Buying a flat is an exciting investment that many people look forward to. However, in the process of buying a property, you cannot get carried away by your emotions, as it requires special attention to legal issues. It is easy to get lost in the flurry of responsibilities associated with an investment, which is why we strive to provide our knowledge and expertise to make the process of buying a flat as easy as possible for our clients. We advise on the most important legal issues related to this important moment in life.
The first step in the process of buying a flat from a developer is to sign a reservation agreement. A lot of time must pass from the moment you choose a property until you receive the keys, so such a document confirms that you are determined to buy a particular flat and allows you to deal with other formalities. Make sure that the contract contains accurate information about the property, the price, the deadlines and any contractual penalties. The document should be precise and clear to safeguard your interests.
The development agreement is the foundation of the entire transaction. It must include a full description of the property, the equipment, the method of payment, the handover date and other relevant terms and conditions. Read the contract carefully and pay attention to the clauses on sanctions in case of delays. Also read carefully into the clause of what the standard of finishing of the flat includes. Often developers offer various options that affect the final price. Make sure that all arrangements related to the finishing of the flat are included in the contract to avoid complications later on.
Nowadays, few people are able to afford to buy a flat with cash. If you are using a mortgage, prepare carefully for this decision. Before choosing the bank where you will take out the loan, compare the different offers and get the help of a mortgage adviser to make sure you are putting your money on the best option for you. Also make sure you are fully knowledgeable about the mortgage, understand what you are deciding on and are aware of all the costs and implications associated with the loan.
Don't forget the fees and taxes associated with buying a home. In addition to the price of the property itself, it is necessary to take into account other expenses that may affect the total cost of your investment. Understanding whether and how much real estate purchase tax will be charged is important to correctly estimate the cost.
It is also worth taking into account the notarial costs associated with entering into a development agreement. The notary has to confirm the validity of the contract, which involves certain fees. Taking care to accurately estimate these expenses will help you avoid unpleasant surprises at the stage of finalising the transaction.
Buying a flat is a very serious and stressful decision, which is why it is so important to prepare yourself properly to enter the process. Being aware of what to expect will allow you to go through all the formalities involved in buying a property with peace of mind and without unnecessary worries. If you have any doubts, we always offer our clients advice and assistance to make the process as easy as possible.
