At first, glance, buying an apartment is a very easy process, but on the other hand, you can have a lot of difficulties, which only a specialist can solve.
Let’s take a look at some common problems and their solutions.
Secondary real estate market
The secondary real estate market is full of various offers. The main thing when choosing an apartment is not to fall for a “beautiful shell”. Sometimes it happens that apartment owners, in order not to bother about major repairs, make redecorating so as to hide rotten pipes, faulty wiring, as well as other possible existing problems. Thus, they can charge a high cost per square meter, hiding the flaws.
Lawyers know how to correctly write the clauses of the contract so that they have a two-digit interpretation. If the seller knows his weaknesses, he will do so as to release himself from responsibility after the conclusion of the transaction. You, in turn, must act together with a specialist who will act in your interests. This will allow you to oblige the seller to repair the faults or to compensate for damages if the corresponding problem is found.
Possibility of cost reduction
In the process of buying real estate on the secondary market, you can always reduce the declared value by at least 20%. Of course, negotiations will take place through strong debate, which you can win or lose. There are some norms by which real estate is evaluated: area, location, footage, serviceability of all internal systems, repairs, house condition and many other aspects. When a seller puts a property on the market, he wants to get the maximum value for it, and you want the opposite. In the course of the conversation, you can come to a consensus and satisfy both parties. Since you are not an expert in real estate matters, you have the legal right to take a qualified specialist to inspect the apartment, who can assess the condition of the object of the upcoming transaction and assist in the price negotiation process, drawing attention to the shortcomings.
Also, when a deal is concluded, your lawyer can draw attention to existing problems in the contract and describe how the seller will fix them in the future.
Primary real estate market
The process of buying and decorating an apartment in a new building is much easier and more clear than on a secondary real estate market. The legal purity of the property does not need to be checked, since it will only be built, but the purity of the developer must be carefully examined.
Before concluding a deal, you will need to pay attention to the following aspects: The reputation of the developer;
The number of successfully commissioned objects;
Reviews of guests who live in previously leased objects;
The quality of housing, which can be assessed by apartments for sale in newly built houses.
Most often, questions about primary real estate arise when a developer pushes back construction or freezes it, so when investing in construction, you need to have a sense of confidence in your developer.
The conclusion of a sales contract in the primary market can be carried out at different stages and only the last (commissioning) does not expose you to risks. If you are absolutely confident in your developer, then you only need to consult a lawyer to clarify your rights and obligations at different stages of investment. In the event that you enter into an agreement with a dubious developer who has an unusually attractive price, the services of a lawyer should be a prerequisite for you.
Written by Bader Albader, market researcher.