Buyers always have a lot of questions for sellers. These questions should be asked at the first meeting of the owner and potential buyer, as well as those that are relevant at the stage of bidding and preparation for the sale:
Are you an owner or an intermediary?
It is much safer to buy an apartment directly from the owner. But sometimes, there are situations when the owner is not present after the preliminary contract and the subsequent execution of the agreement. In this case, the mediator must have a general power of attorney, which states the right to sell this property. In addition, it is necessary to visit a notary for additional advice with a request to verify all legal documents and the legality of a power of attorney.
Are there any encumbrances on the apartment?
Some encumbrances on the apartment mean that the sale is not possible, such as the arrest or disagreement of co-owners. Others impose certain obligations on the owner. These include mortgage, marital status or registered children. Thus, if the apartment is still mortgaged, it can be sold only with the consent of the mortgagee and housing purchased in marriage – only with the legal support of the second half. If you do not consider all the burdens, the operation in the future may be declared invalid.
Do the co-owners agree to sell the apartment?
One of the accessible types of encumbrances from the last point will be co-owners. If there are co-owners – the seller must obtain notarized consent from each. This rule applies not only to the sale of the entire apartment but also to the sale of shares. Therefore, before the operation, you should ask whether the seller has the necessary papers and can provide them.
Are all the documents ready?
The owner must have prepared and had on hand the originals of other papers. These include title documents, technical passport of the real estate, the conclusion of the assessment, keys, identification codes and more.
Who will pay for registration?
Execution of the purchase and sale agreement is accompanied by various costs, including real estate commissions, notarization of the transaction, state duties and taxes. It is essential to talk about all the conditions, determine who is paying for what, and avoid conflicts in the main agreement. The legal framework clearly states the parties’ financial obligations, but in each case, there are options.
Do I need a deposit and how much?
The deposit is most often paid at the stage of registration of the preliminary contract of sale. It prescribes the amount of the deposit, the conditions of its return or compensation if the agreement is upset. The amount and format of this payment are determined separately in each case, and the law does not regulate this. However, we advise you to ensure that the contract states that this is a deposit and on what terms it is paid.
Are there any debts in the apartment?
Buying an apartment and then finding thousands of debts – a nightmare for many buyers. Therefore, the list of documents presented by the owner when signing the main contract includes a certificate of absence of debt. It is taken from utility providers.
Written by Bader Albader, market researcher.