How long will it take to buy a home?

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How long will it take to buy a home?

The procedure for buying and selling a home can be both a long and time-saving procedure, which consists of several stages. It depends on which documents you have, which home you’ve chosen, and many other things.

Let’s take a look at which stages are there:

  • Searching for a home
  • Preparation,
  • Signing an agreement,
  • Settlements,
  • Registration of the transfer of ownership from the seller to buyer and others

Each of which requires a certain amount of time.

The length of each given cycle depends on each specific situation.

So, only the search for an apartment can take quite a long time.

The preparation of the necessary documents:

  • consent of the guardianship authorities
  • Production of cadastral and technical passports
  • Notarial consent of the spouse or powers of attorney

It takes from seven to 14 days, and registration of documents can take from five to 12 working days, depending on your location, and given conditions.

If the seller or the buyer cannot personally be present at the signing and submission of documents, you can draw up a notarized power of attorney for a person whom the seller or you trust. By the way, all of the above stages of home buying can be entrusted to a person you trust, if you are not able to come. But all powers must be specified in detail in a power of attorney.

The minimum period for which you can have time to see the selected property (with documents prepared in advance), sign an agreement, and pay a deposit, and then submit the documents for registration is one day. You can also ask the seller to send the necessary documents electronically in order to study them in advance. And theoretically, within five days, it is possible to receive ready-made documents.

The very implementation of the transaction of purchase and sale of real estate usually does not take much time if you prepare for it in advance. Then, having arrived at the place of the transaction, you will spend from 30 minutes to an hour.

In any case, there is no universal answer to the question. It all depends on the state of documents and debts. If the buyer has the documents in complete order, has all the necessary certificates, a fresh registration certificate, and has no debts, then the procedure itself could take one working day at the earliest (although highly unlikely). At the same time, out of eight working hours, the procedure itself takes about an hour.

Written by Bader Albader, market researcher.