Things to Remember before Buying a Ready-made house or Under Construction Building

There is no doubt that buying a house is a great investment, and most people work very hard to buy a home for themselves. However, there are several things that need to be considered before buying a house. You should consult a notary house to get proper guidance on the property that you wish to buy. Are you eager to know more? Well, keep reading as we reveal all the details.

 

Buying and selling of private property

Before approaching the notary, the buyer and seller should form a contract of the transaction. This contract may not be compulsory, but most parties go for it. You should also keep in mind that the law validates such documents and treats them as legal documents that need to be honoured.

So, when you are buying a property, it is important to seek advice and the notary will help you understand the different clauses and clearing your doubts on them.

 

Things To Keep In Mind

If the selling party happens to be the real estate developer, then his or her agent should sign all the documents. If the transaction takes place between two private individuals, they both should sign on the documents. If the property is owned by spouses, then you should both sign documents. If the seller has given the power of attorney to another individual, then that individual must submit the original copy of the document.

If the owner of the properties are heirs of the original owner, they need to produce original documents that prove that they are the next heirs to the property.

It is also very important to check if the property is undergoing any loan or if the banks have issued a foreclosure on it. If there is a mortgage on the property, then the buyer should gather all relevant information related to that mortgage, and to do that consulting a bank would be helpful.

If the property is part of a community, then the fees must be paid. You can ask the head of the community for more information on the financial aspects of the property. If the buying party wants to buy the property for commercial purposes, he or she has to obtain permission from the municipality.

The purchase price of the property in question should be mentioned in the contract. If there are ant delayed payments then they are also to be mentioned in the contract. The token amount the buyer is supposed to pay to the seller is also to be written in the contract.

There are certain costs associated with selling the property such as an invoice charged by the authorities to execute the procedure, taxes, registration charge, notary fees, and capital gains.

A private document is valid, but you have to keep in mind that that it may not be enough for the registration of the property, or to ask the bank for a mortgage.

 

The Notarial Instrument For Purchase And Sale

An authentic notarial instrument is document that is granted in the presence of a notary. Though the cases where such documents are required are very less and this document is not needed to sell a property. However, the presence of the notary makes it easier for both parties to have access to legal information.

 

The Process Of Purchasing a Property

You will be required to pay taxes and for this you will get 30 working days and while paying taxes you must produce the required documents. If you fail to pay taxes within the 30 days allotted to you, then you will have to pay a heavy penalty.

The property needs to be registered immediately to prevent any other parties from claiming it in the future. The notarial instrument should be presented to the Land registry with an attested copy. This procedure can be done personally or through an administrative agency.

 

What To Do For A Newly Constructed Property

Understanding Declaration Of New Build

This is a documented declaration that contains information of the owner or joint owners of the property. If the property has multiple floors, then the number of floors will also be mentioned and also the total area that the property covers will be mentioned in the declaration. There are two categories that such a property can be divided into a full rebuild and work in progress property.

In case of a property under construction, the builder will need to make proper declaration to the bank in order to secure finances to finish construction. Once the construction has been completed, the builder will have to declare the same through legal documents.

 

Role Of The Notary

The notary will supervise all the legal aspects involved with the property in question and that the construction proves has been performed by following all the requirements, authorisations, and licenses.

 

The Legalities Involved

If the property is still being constructed, the technician concerned must be mentioned in the legal documents. If the building has been completed then the technician has to be mentioned in the legal documents along with plans of the building under the license that was issued during the construction. To cut a long story short, it has to be documented if the building is under construction or is it totally complete. The geographical location has to be mentioned in the form of coordinates.

The law also states that the property must have an insurance that covers ten years, however people who are self-builders do not have to go in for the ten-year insurance.The book of construction needs to be presented for registration. The energy certification of the property needs to be validated by an experienced technician. The validity of this certificate has to be at least ten years.

It is always wise to get in touch with the notary, to make sure that all the legal aspects have been looked into and that all the documents are in place. The notary will give proper advice on what to do and how to proceed with buying or selling a property

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