Property purchase

Property purchase

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Property purchase

The purchase of a property is a very important step for every buyer, which, in addition to positive emotions, can also hide quite a few negative ones. Often times, the investment in buying property turns out to be quite problematic, which is why it is necessary to make a preliminary study by a specialist, both of the property and of the owner of the property.

Regardless of the property that will be purchased /"on the green", under construction, co-owned, from a company, etc./ when buying a property, a comprehensive survey of the property must be done.

What to check when buying a property

First I need to establish ownership of the property

This includes familiarization with the title deeds of the property in order to establish real owners. This research is done at least ten years back in time to determine if the persons who are called the owners of the property being sold really are.

In the event that the sellers do not wish to provide me with available copies of ownership documents, or I personally want to obtain them, I can contact the Property Registry at the Registration Agency, which maintains an electronic database after 2004, which is completely public. All the Registration Offices of the District Courts, which previously stored acts, are transferred to this register. I can obtain an uncertified copy of a title deed against a written Application submitted and a fee paid according to its pages.

For information, as the case may be, I can also contact the relevant municipality where the specific property is located. And if the books I'm looking for are older, they may also be in the Archive.

The next document is a Certificate for heirs, which I can obtain from the City Hall where the testator was last registered /the person who died and for whom we are looking for heirs/. This document is needed in order to establish the heirs and the inheritance shares of each one of them to track the correct transfer of the property, if any

Second, the area, location, boundaries, category (for agricultural land) etc. must be studied.

When purchasing a property for the purpose of development, all technical possibilities for the specific plot are thoroughly checked. This is done at the technical service in the Municipality of the location of the property. In addition, the seller is required to submit a sketch or diagram of the property.

Thirdly, it is necessary to investigate whether there are any guarantees imposed on the property being sold, or in other words, whether other persons claim ownership of it.

This, apart from a reference in the Property Register, would most certainly be established when issuing a Certificate of encumbrances for 10 years ago, which is also a very important document.

A fourth thing I need to check depending on the purpose of the property purchase and possible future commitment to the seller is his personality.

This research is in the direction of whether the same person has enforcement cases, whether he has a criminal record, whether he has committed any fraud / property or other./.

If the seller is a company, I also check if there are liabilities, monitor reputation, etc

Fifth It would be nice to check if the property has obligations for household and communal services.

These are obligations for electricity, water, tax, etc. Here you can be more relaxed, because when buying a property with possible such household and communal obligations, the same can be transferred to the person from whom you bought the property and you can start "fresh".

In general, these are the main steps you should take when buying a property.




Property purchase
Property purchase
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