1. Technical condition of the apartment and the house
In addition to the condition of the apartment itself, it is advisable to become familiar with the overall condition of the house (elevator, risers, ducts, basements, common areas).
2. Legal condition of the apartment and the house
Do not rely on a real estate agent and get a specialist to check the legal status of the property you are buying (ownership, easements, lease, liens, etc.).
In addition to this, it is absolutely crucial to set up contractual relations with the seller and also, even in an extreme case, your possibility to cancel the purchase contract. It is extremely important to set up the payment of the purchase price correctly so that the buyer has a guarantee that the seller will not “run away” with the money.
3. Co-operative flat – check the conditions in the co-operative
Can be combined with a full legal check of the co-operative flat
4. Flat for private ownership – check the property situation in the house
How much contribution do I have to pay to the unit owners’ association each month? Who owns the other apartments in the building? Will I be able to influence the management of the house with my vote?
Real Estate Purchase or Sale
We provide a complete package of legal services related to real estate sales and purchases, including reservation contracts and escrow services. We will also help you with all tax and land registry issues. Our work is fast and accurate, ensuring a worry-free transaction. You’re also welcome to pay after services are provided.
5. Find out as much information as possible about life in and around the house
The reason why the owner is selling the flat, the relationships in the house, the mix of residents in the house, any problems that are weighing on the residents, plans for development around the house.
6. Find out information about debts that are owed on the apartment/house
Possible arrears to the repair fund, tax arrears, foreclosures on the owner and other inconveniences that may take the new owner by unpleasant surprise.
How to get the information?
From a solicitor or engineer, directly from the seller, by informally approaching another resident of the house or even from members of the SC committee or the drushtvva body (more problematic as the willingness to disclose internal information may not be very great). Minutes of meetings in the house can also be requested from the seller, or public sources can be checked.
The list goes on and on. However, we consider the above to be key, so good luck in acquiring an apartment…:). If you don’t know what to do, we at Affordable Advocate are always happy to help.
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