The most important thing when buying any real estate is the documents. An apartment on the secondary market is the right to own and dispose of the property. An apartment from the developer to the delivery of the house is the developer's promise to give you the right of ownership after the commissioning of the house.
What you need to check with the developer when buying an apartment in a new building:
- Constituent documents of the developer company;
- Land documents;
- Permits for the implementation and conduct of construction work;
- Town planning conditions and restrictions;
- Technical conditions for the connection of communications;
- Construction license;
- Property history;
- Arrests, bans, mortgages on real estate;
- Litigation against the developer and related parties;
- Seller's debts and bans on the sale of real estate;
- Check the connection between the developer, contractor, and developer;
- Type of contract with the buyer and its terms;
- The legality of the sale scheme and the terms of the deal;
- Powers of the person who signed the contract with you.
If you buy from a developer the right to receive an apartment after renting a house, then on the secondary market, you immediately buy the right of ownership. It seems that there are fewer risks here, but this is only at first glance.
The main thing to check when buying an apartment on the secondary market:
- Title documents for the apartment;
- Apartment owners and rights to sell the property;
- Analyze the history of real estate acquisition;
- Persons connected with the owners of the apartment — relatives, spouses, children;
- Check the availability of court proceedings for the apartment owners;
- Check the legality of the contractual scheme for the sale of real estate;
- Conduct a general analysis of the sale, terms of the deal, and the words of the seller;
- Identify and analyze hidden risks;
- Assess the risks not related to documents but affecting the transaction;
- Mortgages, banks, courts, divorces, powers of attorney, new documents, transaction terms, intermediaries, notaries, seller's lawyers, relatives, heirs.
You buy an apartment in the primary market or the secondary market. In any case, it is better to involve a specialized lawyer to check the documents. If you buy an apartment from a developer, then order a verification of the papers of the necessary developers whom you have previously selected. In the secondary market, the transfer of ownership from the seller to you is formalized. Do it at a notary. For this, you only need a passport, an identification code, to whom the purchase will be made, and money. The seller's ownership may vary. Main types:
- Purchase and sale;
- Exchange;
- Inheritance contract;
- Donation agreement;
- Donation;
- Rent;
- Lifetime content;
- Privatization;
- The court's decision.
Each developer has its type of contract and scheme for the sale of real estate. The contracts are different for everyone, and you need to carefully read the agreement and study the system of investing in real estate. The main types used by developers:
- Preliminary sales contract;
- Investment contract;
- Property rights sale and purchase agreement;
- Joining a housing cooperative or housing construction cooperative;
- Assignment agreement;
- Construction Financing Fund or FFS.
A notary can register some contracts. Some you simply sign at the developer's office. There, in the office of a construction company, you pay money to the cashier and thus invest in real estate. All you need to buy is a passport and a code.
After putting the house into operation, you will sign the acceptance certificate, and the developer will issue documents for registration of ownership. But for this, the house must be completed and handed over. After depositing money at the cashier and signing the contract, you expect the house to be delivered.
