Buying a home is a significant event. Defining housing needs, such as preferred location and square footage, as well as choosing a specific property, can be described as a partial real estate success. The final touches still lie ahead: the paperwork. What formalities await us before purchasing our dream home?
Check: Choosing an apartment - step by step
Formalities before buying an apartment – where to start?
The formalization of becoming a property owner is a pivotal moment in anyone's life, one that's sure to be a whirlwind of emotions. It's not only the joy of finding one's place in the world, but also a significant dose of stress related to the numerous administrative details necessary to successfully complete the transaction.
When purchasing a property on the primary market, the formalities should begin with a thorough background check of the developer from whom we will be purchasing the apartment. Since the contract for new properties is usually signed before or immediately after the project begins, and viewing the apartment is only possible based on the plans, we should first check the land and mortgage register, which will provide information on whether the developer holds the ownership title to the land.
Another important issue we should address before signing the contract is familiarizing ourselves with the building permit required for the specific investment. The National Court Register will be helpful in this regard. After these steps, we can proceed to signing the reservation agreement with a clear conscience.
Reservation agreement and development agreement
The document that obliges the developer to establish separate ownership of the property and transfer it to the buyers is the development agreement. It should include detailed information about the apartment, the exact date of ownership transfer, the amount of installments due to the developer, and the date they should be credited to the investor's account.
Very often, the conclusion of a development agreement is preceded by the signing of a reservation agreement. This form gives those interested in purchasing a given apartment priority rights to finalize the transaction for that particular unit. In what situations is it worthwhile to sign a reservation agreement? Primarily when waiting for a bank decision on a mortgage loan. It's worth remembering that such a reservation involves paying a fee, which is usually included in the purchase price of the apartment.
Check: Choosing an apartment - step by step
Technical acceptance
The final stage of the formalities, which occurs once construction is successfully completed, is the technical inspection of the apartment. It's important to prepare for this eventuality – first and foremost, bring the signed contracts with you, and don't forget a measuring tape or other device to verify the actual square footage of the apartment.
The most critical points of the technical inspection that require special inspection are electrical, plumbing, and ventilation systems. Aesthetic considerations are also important – we should check corners that should potentially be right angles, as well as the smoothness of the walls. It's also worth paying attention to the dryness of all surfaces. Visible stains may indicate moisture in the building.
The formalities are certainly not the most exciting aspect of buying a property, but completing them properly is the only guarantee that we're buying an apartment located in a building that was built in compliance with building regulations and safety standards. Furthermore, all contracts also serve as assurance that we won't be simply cheated at any stage of the investment.
Don't worry, at NUX Apartments, we'll help you through every step. What's more, we can handle many of them for you! Our specialists will advise you on choosing the perfect property and then help you complete it to a turnkey finish!