes a loan to buy the property,
with the expectation that the house can be sold later for a higher price, or that rental income will
meet or exceed the cost of the loan. In the best outcome for the landlord, he will have benefitted
from the use of the lending banks money indicating that he has allocated the capital more
efficiently than professional investors could have done. If the landlord cannot meet the conditions
of their mortgage repayments then the bank will seek to take possession of the property in
Tanzania and sell it to gain the loaned money. The broad popularity of buy-to-let investments in
Tanzania has made a large number of new landlords and is a component of a risk that forms a
systemic threat to the banking system in Tanzania .

BUYING FORECLOSURE / REPOSESSED / BANK OWNED PROPERTY IN TANZANIA

It's no longer a secret that you can pay considerably less than fair market value for a home if it is
in foreclosure in Tanzania .

Finding the right property, however, makes all the difference.

A lender or government agency will foreclose on a property in Tanzania if a homeowner is unable


to make his or her mortgage payments on time. Because these organizations are not real estate
brokers the property in Tanzania usually goes to auction and is sold to the highest bidder to try
and recoup as much money as possible.

Often, the goal for these lenders is to just break even and get their money back.

Like most investments, however, there are risks to purchasing a foreclosure house, home, condo,
or apartments at an auction in Tanzania . Each state has different laws and procedures, which you
must be mindful of before submitting a non-refundable down payment. We don't want to see you
get burned on a property because of a quirky loophole or lose your shirt because you didn't
inspect the property beforehand.

Buying foreclosures in Tanzania has its drawbacks, but also offer big profits for buyers and
investors.

Lots of savvy home buyers want to hit the jackpot and buy that foreclosed house, home, condo,
or apartment in Tanzania , many of which are often under-priced. When banks price foreclosures
under the comparable sales in Tanzania , multiple offers or bids are often the response. This
means you could be up against stiff competition for that bank-owned home.

MOVING / RELOCATION IN TANZANIA

Firstly, even before talking with a mover in Tanzania , decide what household goods will be
shipped and what will be sold or given away.

Call or email the movers in Tanzania you are considering for the job and ask for an estimate. Get
involved in the estimating process and try to meet with the relocation consultant to survey your
home and prepare a written estimate. Ask each prospective mover in Tanzania how long his or her
estimate is valid for and question whether the estimate is a binding or a non binding. Never
accept an estimate over the phone and do not consider using a company that offers you this
service.

Check the reliability of the moving company in Tanzania . inquire about the company's complaint
record and how these complaints were resolved. Ask your friends, family and neighbors for
recommendations and advice on movers.

BUYING LAND IN TANZANIA

Land costs drop in the country. The further away from the city, the cheaper the acreage. Many
people buy land because they want to build a custom home to their own specifications..
Factors to consider before buying land:

Zoning Requirements :
Check with local authorities in Tanzania to determine zoning ordinances and whether you can
build the type of home you want before committing to buying the land.

Utilities :
Water is important. Not all water is potable. Sometimes water rights don't "run with the land,"
which would mean you could not dig a well. It can be costly to bring electricity, telephone or cable
services to the property if they are not already established nearby.

Appraisal :
In Tanzania , It's common to pay cash for land. If you're not planning to finance the land purchase
through a conventional lender, which will require a lender appraisal, then obtain your own
appraisal to determine an appropriate price before making an offer. Comparable sales are
sometimes difficult to find when buying land.

DEVELOPERS IN TANZANIA

In their most fundamental role, commercial real estate developers in Tanzania serve as an
intermediary between the construction companies that build the buildings and the businesses that
use them. Developers in Tanzania often help businesses that provide the optimum value in
functionality, location and cost. They leverage their real estate and construction expertise as they
coordinate with construction companies on behalf of the tenant businesses. In this way developers
ensure that newly constructed spaces meet the client businesses' needs. Real estate developers in
Tanzania are often property managers as well, and keep operations running smoothly by
maintaining the facilities, allowing their tenants to focus on driving profits. By bridging the gap
between builders and users, real estate developers pay an extremely important role in controlling
unnecessary expenses and improving efficiency and effectiveness for all parties involved.

The most influential real estate development companies in Tanzania go beyond this role. The best
real estate developers in Tanzania are visionaries, looking years - even decades - beyond today's
world to determine what buildings will be needed, and where. They imagine a commercial
building, an industrial park or shopping mall, or even an entire commercial district in a currently
undeveloped area by looking into the future and projecting what tomorrow's businesses and
consumers will need. At their finest, real estate developers in Tanzania are entrepreneurs who
seek out opportunity and drive it to reality, and in the process grow our communities and our
nation. Tomorrow's manufacturers, distributors, retailers and employers will have a home because
today's real estate developers had the daring and vision to foresee their needs.

BUYING PROPERTY OVERSEAS

The opportunity to purchase property more cheaply and easier overseas has lured many potential
buyers to overseas locations. Choosing the right financial institution to finance your overseas
property purchase could ultimately save you money and time. Some of the major banks and
lenders for instance have overseas branches and partners so you can borrow against an overseas
property and organize transactions and paperwork with ease. However, some banks and lenders
will not accept an overseas property as security.

FINANCE SOLUTIONS FOR OVERSEAS PROPERTY PURCHASE

If you are arranging finance to purchase a property overseas then you will have to take into
account the exchange rate on currency transfers. Exchange rate fluctuations may result in gains
and losses of around 10 per cent which will in turn impact on your purchase costs and the profit
you would make on the sale of the property. Buying when the exchange rate is favorable would
more than likely place you in a better position for any future sales of the property.

LAWS AND TAXATION FOR OVERSEAS PROPERTIES

The laws governing the sale and purchase of property particularly to foreign nationals will vary in
every country. And if you are purchasing an investment property, you will need to ensure that you
understand your legal obligations as a landlord. There may also be an array of taxation issues that
need to be dealt with in your home country and the taxation office in the country where you
intend to make the purchase.

CURRENCY TRANSFERS

If you are buying property overseas, whether as an investment, a holiday home or as part of a
permanent relocation plan, you will probably have to pay for it using foreign currency.

The cost of buying property overseas can be higher than in your home country; you may have to
pay estate agent fees, for example, and higher legal fees. So it is even more important that you
get the maximum amount of foreign currency possible. You will also want to protect your money
against possible adverse exchange rate movements, which may mean that your home currency
will buy less foreign currency.
When using a currency transfer institution make sure they can offer you the following services:

· Market expertise to get you the best exchange rate available, saving you money

· Fix an exchange rate today that will be valid up to two years in the future, so you will know
exactly how much foreign currency you will get and that you can meet your property purchase
commitments with no shortfall

· Use the most reliable international payment method available, ensuring that your funds are
transferred as quickly and securely as possible
· Experienced staff who is accessible to you.

· Low or no receiving charges. Receiving charges deducted from your funds before arrival in
the beneficiary account.

MOVING ABROAD

With the abundance of cheap global flights and the joy of the internet allowing us to explore the
world from the comfort of our own home and dream about visiting far flung places, it seems that
more and more of us are actually planning on moving abroad at least for a few years in a bid to
broaden our horizons and experience different cultures and ways of life.

· Finding a Home

Getting accommodation sorted out will be a priority when you move abroad. Even if you're
expatriating for good, consider renting real estate before committing to purchase so you can learn
about which locations are best and which best match your own personal property preferences. You
can often find short term rentals over the internet before you go and these will allow you to have
a base from which to begin a proper hunt for the perfect home.

· Keeping a Home

If you already own real estate in Tanzania what are your plans for it while you're away? Will you
leave it empty, rent it out or even sell it. Your decisions may depend on whether your plans for a
move abroad are temporary or permanent of course Real estate is usually a great asset to hold on
to, but keep in mind that whether you keep it or sell it will have a certain taxation implication,
from income tax due on rent earned to capital gains tax due on a house sold.

VACATION HOMES IN TANZANIA

When buying a vacation home in Tanzania you need to weigh the pros and cons of the second
investment. A vacation home in Tanzania is great to read about and dream of and maybe even
invest in, but you have to do your homework and make sure it can turn into a profitable and
enjoyable investment.

· You have to analyze whether you can afford the second home or vacation home in
Tanzania , especially if you only intend to spend a limited portion of the year occupying the
premises.
· Vacation or second home owners in Tanzania need to consider leverage on financial power,
preset and negotiated terms set by the law, fraction ownership of the market cost, limited usage
of rights to the property and regulatory approval.

· Buying a vacation home in Tanzania for investment purposes can be a good decision. One
great thing in this way of investing is that it may be a way to have an additional income for you
and your family while you get to own a property for leisure as well.

· This is quite simple; first you need to purchase a vacation home that best suits your needs
in Tanzania . You will take out a mortgage and you will know how much money you will have to
pay for it per month. Then you may rent out your vacation home in Tanzania , where the payment
for the rentals should be more than your monthly mortgage payment to gain profit.

· If your purchased vacation home in Tanzania has great appeal, more people are willing to
pay higher rentals and this will mean a bigger margin of profit for you. Also, you can live in your
vacation home for free at times when it is vacant.

· If you can make enough money out of renting your vacation property in Tanzania at a
given period, then you will never have to pay mortgage using your own money since it becomes
self liquidating. But be sure that you have enough money just in case your rentals fall.

· There are some investing tips to help you manage your vacation home in Tanzania . One is
for you to have a clear and achievable investment goal. You should ask yourself if owning a
vacation home in Tanzania contributes to your overall investment goal. You should also be willing
to take on the accompanying risk and sacrifices for eventual financial success.

· Refine the investment target for your prospective vacation property purchase in Tanzania if
you cannot clearly state your goal. Lastly you should never allow your ego to outweigh an
objective analysis concerning a vacation property investment, meaning you may like a particular
vacation property in Tanzania so much but remember that the purchase should be sensible,
otherwise you may regret your acquisition. To be sure, you may ask real estate expert in Tanzania
to check on the property value.
· Investing in vacation properties in Tanzania has many benefits and bad consequences as
well. You should look forward to the day that you will pay it off. When this day comes, whatever
rental payment you get from your renters, will go straight to your pocket and you can start
another vacation property purchase. So why not start today and enjoy the benefits of a vacation
home in Tanzania . Go around and see what is available and check with you bank for a loan
facility.

PROPERTY MANAGEMENT IN TANZANIA

If you are an absentee owner the it is a sensible decision to hire a property manager to ensure the
well keeping of your investment in Tanzania .

One important role of the property manager is that of liaison between the landlord and/or the
management firm operating on the landlord's behalf and tenant. Duties of property management
in Tanzania include accepting rent and, responding to and addressing maintenance issues.

The duties of the property manager in Tanzania may also include managing the accounts and
finances of the real estate properties, and participating in or initiating litigation with tenants,
contractors and insurance agencies. Litigation is at times considered a separate function, set aside
for trained attorneys in Tanzania . Although a person will be responsible for this in his/her job
description, there may be an attorney working under a property manager. Special attention is
given to landlord/tenant law in Tanzania and most commonly evictions, non-payment,
harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain
the most amount of attention from property managers. Therefore, it is a necessity that a property
manager in Tanzania be current with applicable municipal, county and state laws and practices.