British & Far East Traders
Standard Operating Procedures (SOP)
Why is there a need for a Standard Operating Procedure?
Property / Real Estate transactions can be complicated & will have alot of legal repercussions.
An SOP will guide both the dealer and the investor accordingly to have a smoother transaction.
This also protects our partners from alot of time wasters
who in the end are just shopping around and never committed to a deal.
We aim to manage your expectations accordingly,
and because this is a business transaction,
we aim to make things as professional as possible.
This SOP is a working document,
therefore we tweak it from time to time to smoothen our workflow.
British & Far East Traders
Bringing The World's Investments Closer Home...
1. Presenting the Property
We release a Preview or Teaser Advertisement of a property
* full address will be excluded from the details
* we ask you to sign a Non-Disclosure Agreement (NDA)
Presentation may include:
- condition of the property
-proof of true market value
-agreed purchase price
- other relevant information
* all properties will be on a first come first served basis
2. Investors Pre-Qualifying Questions
When we receive investor leads, please expect some questions:
* What was it that you liked about this property
* Have you got a mortgage in principle?
* Have you got the funds in place to go?
* Is this your first property?
3. The Close
We will go over everything the investor knows and summarise the deal.
We'll give you chance to ask any pressing questions.
Please ask only genuine questions not trivial questions.
* If you were to go ahead, how soon would you be able to pay the reservation fee?
* If we can verify everything we've said over an email, would you like to go ahead?
4. Terms & Conditions
We should never do business without a clear written agreement.
* We are delighted you would like to secure the property.
Here is what happens now.
We will send you over a contract with our terms and conditions.
As soon as you've read these and are happy, sign them and send them back.
We will then promptly invoice you our bank details for the finder's fee ( which varies per deal),
and once this is paid the property will be reserved for you.
We will then introduce you to the seller and management company,
and your solicitor will take over from there.
Is that all ok?
When the investor returns the agreed terms and conditions, it is time to send the invoice.
* The investor has not truly reserved until he pays the fee.
*We only sell deals that have been pre-qualified,
deals that we would buy ourselves under the right circumstances.
* We make sure investors understand our terms & conditions
* this workflow is a non-verbatim adaptation from Samuel Leeds, one of the UK's well-known property tycoons.
Anti-Money Laundering Compliance
Part of the Anti-Money laundering compliance we carry out is handled by a
UK third party company who are experts in their field.
* Are they who they say they are:
- Proof of ID verified by an approved professional
- Proof of Address
- Proof of the source of funding
This is a legal requirement,
if the client does not comply with this then we can't move forward with the transaction