Buying real estate: what you should not omit in the contracts

When selling and buying real estate, it is necessary to think about all the steps and possible problems in advance, even though it seems to you to be unlikely and the contractual counterparty will look bad. Everything is necessary to write everything in writing and insist in the contract on your requirements.

The purchase contract must always clearly define both parties (seller and buyer), the subject of purchase, purchase price. With regard to the purchase of an apartment and a house, the subject of the purchase contract is a valid transfer of the ownership right to the real estate with very related rights and obligations. In particular, it is necessary to specify the real estate unambiguously in the contract, as otherwise problems could arise when writing to the real estate cadastre.

Precisely defined subject of the property

For example, in the case of an apartment in an apartment building, in addition to the apartment’s own apartments, it is necessary to define the appropriate association of the house and the land on which it stands. The contract therefore includes the unit’s dwelling, its size, floor, descriptive house, plot plot, name of the municipality and cadastral land. According to it, the size of the co-ownership floor on the common roofs of the house and the land is specified. This is the list of property on which the property is registered in the cadastre of real estate.

The code does not specifically specify the title of the title, which proves how the current owner acquired the property and whether it is actually re-loaded. These can be, for example, a purchase contract, a donation contract, a decision on inheritance, an approved decision, a protocol on public procurement, the privatization of a document, a decision of a public authority.

In any case, the buyer should inspect the title deed to verify who is the real owner of the property and whether it is not encumbered by encumbrances, debts, mortgages and the like.

Conditions of the castle purchase prices

In addition to the price, the purchase contract should describe the procedure by which it will be paid. If the buyer has paid her the price in advance as a deposit, the seller confirms with his signature that he has accepted it. In most cases, vry is used to finance the housing estate. Therefore, the purchase contract specifies which bank will provide and the length of the period within which the funds must be transferred to the seller.

Of course, the bank will not pay the funds before, in its favor, the mortgage will not be entered in the cadastre of the real estate first to the real estate, or at least a proposal for its deposit. You are required to submit to the bank the original or a certified copy of the decision of the long-term cadastral series to allow the deposit of the lien first. In the case of buyers, it should be such that it is inserted into the cadastre to go before the transfer of funds to the seller for the same proposal for the deposit of the owner’s right.

Late sale that the property has no defects

A search of the property is a matter of course, but in order for the buyer to avoid future problems, the purchase contract should directly include a statement of the current owners that the buyers have acquainted themselves with the condition of the property,

The seller should also make a declaration in the purchase contract that it is not restricted by the first regulations, the decision of the court or any other competent authority in the contractual freedom to dispose of the property in question. According to the seller, he should declare that he has no outstanding debts in the financial series, ie especially tax arrears that could arise from the establishment of the lien on the property in favor of the financial series.

In its view, the buyer should require that a contractual penalty be agreed in the purchase contract in the event that any of the statements listed are incorrect, false or incomplete. To this end, add that the payment of the contractual penalty does not affect the buyer’s claim for the payment of the code.

Arranges the transfer of contracts for the supply of services related to the operation of real estate

The two parties must agree on how to proceed with the transfer of existing contracts with suppliers of heat, water, electricity and the like from sale to buyer. In an apartment building, both the transfer of the first and the obligation associated with the operation of the common facility in the house. The purchase contract should therefore stipulate that the agreed term of the seller will terminate the existing contractual relationship with the supplier, settle and the buyer will conclude new contracts.

In order for the buyer to avoid possible problems if he can, he should require in the contract that the current owner will provide him with the necessary cooperation. In the event of a breach of this obligation, the buyer may exchange the agreed contractual penalties so that the seller will actually provide incentive cooperation.

Option withdrawn from the purchase agreement

If there are any unforeseeable problems, the buyer must be able to withdraw from the contract. This could happen, for example, when the cadastral office rejects the deposit of the property’s right in the cadastre of real estate for reasons that could not be removed. The buyer must keep the first withdrawal from the contract in case any of the seller’s claims are untrue, incorrect, incomplete or misleading. The reason for this may be that the seller does not sell the property within the specified period from the date of payment of the purchase price.

Da from real estate transfer

The real estate transfer tax is paid by the seller. The buyer is the ultimate guarantor, so if the seller does not pay, he will collect the money from the new owner. Therefore, it is appropriate for this case to agree in the purchase contract a contractual penalty in sufficient amount.