Buying a flat is an important event. Defining your housing needs, such as your preferred location or square footage, and choosing a specific property can be described as a real estate half-way house. What remains to be done is to dot the proverbial i's and that means paperwork. What formalities await us before buying our dream flat?
Check: Choosing a flat - step by step
The documentary realisation of becoming a property owner is a landmark moment in everyone's life that cannot do without an emotional explosive mix. It consists not only of the joy of finding one's place on earth, but also a large dose of stress related to a number of administrative nuances, the completion of which is needed for the successful completion of the transaction.
In the situation of purchasing a flat from the primary market, we should start the formal side by checking the developer from whom we are going to buy the flat. Due to the fact that in the case of new real estate, the contract is usually signed before or just after the start of the investment and we can only see our flat on the plans drawn up, the first thing we should do is check the land and mortgage register, from which we will obtain information whether the developer has the right of ownership to the land.
Another important issue that we should take care of even before signing the contract is to familiarise ourselves with the building permit that must be issued for a specific development. The National Court Register will be helpful in this task. After these procedures, we can proceed to sign the reservation agreement with a clear conscience.
The document that obliges the developer to establish separate ownership of the property and transfer it to the persons purchasing the flat is the developer's agreement. It should contain detailed information about the flat, the exact date of transfer of ownership, as well as the amount of tranches due to the developer and the date on which they should appear in the developer's account.
It is very often the case that the conclusion of a development agreement is preceded by the signing of a reservation agreement. This is a form that provides those interested in buying a given flat with the right of priority to finalise the transaction for a specific unit. In what situations is it worth signing a reservation contract? First of all, when you are waiting for a decision from the bank on granting a mortgage. It is worth remembering that such a reservation is connected with the payment of a fee, which is usually credited towards the cost of purchasing a flat.
Check: Choosing a flat - step by step
The final formal stage, which takes place once the construction has been successfully completed, is the technical acceptance of the flat. It is important to be prepared for this eventuality - first of all, take the signed contracts with you and do not forget a measuring tape or other device with which you can check the actual size of the apartment.
The most sensitive points of technical acceptance that need special checking are the electrical, sanitary and ventilation installations. Aesthetic considerations are also important - we should check the angles, which should potentially be straight, as well as the smoothness of the walls. It is also worth paying attention to the dryness of all surfaces. Visible stains may be a sign of dampness in the building.
Formalities are certainly not the most exciting part of buying a property, but their proper completion is the only guarantee that we are buying a flat in a building that has been constructed in accordance with building regulations and safety standards. What's more, any contract is also our assurance that we will not simply be cheated at some stage of the project.
No worries, at NUX Apartments we will help you through each step by step. What's more, we can do a lot of it for you! Our specialists will advise you on the best property for you and then help you finish it turnkey!
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