06.03.2023
Buying real estate is a process that requires careful attention from the buyer in order to avoid unpleasant situations. When choosing a suitable property, we advise the interested buyer to familiarize himself with all the rights and restrictions associated with this property. The more information potential buyers have, the better the decision will be made.
Make sure you know the following:
- Is the property registered and does it really belong to the seller.
- Registered real estate area.
- If there are any encumbrances, such as a mortgage, a memorandum (an encumbrance created after the registration of a court decision), a court decision to sell the property, any other pledged contract of sale and anything else that affects the property.
- If there are any personal prohibitions against the registered owner, such as an order for bankruptcy or dissolution of the company, an order forbidding the owner to sell property, etc.
- Is there legal access to the property or if it is in an enclave.
- Whether any public stream, road or river passes through it.
- Is the property subject to expropriation?
- If there are any other notes, or obligations, or restrictions on the property.
- Whether there has been any interference by third parties, by inspecting the property on site.
- Whether the registered area of the object corresponds to its actual area.
As for the purchase transaction, make sure you know if it is subject to value added tax (VAT). Ask the seller if VAT should be paid and at what rate. The seller must know in advance, after consultation with the tax office, whether the property being sold is subject to VAT.
Make sure you know the amount of the transfer fee that you, as the buyer, will be required to pay to DLS when the property is transferred to your name.
