Buying real estate is not a daily routine for most people; nevertheless it is not as complicated as it might seem at first sight. Here is a summary of what to expect and how to prepare should you decide to buy a house or a flat.
First thing is to choose the real estate and, if needed, the bank that provides the loan for the purchase. Then you need to reach an agreement with the seller regarding the most important points of the contract that is the purchase price, scheduling of the payment, date of handover and other relevant questions. It is recommended to pen a memorandum of understanding or a preliminary agreement that contains these main issues and sign these documents possibly with two witnesses. We would also suggest to inform the seller already then to make arrangements for acquiring an energetics certificate that is necessary when property changes owners.
If all steps described above are completed, it is time to contact the law office. Upon contacting us we are going to send you a form that you need fill in with the relevant data and send it back to us. Within three days from receiving the completed form we prepare the draft of the sale and purchase contract that you and the seller (and in case there is a loan involved, the bank) may comment on. After commenting and fine tuning it is time to set up a meeting in our office for finalizing and signing the sale and purchase contract.
After signing the contract shall be submitted to the competent land registry office, then we are going to hand you the copy of the contract with the official stamp that you need for your loan request at the bank.
When the full purchase price is paid, you need to inform our office in a written form (by post or email) or in person so we could submit the documents required for registration of property rights to the land registry office.
Summarizing the main steps describe above:
- Agreement with the seller, memorandum of understanding/a preliminary agreement, energetics certificate, choosing the creditor bank
- Contacting our office, collection and collation of data
- Preparing the draft of the sale and purchase contract within three days
- Reviewing and finalizing the contract, setting the date of signing
- Conclusion of the contract
- Submitting to the land registry office, receiving the copy with official stamp within three days
- Bank administration if needed; at least two weeks, up to six weeks
- Payment of the purchase price, handover of the real estate, written notice to our office
- Completing the land registry procedure: registration of ownership
In case you have further questions, please do not hesitate to contact us!