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What to look for when buying an apartment on the secondary market

Don’t buy an apartment without carefully looking at it. The most important thing is that your ideas about the apartment correspond to reality. It will be quite difficult to prove later that you were misled by the seller. Collect, analyze and make an examination of the documents required for the transaction.

Before listing them, it should be noted that these documents provide verification in their unity, mutually complementing each other. The degree and completeness of the audit depend on the willingness and financial capabilities of the parties to the transaction, as well as on the competence and technical capabilities of the auditors. The set of collected documents significantly depends on the specific situation and provides different goals of the seller and the buyer.

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Also, special attention should be paid to checking the legal cleanliness of the apartment. In professional parlance, this test is called a “title check”. This term implies the identification of all persons who have any rights to this apartment or potentially may have them, checking for the presence of encumbrances from third parties and infringement of the rights of the former owners of the apartment in previous alienation transactions (see Legal clarity of the transaction) …

Sometimes it’s helpful to have a conversation with the neighbors

It should be added that it is difficult to verify some circumstances only with the help of an examination of a set of documents. Therefore, if such an opportunity presents itself, then it would be useful to talk with the residents of neighboring apartments, the local policeman, the former residents of this apartment, etc., since some of the above circumstances may become known precisely from this conversation.

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For example, it is in conversations with neighbors that it can be established that the apartment has been rented for several months to temporary residents who are currently absent.

Entrust the drafting of the sales contract to professionals

The contract for the sale and purchase of an apartment is also of great importance. After all, a correctly drawn up agreement (conditions for the transfer of money, the actual release of the apartment, etc.), as well as the correct documentary registration of the results of its execution (receipts of receipt of money, acts of transfer of the apartment, etc.), will help both parties to minimize the possible risk of the transaction being made and to avoid any other negative consequences.

Think before using an agent (realtor) who acts on the side of the seller

This kind of agent, most often, cannot represent and protect the interests of both parties to the transaction at the same time. If you wish to read about Asterisk War Season 3, please click here. In this case, usually, the agent is more attentive to the interests of the seller, rather than the buyer. If you are purchasing an apartment, then try to hire your own real estate company, which will represent only your interests in this transaction.

Muhammad Asad Raza