Blog
Real Estate purchase and sale
Although buying and selling real estate may appear to be a straightforward legal transaction, in practice it often turns out not to be the case, as omissions and "problems" are frequently discovered later.
Before signing a purchase agreement, it is important to verify whether the title deed or land registry extract is in order. It is recommended to verify the identity of the owner and the seller and confirm that they are the same person. One should check the identity of the property - whether it is indeed the property being purchased, whether everything that should be registered is listed in the land registry, and most importantly - whether there are any encumbrances or restrictions on ownership rights. In practice, buyers often purchase property only to later discover that it is encumbered by rights or claims from third parties they were unaware of. Furthermore, if you notice that the property is encumbered by a lien, it is necessary to properly stipulate and ensure that it will be removed.
It is also advisable to check the status of the property in the cadastre, obtain a possession list, and a copy of the cadastral map, as these are the only official documents that determine the identity, possession, size, and location of the property, as well as whether a building is officially recorded or not.
If you are purchasing an apartment, house, or similar property, it would be prudent to confirm before signing the purchase agreement whether a valid building permit and occupancy permit have been issued for the property, and whether they cover the entire building or only part of it.
All of this should be checked and verified before entering into a purchase agreement, and based on that, a reasoned decision should be made on whether to proceed with the purchase.
For these reasons, it is recommended to seek legal assistance from a lawyer - to verify all the above, to draft an accurate and precise purchase agreement, and to register the ownership rights. If you have not registered ownership, it means you have not actually become the owner of the property.
Obtaining legal assistance before and during the signing of the agreement is better and more efficient, as it helps prevent long and costly litigation later on.
