Property sales contracts
Whether we are interested in buying a property to live in the said space, or the purpose is to invest in real estate, there are some aspects that we must consider when signing the contract of sale.
From a legal point of view, the transfer deed of ownership is concluded in written, authentic form, in front of a public notary, the seller transferring the ownership of the good for a price that the buyer will pay, either suddenly or in successive payments.
What should we pay attention to before buying:
1. What is the history of the property, requesting the title deed held by the seller. Checking these documents gives us the opportunity to see if the property right exists and if all the building authorizations have been obtained correctly.
At this stage it is very important to check the document of possession (the report of delivery and receipt), if we refer to a recent construction;
2. If there are disputes or mortgages that encumber the good we want to buy. This information can be obtained by searching by the name of the owner for any existing files on the court portal or from the land book extract where we find registered mortgages, loan agreements or other guarantees set up on the respective property by third parties;
3. What is the price of the area compared to the price of the property we want to buy. Checking this information we can see if the price is either too low, which shows that there may be hidden defects of the property or too high, which helps us to enter into a fair negotiation;
4. If there are connections to the city’s sewer system and what type of sewer system exists in the area. It must necessarily be a system intended for housing and not for industrial areas. Also in this category it is necessary to verify the existence of a connection to the natural gas supply system because in its absence the costs for the buyer are very high;
5. If there are already concluded contracts with suppliers of electricity, natural gas, internet and any other services that can be transferred to the new owner;
6. If there are registered offices established at the respective address for companies that either carry out office activity or are registered with the activity at third parties, but which may involve administrative problems or increase the value of the tax due to the state by the new owner. This type of information can be requested from the seller through a statement on his own responsibility or can be found from the National Office of the Trade Register;
7. What are the real estate development projects in the area. This fact helps us to realize if the area in which we purchase the building will remain unchanged or other buildings will be built that may lack green areas, parking lots or space around the building on which we rely on the purchase;
8. What are the notary costs and taxes that we are going to pay after signing the sales contract.
These are just some of the goal setting shareware that you can use before you buy a property. Our negotiation and real estate attorneys can provide you with more information or help you verify documents.
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