A seemingly simple procedure for purchasing property can lead to irreparable consequences.
In order to avoid this, it is necessary to check the subject of the future purchase in a legally correct way, in particular, through a lawyer, and to conclude a contract in accordance with the current legislation.
The most important factor when entering into a purchase agreement is whether the counterparty is an individual or a developer.
In this blog, you will learn what problems you may face when signing a purchase agreement with a developer and what problems you may face when signing a purchase agreement with an individual.
1. When you buy real estate from a developer, in most cases we are dealing with apartments that are still under construction or unfinished. Accordingly, it is important to conclude such an agreement which will protect the buyer's rights as much as possible and we will not have to deal with ambiguous interpretation of the terms. In particular, when it will be possible to put real estate into operation, handover, withdrawal and registration of utility bills, payment schedule, possible fines arising during the relationship, arrangement of partitions and others.
2. In many cases, there is a high risk that the construction cannot be completed in the pre-agreed time, which causes disagreements between the parties and quite often becomes the cause of legal disputes. In order to avoid this, it is necessary to conclude a contract in accordance with the law before entering into a relationship.
Now let's consider what problems you may face when entering into a purchase agreement with an individual.
In order for the interested party to become the owner of the property, it is mandatory that the contract of purchase submitted by the parties for registration in the public register is in accordance with the law and duly certified. If you decide to purchase real estate from an individual, it is necessary to have a lawyer draw up a contract, otherwise the public registry may not register the contract and certain problems may arise. For example, if you have paid the money to the seller but the property is not yet registered in your name. It is also quite possible that one of the parties draws up a contract for its own benefit and the interests of the other party are not properly taken into account.
To avoid such or any kind of danger, we need a reliable and competent lawyer.