Investment types What are the homeownership packages available on BuySmallSmall?
- There are 3 homeownership packages available:
- Co-ownership
- Buy2Let
- Buy2Live
What is a Co-ownership package?
Co-ownership: The art of investment is making your money work for you and real estate is one tested and proven way your money can work for you for a very long time. With our co-ownership package, you can buy a piece of a property for as low as N4,000 and own the property with other co-owners.
What do I get as proof of my shares for a property I co-own?
When you buy one or more shares of co-ownership properties, you immediately become a co-owner and a fraction of the property shares is allotted to you based on the number of shares purchased. A shareholder certificate is also issued to you and you can access a copy of your certificate on your BuySmallSmall dashboard.
Is there any danger in co-owning a property with strangers?
The Co-ownership package is properly structured to ensure each co-owner investment is protected and rewarding. Co-ownership properties are available either as free-hold or fixed hold, which allows an investor to invest based on their appetite.
How long can I hold a property with other co-owners?
For Freehold, you can own and hold only your shares for as long as you want.
For Fixed-hold property, shares purchased are held for a time certain(fixed term) in order for the investment to mature, sold at a profit, and the profit shared evenly amongst the owners.
As a co-owner, can I sell or transfer ownership of my shares?
Yes, you can sell or transfer, but the liquidation must be done on the BuySmallSmall platform by submitting a request to us on your dashboard.
How can I increase my share in a property that I’m already a co-owner?
You can look out for opportunities when other co-owners are looking to sell their shares. BuySmallSmall will notify all co-owners of this sale once we receive the request without disclosing the seller identity. We will give the date and time the shares will go live on our secondary market, but the shares will only be sold on a first come first serve basis.
Any peculiar condition for transferring or selling Freehold Shares?
You can transfer your shares anytime, set your price and sell anytime, but the property cannot be sold as a whole except if all co-owners agreed to sell.
Any peculiar condition for transferring or selling Fixed-hold Shares?
You can transfer, set price and sell only your shares within the fixed term after a one year holding period and within the cap share price as stipulated by BuySmallSmall to reflect the market value of the property at the time of the transfer, but the property will be sold as whole at maturity of the hold period.
Is the maturity date a specific date?
Yes, buySmallSmall gives the specific maturity date on all listed co-ownership properties. i.e the day, month, and year.
How does BuySmallSmall protect co-owners investment and ensure there are no conflicts of interest amongst co-owners?
For the purpose of transparency, accountability and avoidance or management of conflict, BuySmallSmall appoints and pays a Publicly Listed Asset Management Company as Trustee(s) to hold and manage properties acquired under the co-ownership package.
Does BuySmallSmall have a skin in the game?
Yes, we do. BuySmallSmall invests and holds at least 5%, as co-owner, in every property listed for co-ownership.
What type of Return On Investment does BuySmallSmall co-ownership give?
The returns are Guaranteed Capital Appreciation(GCA) and Guaranteed Rent (GR)
How much Returns does BuySmallSmall give to co-owners?
The total return on investment for a fixed-hold property is Rent Return + Capital Appreciation Return. BuySmallSmall Return Rates are influenced by the location of the property and the hold period of the property. In Prime locations like Lekki Phase 1, Oniru and Ikate, BuySmallSmall gives these guaranteed gross returns:
- 63% on completed properties for a 4 years hold period.
- 82% on ongoing properties (completed within 12 months) for a 5 years hold period.
- 103% on off-plan properties (completed within 24 months) for a 6 years hold period.
Completed or Uncompleted(Ongoing) Property, which gives better returns?
They both have their unique advantages. The price of uncompleted property is cheaper, therefore your shares give you better appreciation on your capital, although you won’t start earning rent return until the property is completed. For completed property, the property is priced higher, therefore your shares will command slightly lower capital appreciation return compared to uncompleted property, however, you won’t wait to start earning rent return.
Can co-owners earn Guaranteed Rent on properties undergoing development?
No, guaranteed rent would commence upon completion of the development
Can co-owners earn Guaranteed Capital Appreciation on properties undergoing development?
Yes, your capital is tied up in a real estate asset that is tangible. If you bought shares of an uncompleted development, as the development progresses, the development increases in value. This becomes your gain, and we’re guaranteeing it.
How do I know the property completion date?
The delivery date of every property under construction is stated on the listing. If you bought shares of a property that already closed, you can always get details of the property from your dashboard.
Do I wait for BuySmallSmall to put a tenant in the newly completed building before I start earning rent return?
No, we won’t keep you waiting. BuySmallSmall uses a waitlist from its sister product, RentSmallSmall, to secure tenants for the property before it’s completed.
What happens if the property is not delivered on the set completion date?
Whether property is delivered on the set date or not, your rent return starts counting from the set date of completion.
How does the Co-ownership Guaranteed Capital Appreciation (GCA) work?
Co-owners with fixed-hold shares get GCA return upon maturity of the hold. The GCA return is powered by a Rent2Own package offered by SmallSmall Technology to premium tenants at a pre-agreed price that factors in an appreciation rate, ensuring co-owners make good profit. BuySmallSmall doesn’t give guaranteed appreciation return to co-owners of freehold properties; this gives them freedom to set their own price if they want to sell at any time.
When and how is the Co-owners Capital paid?
The capital is paid into the account of fixed-hold co-owners within 14 working days after the maturity date.
When and how is the Guaranteed Capital Appreciation (GCA) paid to co-owners?
The capital appreciation return on a fixed-hold property accrues over the hold period and it’s paid along with the capital into the account of the co-owners within 14 working days after the maturity date.
Can I get my Capital Appreciation Return yearly?
No, it’s accrued over the hold period and paid to you at maturity.
How does Co-ownership Guaranteed Rent (GR) work?
All co-owners of fixed-hold and freehold properties get guaranteed rental income. If a property is acquired under a fixed-hold plan, the guaranteed rent is earned up to a maturity date. If a property is acquired under a freehold plan, the guaranteed rent is earned up to a maximum of 10 years. The guaranteed rent not only gives co-owners a passive cash flow, but it ensures the property has enough cash-flow to cover running costs which include property insurance, property maintenance, property management, and land-use-charge.
How is Guaranteed Rent and Capital Appreciation Returns calculated?
Appreciation is a prediction of value based on current and anticipated market conditions and home conditions. These estimates may be influenced by many factors, some specific to the local market and some related to the broader economy.
When does the Guaranteed Rent and Capital Appreciation Returns start counting?
For completed property, both guaranteed rent and capital appreciation returns start counting from the day the sale of listed shares ends.
For uncompleted developments, the guaranteed capital appreciation starts counting from the day the sale of listed shares ends, but the rent return starts counting from the set completion date given on the platform
Does BuySmallSmall change its returns rate after shares have been purchased by co-owners?
No, we don’t change our returns rate on shares of property already bought or property that is active on the platform.
What type of tenant does BuySmallSmall put in the co-ownership property?
For Freehold, properly vetted tenants from RentSmallSmall are secured for the properties. For fixed-hold, the properties are repackaged and offered as Rent2Own to premium tenants who are locked in a contract as a potential buyer at a pre-agreed price for a period not exceeding the property hold period.
Is there a running cost after I’ve purchased a co-ownership property and who bears the cost?
Co-owners on BuySmallSmall enjoy zero out-of-pocket cost on any property they co-own. This is made possible through a 25% deductible (Cap) from the Guaranteed Rent and set aside as Running Fund before the 75% is distributed to co-owners quarterly. The expenses covered in the running fund includes, property letting and management charges, property insurance, property maintenance, state land-use-charge e.t.c.
Expenses of fixed-hold properties are covered till maturity; and freehold are covered throughout the 10 years guaranteed rent period.
How does BuySmallSmall set the Rent Return for the fixed-hold properties that are packaged as Rent2Own?
To subscribe to Rent2Own package, Premium Tenants are vetted and selected and they are required to pay a premium rent which is a rental value higher than the market rate for the purposes of facilitating their ownership interest. The premium rent is 100% markup of the guaranteed rent. The guaranteed rent covers the basic rent/subscription fee which is due and payable to the co-owners quarterly after deducting the property running cost. The mark-up is kept as downpayment towards ownership till completion of the contract, when the premium tenant is expected to pay the balance in order to take full possession as the new owner of the property.
When and how is the Co-ownership Guaranteed Rent (GR) paid to co-owners?
The net of the guaranteed Rent (gross rent minus running cost) is distributed quarterly into the account of co-owners in the portion of shares owned.
Can the rent return be accrued and paid yearly or at the end of hold period(maturity)?
Yes, there is a rent payout preference button under payment on your dashboard; you can toggle the button to quarterly, yearly or maturity.
Who handles the letting and day-to-day management of a co-ownership property?
The properties are let-out and the day-to-day operation is managed by Small Small Technology. The cost is covered from our 25% Running Fund
Do I get a shareholders report?
Yes, a quarterly report is shared with all shareholders.
How do I become a Co-owner?
- Browse any of our pre-vetted properties that match your investment appetite.
- Select the number of shares you want to buy
- Complete our KYC form
- Review all terms and make payment
Can I buy shares across multiple properties?
Yes, you can buy shares of any properties listed as co-ownership on BuySmallSmall whilst the properties are live and the shares are not sold out.
Is there a limit to the number of shares I can buy?
No limit to the number of shares you can buy. You can buy both fixed-hold and/or freehold at your own pace or you could opt for BuySmallSmall Shares Target Program(STP) where we set shares targets and challenge you to hit those targets within a set period for a chance to convert them as down payment to own an entire property.
What are my options if I’m looking to own an entire property after I’ve accumulated multiple shares across different properties?
We’ve made it possible for you to grow on your homeownership journey, therefore, you can consolidate all your shares and convert (depending on size) as down payment or full payment to take ownership of an entire property on BuySmallSmall (T & C applies).
Are there any incentives if I buy more shares?
Currently, the minimum downpayment required to access financing for full ownership of a property is 20% for off-plan, 30% for ongoing, and 40% for completed property; however, with the Shares Target Program, you can use your acquired shares that equals 10% value of off-plan property, 15% value of ongoing property, and 20% value of completed property as down payment and unlock sole-ownership. BuySmallSmall Shares Target Program is powered by our Buy-Back Program.
What are the benefits of Co-ownership?
- Cheaper to buy.
- Cheaper to maintain. Property maintenance and running expenses are shared amongst owners.
- Easier to sell to raise cash with a buyback offer from BuySmallSmall if unsold in 7 days.
- Convert as downpayment to own a full unit of Buy2Let or Buy2Live Property.
Can I buy co-ownership shares and send them as a gift?
Yes, any registered member of BuySmallSmall can login into their account, buy shares and send to others. The shares can be purchased and sent as gifts to spouse, friends, colleagues and family members.
How do I buy co-ownership shares and send them out as a gift?
- Browse active listings on the co-ownership page.
- Select the number of shares you want to buy.
- Complete our KYC form
- Provide the name, phone, email of the person you’re buying the shares for.
- Review all terms and make payment
As a gift, are there options to customize the Shares delivery?
Sending a gift and receiving one should be a beautiful experience and we are not going to make this one less; after all, Real Estate is the world's oldest tangible asset. Some options we’ve put together in order to allow you add a personal touch to the gift are:
- Browse active listings on the co-ownership page.
- Select the number of shares you want to buy.
- Complete our KYC form
- Provide the name, phone, email of the person you’re buying the shares for.
- Review all terms and make payment
As a gift, are there options to customize the Shares delivery?
Sending a gift and receiving one should be a beautiful experience and we are not going to make this one less; after all, Real Estate is the world's oldest tangible asset. Some options we’ve put together in order to allow you add a personal touch to the gift are:
- A field on the recipient form to write a personal message to the recipient (Free)
- A call from us to the recipient notifying them of the gift (Free)
- A special delivery of the shares certificate hard copy (See sample of packages and prices)
- A blank creative field for you to tell us the custom delivery you have in mind (YTD) You can select as many options as you like and we will do the necessary follow up.
What is the next step after I’ve successfully sent the Shares gift?
The recipient receives a notification in their email with details of the gift and a request for them to sign-up to claim the gift. Once they’ve signed up, on their dashboard, there is a button to accept or reject the gift. If the recipient accepts the gift, the recipient will see the gifted shares in their property portfolio and their shares certificate.
What if the recipient is already a registered member on BuySmallSmall
If our system identifies the recipient’s email you provided as a registered member on BuySmallSmall, the notification email will prompt them to login and claim the gift. If the email you provided is not recognized by our system, they will be required to sign up to claim their gift.
How do I confirm the recipient has received the gift?
A delivery confirmation email will be sent to you once the recipient sign-up or logs in using the link provided in the notification email and accepts the gift by using the accept button on their dashboard.
What happens if the recipient rejects the gift?
A notification email will be sent to you. Thereafter, you can use the gift recall button on your dashboard to recall the shares; the recalled shares will be added back to your portfolio immediately and you will get a successful recall notification in your email . We will also send a recall notification email to the recipient.
Shares that have been accepted by the recipient cannot be recalled, except there is fraudulent activity involved and you logged a complaint to us.
What happens if the recipient ignores the email notification as spam?
If you select any of the options that allow us to engage the recipient either through call or physical visit, we will notify the recipient. However, if you didn’t select any of the personal touch options that will allow us to contact the recipient directly, a mail will be sent to you at intervals to remind you that the recipient hasn’t claimed the gift. The other option we will suggest in this situation is that you call the recipient yourself and inform them of the gift.
What happens if the gift was never claimed by the recipient and I can’t reach the recipient?
We will keep sending a reminder email to the recipient for a month, after that, if the recipient still hasn’t claimed the shares, we will send a notification suggesting to you to recall the shares back to your portfolio.
Is there an age limit to buying and holding shares on BuySmallSmall?
Yes, the legal age is 18. However, shares can be purchased for pupils under 18 as a gift, but a custodian must be appointed to hold and manage the shares on behalf of the recipient. Parents who are buying shares for their under 18 children can create a dependent profile on their own dashboard and set up auto transfer of the shares to the children at 18 years old.
What is BuySmallSmall Ease of Exit for co-owners?
For ease of exit, BuySmallSmall provides a secondary market to both fixed-hold and freehold co-owners to sell their shares to intending buyers, and if shares listed on BuySmallSmall secondary market are not sold within 7 days, BuySmallSmall will offer co-owners a buy-back at an agreed rate.
What is the difference between Buy2Let and Buy2Live homeownership packages?
Properties under Buy2Let are purchased by owners to generate rental income.
Properties under Buy2Live are purchased by owners to reside.
What type of ownership do I get for a Buy2Let and Buy2Live property package?
Unlike co-ownership, you get sole right of ownership. You can make sole decisions on the affairs of the property
What are the payment options available for Buy2Let and Buy2Live?
Outright payment and Financing.
How can I use Financing to buy a property on BuySmallSmall?
There are 3 Financing plans available on BuySmallSmall:
- Short-term financing.
- Mid-term Financing.
- Long-term Financing.
How is financing powered on BuySmallSmall?
The short-term and mid-term financing are powered directly by BuySmallSmall.
The Long term financing is powered by our mortgage partners (details coming soon)
What are the terms for BuySmallSmall short term and mid-term financing?
- For Completed property, with 0 to 3 months delivery period, BuySmallSmall gives you up to 60% financing with maximum payback period of 3 years at zero interest.
- For Ongoing/Under construction with 4 to 12 months delivery period, BuySmallSmall gives you up to 70% financing with maximum payback period of 4 years at zero interest.
- For off-plan property with 13 to 24 months delivery period, BuySmallSmall gives you up to 80% financing with maximum payback period of 6 years at zero interest.
Can I negotiate the financing terms and prices?
No, our terms and prices are the best in the market today. If you find a better deal for a similar property, in a similar location, with similar finishing, share with us and we will not only match it, we will beat it. However, the shorter the payback period on any property purchased through financing, the more discount you get on the price of the property.
How can I apply for short-term or mid-term financing?
- Sign up on BuySmallSmall.ng
- Search & select property of interest.
- Select BuySmallSmall financing, downpayment and payback period.
- Complete and submit your financing application form.
What is the response time after I submit my application for financing?
Application status is given via email within 24 hours of application submission. Upon receiving your application, we will immediately assign an account officer to you who will assist you throughout your purchase period.
Does BuySmallSmall charge any fee when I’m submitting an application for financing?
Yes, there is an origination fee of 1% of the property price. The fee is refundable if your application is not approved.
What is the next step after I’ve submitted my application and paid the origination fee?
- Check for “payment success” notification in your email or your dashboard.
- A copy of your repayment schedule is sent to your email and dashboard
- Wait to get a notification on the status of your application
My financing application has been approved, what’s next?
- Our platform generates your offer letter with your details and sends it to your email and your dashboard.
- You are required to make the down payment and 4% transaction fee
What type of ownership do I get for a Buy2Let and Buy2Live property package?
Unlike co-ownership, you get sole right of ownership. You can make sole decisions on the affairs of the property
- For Completed property, 40% minimum down payment is required.
- For Ongoing/Under construction property, 30% minimum down payment is required.
- For off-plan property, 20% minimum down payment is required.
Are there associated fees with the down payment?
Yes, there is a transaction fee of 4% of the property price. This fee goes towards services including documentation, certification, underwriting, consultation, transaction management, and closing fees.
When am I expected to make the down payment?
Once approved, you will get a notification in your email with a link to your dashboard where you will see the sum approved, offer letter, and our bank details . We expect you to pay the down payment and associated fees within 5 working days after approval.
What happens if down payment is not paid within stipulated time?
We will release the property back to the market and your 1% origination fee will be forfeited.
Can I cancel my application and get a refund of the 1% origination fee before the 5 working days deadline?
Yes you can cancel your application before and after approval, but if you cancel after we’ve given approval and notified, you will forfeit 50% of the 1% as administrative fee.
Is there a payment schedule?
Yes, you can find your payment schedule on your dashboard under Payment. The schedule shows you a breakdown of your financing and the repayment plan. It shows you the amount you’re to payback every month and the duration of payback.
What are the payback options for Buy2Let after I secured financing?
For Buy2Let financing, the model requires that your guaranteed rent is used for payback.
There are 3 scenarios:
- Rent Surplus: The guaranteed rent is enough cash to cover the running cost of the property, monthly repayment, and still gives extra cash to the owner
- Rent Fit: The guaranteed rent is just about enough cash to cover the running cost and monthly repayment. No extra cash is paid to the owner except rent earnings increase over time.
- Rent Insufficient: The guaranteed rent can only cover the 10% statutory letting and management fee and can cover part of the monthly repayment, the balance of the repayment is covered and paid by the owner to BuySmallSmall monthly.
What are the payback options for Buy2Live after I secured financing?
For Buy2Live financing, there is no rent income to use for payback since the buyer is buying for personal use. Buy2Live financing approval is stricter compared to Buy2Let. The downpayment is higher and the payback period is shorter.
How do I know my monthly payback due date?
On your dashboard, the payment page will show your next due date and amount due. You can also get the full breakdown in your repayment schedule.
How is payback payment processed?
Every buyer using financing is required to open a wallet account with a unique bank account number from your dashboard. A monthly auto debit is activated on your wallet account which means your wallet must be funded at all times. All paybacks are processed only through your wallet. You will get email notification for successful debit, and the record of the transaction can be found in your transaction history.
What bank powers BuySmallSmall wallet?
BuySmallSmall wallet is powered by Lenco and Providus Bank.
How do I fund my wallet account for payback?
You can fund your wallet by using any of our payment gateways to transfer funds to your wallet or make direct transfer to your wallet from any bank account. You will also receive a mail from us before the due date, reminding you of upcoming payback.
What happens if there are no funds in my wallet on payback due date?
Our system will attempt to debit your wallet on the due date and if your account is not funded, you will get a notification email from us requesting you to fund your wallet. Once you’ve funded your wallet, you can use the pay now button to clear your due or wait for our system to auto debit your wallet.
Any grace period for monthly payback?
There is a 2 day grace period in which you’re expected to have funded your wallet. You can use the pay now button to clear your due once your wallet is funded or wait for our system to auto debit your wallet. During the 2 day grace period, our system will make attempts to debit your wallet. You will be notified via email of every unsuccessful debit attempt. Failure to clear your debt within the 2 days grace period marks you as a defaulter.
What happens when I default on payment?
If outstanding debt is not cleared within the 2 days grace, we will issue a notice of termination on the third day via email with intent to repossess property if all outstanding debt is not cleared on or before the next payback due date. Each day carries a late payment penalty. If the outstanding debt plus lateness fee is carried into a second month up to the due date of the second month, this translates to 2 months consecutive default which automatically leads to termination of contract.
What is the late payment fee?
Late fee is N5,000 per day and starts counting a day after the 2 day grace period till the turn of the next month due date, after which property will be recovered.
What happens if a contract is terminated due to default?
Property will be recovered within the stipulated time and all payments made till date will be refunded, less 15% as default charges, within a period not exceeding 6 months.Also, your credit ratings will drop and you will not be able to access financing on BuySmallSmall again.
Can I reactivate my ownership after the property has been repossessed?
Yes, we will give you final chance, but the following conditions apply:
- If the property hasn’t been acquired by a new owner
- You will accept a revised price, terms and conditions if the repossession is over 3 months.
- Pay 5% of the property value as reactivation fee if the possession is within 3 months.
- Prove that your financial status has changed.
Can I expedite my payback to take full ownership and collect my title documents?
Yes, you can. There are no limits to the amount you can payback and how often you can payback, but you can’t be in arrears of due payment at any point in time.
Can I be pre-approved for financing before I’m ready to buy?
Yes, when you sign up, there is a pre-approval tab on your dashboard under financing. You can complete the pre-approval form without paying the 1% origination fee, however, we can’t lock down any property for you until you’re ready and the fees have been paid.
What happens if I wasn’t approved for financing?
You will get notification in your email and on your dashboard. We will initiate a refund of the origination fee to you within 7 working days. Unapproved applicants are required to provide their bank details by selecting bank details under Payments on your dashboard.
What is my final option if I don’t have the required down payment and I don’t want to co-own?
Savings Plan: BuySmallSmall has partnered with a financial institution and created a savings plan. You can select one of the monthly saving targets based on your income. If you consistently meet the monthly saving target over a period of 12 to 24 months, we will lower the minimum equity required to 15% for off-plan, 25% for on-going, and 30% for completed properties.
How quickly can I close on my purchase?
You can close your property purchase within 5 days of a signed Purchase Agreement.
What is next after closing my purchase?
After closing, you will be onboarded on RentSmallSmall platform as a new landlord and a landlord dashboard is created for you. Don’t worry, you won’t have two separate dashboards for BuySmallSmall and RentSmallSmall, instead, the two will sync as a single dashboard.
Does BuySmallSmall provide financing for co-ownership?
No, shares of co-ownership are very affordable.
Can I do outright payment for Buy2Let and/or Buy2Live properties?
Yes, you can purchase and pay outrightly.
What are the steps for Outright purchase/payment?
- Sign up on BuySmallSmall.ng
- Select payment option (Outright).
- Complete KYC form.
- Pay 5% of the property price to lock the property down.
- Review the offer letter and sign the purchase agreement.
- Pay 95% balance.
How much do I need to pay to lock down my property of interest if I intend to buy outrightly?
5% of the property price. Locked properties are properties in-contract (i.e a buyer has paid the required commitment fee to lock the property.)
What deadline do I have to pay the 95% balance?
5 working days. As soon as we confirm payment and the purchase agreement is signed, the property is marked as sold and no longer available to buyers.
What happens if I don’t pay the 95% balance before the deadline?
We will request for your bank details and refund your deposit within 48hrs, less 1% of the property price as administrative charges. The locked property is released back to market.
Is there a discount for Outright Purchase?
Yes, you can get up to 25% discount on the property price depending on the development stage of the property
What other benefits do I get for outright payment?
- Get a 100% waiver on the 5% transaction fee when you immediately lock down the property with a 5% deposit.
- Access an interest free loan with your Buy2Let rent as collateral.
Are all the Properties listed on BuySmallSmall available?
Yes, properties that are not marked as sold or locked are available. Sold properties are left on the platform for now, but we will eventually remove them.
How do Buy2Let owners earn returns on BuySmallSmall?
Returns are earned from the rental cash flow. Our Guaranteed Rent Program gives you 2 earning options:
- Earn to Flex (For outright purchase): Your rent is paid directly to you.
- Earn to Payback (For financing purchase): Your rental income services your loan repayment.
What is Sole-Ownership?
Sole-Ownership property purchase gives you sole right of ownership to a property. You can make sole decisions on the affairs of the property.
How do I purchase a Sole Ownership property?
After you have searched and found your property of interest on BuySmallSmall, you can close your purchase in 5 days by following through with the process below:
For Outright Purchase:
For Outright Purchase:
- Sign up and create account
- Select payment option (Outright)
- Complete KYC form
- Pay 5% of the property price to lock the property down. (The 4% transaction fee is completely waived off for outright buyers).
- Review and sign purchase contract on dashboard
- Pay 95% balance
- Sign up and create account
- Select payment option (financing)
- Complete financing application form
- Pay 1% origination fee
- Get approval notification
- Review and Sign documents
- Make down payment and 4% transaction fee
What is the difference between co-ownership free-hold and fixed-hold?
Freehold property shares purchased are owned and held for life except sold or transferred.
Fixed hold property shares purchased are held for a time certain in order for the investment to mature, sold at a profit, and the profit shared evenly amongst the owners.
Benefits of Co-ownership
- Cheaper to buy.
- Cheaper to maintain. Property maintenance cost is shared amongst owners.
- Easier to sell to raise cash
Does BuySmallSmall provide financing for co-ownership?
No, shares of co-ownership are very affordable.
Can shares be purchased under co-ownership for a third party?
Yes, co-ownership can be purchased by a registered member of SmallSmall for a third party. The shares can be purchased and sent as gifts to friends, colleagues and family members. Shares purchased for pupils under 18 will be managed by a guardian, and the shares with the profile of the underage owner will be registered under guardian dashboard. Auto transfer can be set for a date the owner will turn 18 years old.
Can a co-owner sell or transfer ownership?
Yes, the owner can sell or transfer, but the liquidation must be done on the owner's dashboard by submitting a request to SmallSmall. The other shareholders of the property are given the right of first refusal to increase ownership before taking it to the public.
What are the payment options available on BuySmallSmall?
Outright payment, Financing and savings
What benefit do I get if I pay outrightly for the sole ownership of a property?
- Get up to 25% discount on the purchase price
- Get a 100% waiver on the 4% transaction fee
- Immediate access to title documents
- Access interest free loan with rent as collateral
What are the home package available to buyers on BuySmallSmall?
There are two packages, Buy2Let and Buy2Live
What is the difference between Buy2Let and Buy2Live?
They are both homeownership packages. Buy2Let is purely for rental; to generate rental income, whilst Buy2Live is for the buyer to reside.
Are all Properties listed on BuySmallSmall available?
Yes, when the property is not marked as sold or locked. Sold properties are left on the platform for now, but we will eventually remove them. Locked properties are properties in-contract (i.e a buyer has paid the required commitment fee to lock the property.) Locked properties are released back to market if buyers don’t close within the stipulated time. As soon as the purchase agreement is signed and the due payment is made, the property is marked as sold and no longer available to buyers.
Do you have resources to help me learn more about Real Estate investment?
We’re glad you asked. We have numerous resources, including:
- SmallSmall Blog provides a comprehensive resource for investing in real estate, including How to Get Started in Real Estate Investing - The Complete Guide, which covers five basic steps essential in getting started in real estate investing.
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