Control stages of Real Estate
Buying a property is one of the most expensive transactions we are going to make in our lifetime as well as the most complicated, it can hide a lot of traps. There are however, things that we can be aware of so that we do not make the wrong choice.
A. INVESTMENT CONTROL
This stage consists of:
• The decision-making of what kind of investment we want to make e.g. (plot, apartment, shop, rural, overseas etc.
• The region or area where it suits our interest, needs and wishes (i.e.in the city centre or the suburbs or near underground station etc)
• How we are going to finance the purchase i.e. (ready money or a loan)
• The option of the best method to discover as much as possible about the RE that we have chosen to buy.
• The final estimated price of our chosen real estate
B. FINANCIAL CONTROL
The following should be verified:
• The down payments to be made depending on the progress of work, in the event that the real estate is under construction.
• Likely OUTSTANDING debts of previous house OWNER or contractor and/OR subcontractors, because this debt WILL burden the new house OWNER.
C. CONTROL OF THE LEGALITY OF THE TITLES
• You should assign a lawyer for the realisation of control of legality of titles and syntax and signature of final contract of transfer of the real estate.
• It should be checked if the real estate has any mortgages, legal attachments or claims at/towards any person and if they are attached to precedent title holders or to previous holders.
There are many other points that you will have to consider when you are about to buy a property. A partner of our office can inform you for all these considerations.