Those interested in buying an apartment often rely only on the information given to them by the real estate agency or the property owner. However, neither the seller nor the real estate agent is often interested in sharing certain information with the potential buyer. In this article, we will advise you on exactly what to look for.
First of all, get to know the technical condition of the apartment. In addition to the condition of the apartment itself, it is also a good idea to get to know the general condition of the house. Pay particular attention to:
Tip: Read also our other article, in which we generally discuss what to check before buying a property.
As well as good technical condition, the legal condition of the apartment is equally important. Therefore, have it checked thoroughly. You can find basic information in the extract from the Land Registry. In addition, check whether there are any foreclosures on the apartment.
Tip: We have discussed buying a flat in foreclosure and how to proceed and what to look out for in our next article.
In addition to this, the contractual relationship with the seller is absolutely crucial, as is your ability to withdraw from the purchase contract in extreme cases. 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.
Are you planning to buy a property?
Don’t rely on what a real estate agent tells you and rather get a professional to verify the legal status of the property you are buying. At Dostupný advokát, we can provide you with a complete contractual and legal service related to the purchase of a property. We can handle it within 48 hours, flawlessly and professionally.
If you are buying a cooperative flat, you must take into account that you do not become the owner of the flat, but only the owner of a share in the cooperative. You are therefore, in a way, just a tenant of the flat. The co-operative therefore plays a significant role and it is not worth neglecting to check the conditions in the co-operative.
First of all, you need to find out whether the cooperative has an annuity, i.e. a regular debt repayment. Often a cooperative goes into debt because of the renovation or construction of the house itself. But in addition, you should also carefully study the statutes of the cooperative and other important documents that describe how everything works.
Tip: Are you a member of the committee of a condominium or the board of directors of a housing cooperative? Do you deal with complex legal situations with owners or members of the cooperative that you do not know how to handle? Or do you believe that someone has taken the wrong legal action against you? Arrange with us to represent you at a meeting of owners or members of a condominium association.
In the case of so-called personal ownership, it is important to find out how much the monthly contribution to the so-called repair fund is and what voting rights you get and whether you will be able to influence the management of the house with your vote. It is not a bad idea to find out who owns the other flats in the house. You can avoid problems with loud guests in apartments rented out via Airbnb, for example. It is also important to check whether the HOA has any debts and, if so, how much needs to be paid back.
Think about the fact that you are not only living in your apartment, but also in and around the house. For this reason, it is worth finding out the following information:
Tip: If you haven’t avoided problem neighbours, all is not lost. Read how to deal with loud neighbours and how to soundproof your apartment.
As we mentioned in the previous points, be sure to find out any information about debts hanging on the apartment or condo building. This can include repair fund arrears, tax arrears, owner’s liens and other unpleasantness that might otherwise take you by unpleasant surprise.
Tip: Wondering how to buy a mortgage-financed apartment? Then you must not miss our next article, in which you will learn the conditions for obtaining a mortgage. We also give you advice on how to make the right choice and what to prepare for.
You can get information from an attorney, a technician. You can also try asking the seller directly, another resident of the building, or even from members of the co-op or HOA body. However, this is usually more problematic because the willingness to disclose inside information may not be very great. You can also ask the seller for minutes of meetings in the house or check public sources.
The list goes on and on. But we consider the above to be key, so good luck in acquiring a condo. If you don’t know what to do, we at The Affordable Advocate are alwayshappy to help.
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Ondřej is the attorney who came up with the idea of providing legal services online. He's been earning his living through legal services for more than 10 years. He especially likes to help clients who may have given up hope in solving their legal issues at work, for example with real estate transfers or copyright licenses.
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