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Buying a property - how to proceed?

Added: 1.10.2020

Is this the right property for me? Is now the right time to buy it? Will I get a favorable mortgage loan? These questions are asked by each of us at least once in our lives.

Buying real estate is, in a way, a game of chance. For the first time, few win unless they are "beginner lucky." In this case, the bet is high and can affect your life for up to 30 years. But how to win? We will be happy to give you a few:

7 tips on how to proceed when buying a property:

1. Property price

If you are going to buy a property through a mortgage loan, your first steps should be to go to a mortgage specialist. Find out how much mortgage you can get (pay attention to the amount of LTV - mortgage amount / property value ratio). Do not pay the booking deposit before you know the result from the bank, you could lose it!

2. Location

After finding out your financial possibilities, choose the location of your new home. Most people look for places they already know. Don't limit yourself to the settlement where you grew up. The right choice can save you a lot of money. Civic amenities should also be one of the selection factors. Availability of post office, restaurant, shop ... There is nothing more convenient than to go shopping "in slippers".

3. Real estate inspection - what not to forget

Finances are resolved, location selected. Property inspections follow. Pay attention to all the details. Check the technical condition from all sides. Unfortunately, the description "complete reconstruction" is not always true. The replaced fuse box and electrical outlet do not necessarily mean that the electrical wiring has also been changed. Check the walls, doors, floors ... Look out the window to see if the view suits you. Ask for orientation to the world. Does the disposition suit you? Is this the real estate?

4. Letter of ownership - legal status

Emotions play a big role in buying new housing. You are looking forward to finding the right one. Don't forget to check the legal status, request a title deed. Is the owner entitled to dispose of this property? Is the land under the property part of the sale? Are there any burdens or burdens attached to real estate (foreclosure, bank lien ...)?

5. Booking contract - Contract for future purchase contract

To make sure that the owner does not sell the property to another bidder, the Reservation Agreement (Future Purchase Agreement) is used. Determine the date of signing the Purchase Agreement, the amount of the deposit (in a reasonable amount) and agree on the procedure of the transaction.

6. Purchase contract

The oral contract is legally valid, but has no legal enforceability. The purchase agreement should include all agreed terms. Be careful that there is no situation that you will receive the property "without light bulbs" upon handover. Contracts downloaded from the Internet are not a happy choice. Get advice from an expert.

7. Transfer of real estate

Before signing the Purchase Agreements, ask the seller to confirm that he has no obligations to pay for services related to the use of the property. Don't forget to write the Acceptance Protocol on the takeover and handover of the property with the status of "energy" (gas, hot / cold water, electricity, condition of the meters on the radiators), with the date and signatures of the parties involved.

Buying real estate is a complicated process. In this article, we've described just a fraction of the tasks you'll need to do. Do you want to find your new home without stress, safely and without problems? Get help from a buyer's agent. This is standard abroad, but in Slovakia this service is still not widespread. The buyer's agent is a real estate agent who will help you find your new home. This service saves time, money and, last but not least, protects your investment. We will be happy to help you with the purchase of real estate. A certified, real estate broker BOSEN GROUP will take care of you - your partner in the world of real estate.

author: Mgr. Michal Janči, RSc.