When buying a house, some precautions must be taken before the delivery of the signal that reserves the property.
Buying a home is one of the largest financial disbursements made throughout life. However, in some cases, people who have purchased a flat have later learned that a mortgage was on him that they can not now pay or that was not owned by the seller, but a relative. It is also possible that the previous owner has not paid the expenses of the neighborhood community or that the structure of the building is not in the as good condition as it appeared.
Although most transactions of this type are performed without any problems, there is always a small percentage of individuals attempting to take advantage of the situation. It is advisable to be alert and make the necessary checks before paying a signal to the seller.
1. Review the house
Most likely, whoever decides to buy a home, has visited dozens of floors before finding the most suitable. For this reason, you will be accustomed to checking the state of certain aspects of the property, such as its structure, whether the installation of light and gas are in good condition and if the taps work properly. It is also necessary to measure the rooms, the corridors, and the terraces to know if the size of the floor coincides with what is said by its owner.
It is also advisable to make several visits at different times of the day. In this way, you can see if the house is light or dark, if it is noisy at certain times or if the neighbors are annoying.
“The information that neighbors can give about the building is important.”
Other relevant information provided by the owner is the type of reforms that have been carried out and their date. If you have changed the bathroom or the pipes, if you have installed windows that insulate the cold or the kitchen has been renovated, the home will have more value. Although it can be a bit embarrassing, it is worth asking the owner to show the bills that justify these reforms.
When the buyer thinks that it is worth buying the home, you must make an offer to the seller. Most of the apartments are still overvalued today, and if it was previously common for the price to rise if the operation were not done, the opposite is true today. Both real estate and private individuals are accustomed to listen and take offers down. The motto today is “everything is negotiable.” According to experts, asking for a 10% drop is not excessive.
2. Ask the neighbors
The details that the neighbors can give are also important, so in one of the visits, you can ask if there is any problem on the stairs or in the house itself that you want to acquire.
Sometimes a flat is too cheap for one reason: there are annoying people in the building, quarrels with some resident … It is important to find out before it is too late.
3. Go to the Property Registry
When the buyer has opted for a home, even before making the decision, he must go to the Property Registry to know a series of vital data on ownership and the charges that may weigh on the floor. This step is fundamental. Even when dealing with people to whom it is known or if the sale is made in a small locality where trust relationships prevail, the simple note may contain many surprises. For an average price of 3 euros, any citizen can obtain this document, which includes the location and surface of the house, its owner and if they weigh loads on the house.
First, you have to verify that the street, number, and square meters match what the owner wants to sell. Then check that the number of headlines is the one declared by the seller. If it is a marriage, both will have to sign the sale, just as if the house belongs to several brothers. It is an extreme where great care must be taken since if one of the co-owners does not agree, the buyer will find a house that is not entirely his own.
On other occasions, a court order has ceded the family home to one of the spouses after a separation or divorce, and the other is trying to sell it. Ownership is, therefore, a critical aspect that should be made very clear.
With the simple note, you can also see if the house weighs a mortgage. In some cases, the owner makes believe that the house has no charges and then the buyer must face a massive debt.
In the same way, it is convenient to verify that it is not rented, since, almost certainly, the new owner would have to respect the rights of the tenants and, if these are of old rent, the situation will become much more unfavorable for the buyer.
4. Consult the owner’s community
Another of the checks that must be done before the money is advanced is that the proprietor of the house is aware of the payments to the community of neighbors. To do this, you must speak with the administrator or the board of owners. Otherwise, the debts may fall on the buyer of the floor.
” It is essential to ask for a simple note in the registry to know who is actually the owner”
In the same act you can ask if the building’s facilities work well – the elevator, the heating, the downspouts – and if the structure – walls, beams, roof – is in perfect condition. Also, it must be ensured that there are no high-value payments that the new owner would have to pay.
Another of the data that must be valued is the fee that is given to the community of owners. Some farms have a Porter, administrator, gardener and cleaner, in addition to swimming pool and recreational areas that make the monthly payment very high.
renewalIt is also necessary to consult if the building will be carried out a mandatory renovation or improvement. As of this year, the regulations oblige to review the buildings of a certain age and to make the reforms that certify their security. Also, buildings of more than four floors may be forced to place an elevator. Many people get rid of their home, so they do not have to face these additional expenses, so that is another extreme that must be taken into account before paying a signal.
5. Go to the city hall
Each year the owners of a house have to pay the Property Tax, the IBI. Anyone who wants to buy a second-hand floor must verify that it is paid. You can do this at the town hall or ask the seller for the last receipt.
6. Checking the bank
“Before you advance money, you have to be sure that the bank will grant the mortgage “
Before paying a mortgage for housing, you have to be sure that the bank will grant the lease. If at the end of the process the interested party has advanced a bond and does not get the credit to pay the house, the owner is to his right to keep the money.
Also, you should consult the steps to follow if the house for sale has loaded. One possibility is to remove the mortgage at the time of the sale and the other, subrogate to the mortgage of the owner. In this case, you must know the clauses of the entity and check if you can get better conditions in other banks.
7. Inform in the Autonomous Community
When buying a second-hand home, a series of taxes, such as property transfers and documented acts, have to be paid. In total, the purchase costs can reach 10% of the value of the floor. Given this significant amount, it is critical to consult with the corresponding autonomous community if the buyer can obtain some tax benefit. Some regions reduce the transfer tax almost half if the buyers are young, are part of a large family or meet certain requirements, different in each autonomy.
It is possible that, for a few months, the buyer satisfies the requirements that they request in their region to obtain more beneficial conditions and, in other cases, the purchase may be delayed to address the requirements since the savings are thousands of euros. Knowing beforehand the tax benefits of the community is key to a good purchase.
Sign the lease agreement
In the lease contract, the buyer advances to the seller, as a reserve, a percentage of the price of the house agreed upon both in advance. The amount may vary as agreed in each case but often set at 10%.
It is a private contract in which it is not necessary for a notary to intervene, but it has a fair value and links the two parties. It must include clauses that agree both the buyer and the seller and do not give anything, of course, everything must be in writing.
“The buyer loses the signal if he does not fulfill his commitments.”
One of the concepts that have to be expressed is the amount that the interested party advances. He must know that, in the event of any breach on his part, he will lose the money. Similarly, if the seller does not go ahead with the sale, the Civil Code establishes that he must pay the other party to double the money that he gave.
It must include the period in which the sale will take place. It is important to establish times that can be met easily for the contract to go ahead. If this is not done, one of the two parties involved may be adversely affected, either because he does not give him time to carry out the procedures for sale or because he does not have the necessary time to grant the mortgage.
Another of the concepts that should be clear is whether the home will be delivered without charges or if credit will weigh on it at the time of signing the deed.