The site provides Real Estate news, guidance, and information for both real estate agents and home owners. Covering topics such as construction, mortgage advice and much more. Let us guide you in your real estate decisions.
I’m Jemima Fenteng-Twum; a finance and real estate strategist with a passion for helping individuals and entrepreneurs build wealth and create sustainable businesses. With a strong background in investment, business development, and advisory, I’ve worked with professionals, investors, and startups to make smart financial decisions and scale their ventures.
This blog is where I share practical, experience-based insights into:
•Personal finance
•Real estate investing (especially in Ghana and Africa)
•Business development and growth
•Wealth-building strategies for long-term success
My mission is simple; to empower ambitious professionals and entrepreneurs; especially in emerging markets to make informed financial decisions and achieve lasting financial freedom.
I write for people like you, whether you’re building your first business, buying your first property, or looking to multiply your income streams. When I’m not advising clients or writing, I enjoy trying new recipes, exploring real estate opportunities, and mentoring aspiring entrepreneurs.
Let’s connect Follow me on https://www.linkedin.com/in/jemima-fenteng-twum-pb-805012141?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app or send a message to collaborate.
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One of the first question many would ask when the question of hiring a lawyer is raised is ‘’Why do I need a Lawyer’’. As a certified Real Estate Broker and in my Six Years Plus experience in Real Estate, 60% – 70% of property buyers often do not see the importance of getting a lawyer. Most of these property buyers rely solely on the guidance from their Real Estate Brokers / Agents just to avoid the ‘’unplanned-for’’ legal fees.
Although employing the services of a Lawyer during property acquisition can be expensive; it is often considered in the end as money-well-spent because the chances of avoiding deeper pitfalls are higher. Below are few bulleted advantages in employing the services of a lawyer.
It’s often worth it to spend money on a real estate lawyer/attorney, but it is not legally required in most situations.
Lawyers / Attorneys make sure all paperwork are properly drawn up and filed with right authorities.
Lawyers / Attorneys do title searches and can negotiate should a search uncover a problem.
Ideally, buyers and sellers in a real estate deal should be represented by lawyers to safeguard their rights and watch their interests.
Below are some detailed duties of real estate lawyers.
Contracts
Most property buyers are well informed when it comes to land laws and legal contracts hence see employing a lawyer as waste of money. Meanwhile most do not know that the terms of the deal must be properly recorded in a contract for them to be legally binding. Attorneys can negotiate on your behalf and also make sure that the contract adheres to all laws of the country to avoid any future unforeseen contradictions.
Title Searches
One of the most vital step to take before purchasing a property is to conduct a titled search. This is to ensure that the property is free of any encumbrances, such as liens or judgments. The title search is essential because it reveals whether the seller has the legal right to sell the property or not. Although anyone can do a title search, an attorney will be able to do it faster and better. If they don’t do it themselves, they’ll often have working relationships with Lands Commission.
If the search uncovers something problematic, your attorney can counsel you on how to proceed. Suppose a title search reveals that the sellers must pay a lien or outstanding court judgment before selling their home; your attorney / lawyer might negotiate a price reduction on the property to compensate you for the delay ( Damages).
The lawyer may also provide the seller with suggestions or sources for financing so that they can satisfy claims. Adding to that; attorneys can secure proof that judgments or liens have been resolved. That is important if you ever plan to obtain a mortgage or loan against the property.
Property Transfers
When one or more parties are corporations, trust or partnerships, the contract preparation and the ensuing negotiations are complicated. An attorney understands these different types of business arrangements and their legal boundaries within the laws of the country The attorney will ensure that the contract is consistent with the law and the partnership’s, trust’s, or corporation’s charter agreements.
Sellers Need Attorneys Too
If you’re selling a property, having an attorney represent your interests isn’t a legal requirement in most cases. However, not having one increases your chances of being sued by the opposing party for failure to disclose certain information. That is because an attorney must review the home inspection and disclose the necessary information about the property to the other party. Suppose the other party is a corporation or a partnership, and the transaction is improperly completed. Then, they might sue you for not clearing the title to the property, failing to disclose certain defects, violating a corporate charter, or something else. While having a lawyer will not insulate you entirely from such litigation, obtaining legal counsel will certainly reduce your risk. An attorney or a lawyer will be much more likely to secure a clear title and make the appropriate disclosures. An experienced real estate lawyer can guide you through the step-by-step process of closing / selling your home. You could do all the complex paperwork yourself ( as many try to do), but it will be extremely time-consuming and if you don’t file various permits (property rates; grounds rents; loans, etc) and financial documents properly, it could cost you the sale.
How Much Does a Real Estate Attorney / Lawyer Cost?
How much a real estate lawyer will cost you depends on the job and the lawyer in question. In Ghana there is no standard legal charge for real estate lawyers. Meanwhile attorneys charge an hourly rate, which may vary base on experience. For instance as at the year 2022; the Ghana Bar Association had the following
A senior counsel with 10 years and above experience – Ghc 2,000 maximum
2. A counsel with 5 to 9years experience ————-Ghc 1,500 maximum per an hour
3. A Counsel with under 5years experience ——Ghc 1000 maximum per an hour.
Some attorneys may simply charge you for each service they provide, like a home closing, or a double-checking a title search. Per my experience as a Real Estate Broker; Real Estate Lawyer charge a percentage (%) on the unit price involved at the final stage of the entire transaction.
Due to the attractive business and returns and the amazing flexible working environment, there are many investors who have relocated to Ghana just by the prospect of making great returns. Many business investors have channeled attention to the real estate market due to the stability in returns and how lucrative it can be.
However, just like any business venture, property investments have their good and dark sides. Before you pour your money into it, you will want to, first of all, know what you are getting yourself into.
The virtues and drawbacks of property investment in Ghana are different from what is on other markets (business investments) due to the unique dynamics in real estate business operation.
VIRTUES (Advantages )
Diversified Income Sources: There are diverse forms of property investments in both Ghana and across the globe. You can buy and sell, flip, or rent your property. Each of these investment options has a massive potential to bring you excellent returns. In Ghana, rent and housing prices have been rising from year after year. Therefore you have a chance to make decent rental income and also equity and capital gains. In furtherance, you have diverse investment options such as Land sales where you purchase a parcel of land, wait for a year or two for value appreciation and then resell or buy houses for rental ( Short stay or long stay).
2. Easy Access To Financing Options
With much guarantee, acquiring a mortgage for an investment property is not as easy as borrowing for a primary residence in Ghana. However, Banks like Stanbic Bank and Republic Bank are both well known lenders ready to assist property investors. An age range between 21 and 60 years among other vital personal information are criteria looked at when trying to secure mortgage. Below are the rates calculator for Republic Bank
USD – 11.5% GHS – 11.9%
Up to 10 years – 27% per anum
Over 10 years – 28% per anum
National Housing – 18.3% per anum
3. Fewer Risks
Unlike other investment options like Government Bonds, Treasury Bills and Stocks, Property Investment have a tendency to have less risks, especially when you are doing it long-term. In most healthy real estate markets, home prices go up every year, and equity gains also go up with time. So, the longer you retain your property, the higher the returns, meaning the risk is definitely lower if you opt for this strategy. You can never go wrong with real estate. Just like a quote by Andrew Carnegie; ‘’The wise young man or wage earner of today invests his money in real estate’’.
4. Immune To Inflation
Like the saying goes; ‘’you can never get it wrong with real estate’’. Due to the fast appreciative value; you have a hedge against inflation. When the rate is high, property values and rent also have to keep pace. This means that a rise in the cost of living will work to your advantage.That aside, inflation doesn’t influence mortgage payments.(Mortgage rates are fixed )
Disadvantages Of Investment Property
Property investment has its fair share of downsides, and as much as they may sound relatively small, not paying thorough attention to them could be the beginning of your misfortunes.
Tenant Risk
A downside of investing in income property is tenants, even those you presume to be the best, could easily fail you. Non-paying tenants are every landlord’s nightmare. That explains why income from this stream is never guaranteed. Nonetheless, there are still great tenants out there who will always pay their rent on time. You can minimize the risk of landing bad tenants by always screening potential clients.
2. Disposing Of The Property Might Be Difficult And Expensive
Unfortunately, real estate is not a liquid investment, meaning it might take time to dispose of the property, depending on the existing market conditions. It could be a lot more challenging if your investment is short-term. You may incur realtor fees affiliated with the selling of property.
3. Property Management / Maintenance
Your property will definitely need to be taken good care of. Plus, there will be a few other tasks like accounting, administrative work, tenant screening and rent collection, insurance processing, and so on.
Many landlords find these tasks so involving and tiring, and therefore contract private property managements to manage their properties.
4. Mortgage Financing Can Be Expensive
There are few property investors / developers who are able to self-finance their projects without the aid of mortgage services. The interest rates from most banks are high and therefore If you can afford to pay cash, consider yourself lucky. But if you can’t and are in need of mortgage financing, the cost might be relatively high which in the long terms affects the prices of properties. ( Houses).
In conclusion, the disadvantages are not enough reasons to pervert the advantages of property investment. For more property advice; contact https://rywardproperties.com/
Planning to buy or sell a home? There’s a good chance you’ll work with a real estate agent, broker, or realtor. Though all of these real estate pros are licensed to help you buy, sell, or rent a home, they are distinct from one another, especially when it comes to their qualifications and which rung of the professional ladder they occupy.
A real estate agent is licensed to help people buy and sell real estate, and is paid a commission when a deal is completed. The agent may represent either the buyer or the seller.
A real estate broker does the same job as an agent but is licensed to work independently and may employ agents. Brokers are paid on commission but also get a cut of the commissions of agents who work for them.
A realtor is a member of the National Association of Realtors (NAR) and may be an agent or a broker, among other professions in the industry.
Real Estate Agents are individuals who are licensed to help people buy, sell, and rent real estate. They are ultimately responsible for bringing buyers and sellers together and are paid a commission—usually a percentage of the property’s sale price. Real estate agents are also called real estate associates and real estate salespeople.
The requirements for becoming a licensed real estate agent vary from Country to Country. In general, however, real estate agents in Ghana must belong to either of the two real estate groups (association) thus Ghana Real Estate Professionals Association -GREPA or Ghana Association of Real Estate Brokers -GAREB
What does a real estate agent do?
Real estate agents organize transactions between buyers and sellers, as well as those between owners and renters. Agents are responsible for carrying offers and counteroffers between each party, along with any queries they may have. An agent will work with another agent when an offer is accepted, guiding clients through the process of filling out paperwork. They also make sure their clients are fully aware of any requirements to complete the sale, inspections, moving, and important dates such as the closing.
Agents who represent sellers are known as listing agent. These agents help set listing prices, suggest home updates that will increase the home’s value (and the chance of a successful sale), help with home staging, and market the home via the local Multiple Listing Service (MLS) and other channels. They also negotiate sales prices, closing costs, and other fees and help prepare, submit, and file documents.
Agents who represent buyers are known as buyer’s agents. These agents find properties that match the buyer’s requirements (aka the “wish list”) and price range and help arrange home appraisals and inspections. Like listing agents, buyer’s agents negotiate terms and help prepare, submit, and file the necessary documents.
Agents can act as both listing and buyer’s agents (known as dual agency), though typically not for the same transaction because that can create a conflict of interest.
How do real estate agents get paid?
Real estate agents work for brokers or agencies and are normally paid on a commission basis. This means they receive a percentage of the sale price of a property—so the higher the sale price, the higher the commission. Commissions are sometimes negotiable, but they typically fall somewhere between 4% and 5% for sale and 5% and 10% for rental. 1 Of course, the real estate agent doesn’t walk away with the entire commission. Instead, the commission is typically divvied up between the buyer’s agent, the listing agent, and the firms for which the agents work. So, for example, say a home sells for $200,000 with a 5% commission. A typical split might look like this:
Buyer’s agent : 40%
Seller’s agent : 60%
Real Estate Brokers
A real estate broker is a real estate agent who continues their education and successfully receives a state real estate broker license. Unlike real estate agents, brokers can work independently and start their own brokerage and hire other real estate agents.
What do real estate brokers do?
Real estate brokers do many of the same things that agents do. Brokers who work with buyers normally look for properties that match the criteria set forth by their clients, conduct negotiations, prepare offers, and help the buyers with any other issues leading up to the closing date. Seller’s brokers, on the other hand, determine the market values of their clients’ properties, list and show properties, communicate with sellers about offers, and assist in the offer process.
There are three main tiers of real estate brokers, with varying degrees of responsibility:
Associate brokers have broker licenses but choose to work under another broker. In general, associate brokers do not supervise other agents.
Managing brokers oversee transactions and daily operations in the office. They also hire agents, train new hires, and manage administrative staff.
Principal/designated brokers supervise real estate agents to make sure they are in compliance with state and national real estate laws. Each real estate office has one designated broker.
How do real estate brokers get paid?
Real estate brokers earn money by taking a share of the commissions earned by the real estate agents who work under them. They also earn commissions from their own deals, but unlike real estate agents, they don’t have to split their commissions with “the office.”
Realtors
A Realtor is a real estate professional who is a member of the National Association of Realtors (NAR), another arm of Real Estate Brokerage / Agency. Although the term “Realtor” is commonly confused with that of “real estate agent,” the designation is open to a variety of professions within the real estate industry, including:
Residential and commercial real estate brokers
Salespeople
Property managers
Appraisers
What Is the Difference Between a Buyer’s Agent and a Seller’s Agent?
Simply put, a buyer’s agent assists a potential home-buyer in their housing search. A buyer’s agent will typically be able to gain access to properties for sale via other agencies, as well as their own. A seller’s agent (also called a listing agent) lists and markets a property for sale. The seller’s agent represents the homeowner and may stage the property, host open houses, or feature the home online. When a house is sold, the commission paid by the seller is usually split equally between the buyer’s and seller’s agents (with their cuts potentially split with their respective agencies).
Can You Use a Real Estate Broker to Rent a Property?
Yes. In addition to buying and selling, real estate agents and brokers help list rental properties and find eligible tenants. When a property is rented, typically the tenant will pay their broker a fee (typically around one or two months’ rent), which is split with the listing agent.
Can You Sell a Home by Yourself?
For sellers who are looking to avoid paying hefty commissions, there are ways to list a home as for sale by owner (FSBO). These can range from a simple yard sign that reads “for sale” to discount listing services that will post the home’s listing along with basic photos on the Multiple Listing Service (MLS) for a flat fee. Of course, there will not be any professional staging or marketing to advertise and generate foot traffic to see the home aside from the online listing.
A real estate agent, referred to often as a realtor and/or a real estate broker, is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state’s laws of agency. Many states require written disclosures to be signed by all parties outlining the duties and obligations.
Generally, real estate brokers or agents fall into four categories of representation:
Seller’s agents, commonly called “listing brokers” or “listing agents”, are contracted by owners to assist with marketing property for sale or lease.
Buyer’s agents are brokers or salespersons who assist buyers by helping them purchase property.
Dual agents help both the buyer and the seller in the same transaction. To protect their license to practice, a real estate broker owes both parties fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement. Special laws/rules often apply to dual agents, especially in negotiating price. In dual agency situations, a conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties. Individual state laws vary and interpret dual agency rather differently, with some no longer allowing it. In some states, dual agency can be practiced in situations where the same brokerage (but not agent) represents both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, dual agency occurs by allowing each agent to be designated as an “intra-company” agent. Only the broker is the dual agent.
Transaction brokers provide the buyer and seller with a limited form of representation but without any fiduciary obligations. Having no more than a facilitator relationship, transaction brokers assist buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers. The assistance provided are the legal documents for an agreement between the buyer and seller on how a particular transfer of property will happen.
A real estate broker typically receives a real estate commission for successfully completing a sale / rent. Across the Ghana, this commission can generally range between 5% for sale and 10% for rental property. This commission can be divided up with other participating real estate brokers or agents.
Is it profitable to invest in real estate in Ghana
The real estate market plays an important role in the development of the Ghana economy. Not only is the government interested in the development of this market but investors in and out of Ghana. Over the past 10 years, the real estate and construction market has provided approximately 8% of GDP. Almost half of the total investors are foreign citizens and private investors.
For the past 10 years, foreigner have been actively involved in the Ghanaian real estate development not only as buyers but as developers. One of the major reasons for such high interest is the fact that investing in local housing is as easy as profitable and known to be one of the safest investment to venture in. It is as close to hustle-free method of investment and surest.
There are many factors that motivate foreign investors in Ghana; such as the Peaceful nature of the country, the Almost- stable economy, high returns, easy way of relocating to Ghana; wonderful climate, active social and economic development, a high standard of living, affordable cost of living, relatively low housing prices and more. Considering all the above-mentioned factors, we can say for sure that it is definitely worth investing in Ghana property.
A real estate developer is responsible for managing the tasks in the process of developing real estate and selling it to clients. In this role, a person may purchase land, assist with the financing of a real estate transaction, work with a builder to design and construct a building on a piece of property and determine how to market the structure or land to clients.
Real estate developers take on some of the most risks in the process because they are the people who decide to invest in property and develop it into something else, such as a commercial building or residential development.
Some real estate developers specialize in certain portions of the development process. For example, a developer might focus on looking at and investing in land or coordinating with contractors to construct buildings on properties.
Others choose to focus on the entire process from start to finish, working with municipalities to get permits, coordinating marketing efforts and overseeing the construction process. Real estate developers often work with various counterparts in the process, including engineers, architects, contractors, city planners, inspectors, leasing agents, surveyors and lawyers.
In most states, a real estate developer must hold a state-issued license in real estate so that they can serve as the sales agent or broker in the buying and selling process. Many developers start out in the real estate industry, working with individual clients to help them buy or sell their homes.
However, that is not the only path that leads to becoming a real estate developer. Some come from construction, urban planning, law, architecture and finance backgrounds. Your background may play a role in what area of real estate development you wish to focus your career.
Common duties for real estate developers include:
Researching property to purchase for development
Working with other professionals throughout the development process
Managing budgets for real estate projects
Negotiating costs and terms with contractors
Securing funding for development
Establishing designs and development plans with architects and engineers
Obtaining permits for planned development and construction activities
As the owner of a property, you stand to benefit from any rise in its value when it comes to selling, from the income it can generate if you rent to tenants – and, of course, from the utility you get from living in or using it yourself.
Interestingly, the attractiveness of property ownership is partly dependent on culture. In the UK, for example, individual ownership is fetishist: “an Englishman’s home is his castle”. But in countries like France and Germany, the idea of someone not owning any real estate isn’t unusual at all.
An investment property is purchased with the intention of earning a return through rental income, the future resale of the property, or both. Properties can represent a short- or long-term investment opportunity. Investment properties are not primary residences or second homes, which makes it harder for investors to secure financing.
The real estate industry is always competitive, and it is often really hard to make your mark and be known as a successful real estate investor. It takes years of experience and vigilance to ensure your success in this arena. Also, you can seek guidance from some successful real estate investors to understand the tried and tested tactics of successful investment. According to Dubai Real Estate Corporation, here are some essential tips for you that will help you with the basics of successful investment plans
Start with a Plan: When you step into the real estate market, prepare to have a lot on your plate. You cannot manage it all without a plan, from keeping track of the latest listings to knowing about potential investment localities. You must pen down every detail, for example, how many properties you should own, when to upgrade, the estimated amount you get from rentals, how demographical changes can impact your investments, etc. Be the man with a plan!
2. Understand the Market: Keeping an eye on the market is crucial. Which properties are in demand, which ones will get attention in the near future, what are the trends, residential or commercial properties are worth investing in currently, and there is a lot that you have to keep track of. This will help you get hold of potential properties timely before anyone else can lock the deal!
3. Honesty is the Best Policy: The older this cliché gets, the more practically applicable it becomes. Although you do not sign an oath or are not required to follow any particular code of conduct, being honest with your clients adds to your reputation in the market. People prefer working with a broker who has transparent working strategies and abides by certain social ethics. If you want to win the trust of your clients, be honest with them!
4. Choose a Niche: The real estate market is vast. You cannot be a jack of all trades. It takes time to build an understanding of the processes involved in making the deal. It would help if you chose a niche where you want to continue working. Choosing one particular area of the real estate market enables you to get in-depth knowledge about it.
5. Networking: Having strong relationships and connections in real estate energy is essential for your success as an investor. Dealing with associates, clients, business partners, and fellow investors politely, professionally, and respectfully is necessary. Try responding to every complaint or feedback of your clients to understand the demands better.
6. Keep Your Information Updated: If you want to keep up with the momentum of the market, keep your information updated. Stay educated about the changing trends and legalities regarding the buying and selling of properties in your area. Keep yourself aware of everything that can impact your business directly or indirectly.
7. Beware of the Risks: To simply put, you should not rely on advertisements regarding investment plans. The advertisers will give you the impression that there is no possibility of loss if you buy a property in a particular area. Still, you must rely on your sources to get accurate information. Once you know how the market works, it will be easy to reduce the chances of loss.
8. Get an Accountant: Dealing with taxation is a significant part of being a real estate investor. Get a qualified, experienced, and reputable accountant on board. They can help you get through the complex process of calculating and paying taxes rather effortlessly.
9. Get Help: If you are new to the market, do not shy away from seeking help from an experienced investor. You can also start your business by partnering with someone who has sound knowledge and a deep understanding of the real estate market and can help you have a good start.
10. Maximizing the Real Estate: Try different ways of increasing your investments. For example, you can rent out a corner of your property to a bank for installing an ATM. Likewise, if you have an apartment complex, you can add services like garbage picking and an additional fee for it with the rent. Keep looking for new ways of making money from your currently owned properties.
The five essential principles to follow when looking for properties online are:
1. Location: The first thing you should do when searching for a property is finding a place that is convenient for you. This may be close to your office, close to your children’s school, or close to the nearest airport.
2. Budget: It is important that you set a budget before looking for properties online because it will help you narrow down the listings and avoid spending more than you can afford on a property.
3. Type of Property: Now that you have decided where and what size of property would suit your budget, it is time to decide what type of property would suit your needs best. A good idea would be starting with a small apartment and moving up from there.
If you just can’t find the best real estate deals that fit all your needs because it’s just not out there: Have you considered to build your own? Like that you can have it exactly as you need it and like it. All you need is a piece of land for construction in your desired area and an architect who can look after the legal end of it. Once your project is approved a builder can finish your project.
Examples of Websites with Geographically and Price Specific Property Listings
Many websites have a property listing section that is only geographically specific. But there are some that are also sorting listings by price. Like this where you only see the houses for sale that you can afford. http://www.meqasa.com / http://www.rywardproperties.com
THE JFT EDIT 