What is the next step in order to make my dream come true?
After inspecting the property in person, we must decide whether we wish to enter into an agreement with the seller. During the process of the agreement, it is important to discuss a number of issues, but we do not have to make a specific decision yet.
- When and how will we make the payment? (Bank transfer, cash, etc.) Perhaps, is a bank loan required?
- Equipment that stays in the property. (If any.)
- Possible encumbrance on real estate, registered usufruct rights.
- The date of the actual transfer.
Choosing the right lawyerisessential, as you may be able to ensure the success of the transaction. In any case, the quality to be emphasized isthe thoroughness, precision and proficiency in the given field. Furthermore, the attorney can provide proper legal information, for example, a lay person may not be familiar with the legalese. (The deposit and the advance payment should be highlighted, which may serve to confirm the intention to enter into the contract, but are subject to different rules.)
They can also help with checking the title deed, which is not worth missing out before entering into a contract.
After all this, the preparation of the real property sales contract begins, which always requires the personal documents both from the buyer and the seller to be presented. The contract for the sale of real estate must be concluded in writing. The contract may contain a number of elements, some are conditio sine qua non: the exact details of the property, any encumbrance that may be incurred, the way in which the consideration for the seller will be paid, and how the property will be taken over.
If both the parties have read the contract, they sign it. If you have previously opted into a cash payment, the amount will be transferred at this time. In case of transfer or other method as stipulated in the contract.
Then the seller and the buyer visit the governmental office together with the purpose to rewrite the property, i.e. to record in the land registry entry. Our lawyer may also act on behalf with a power of attorney.
During the handover, we should ask for proof of payment of the overhead bills, so that we do not have any unpleasant surprise when rewriting the utility contracts.
After concluding the transaction, the buyer is subject to an acquisition tax and the seller is subject to personal income tax. It is also worth asking our lawyer for help with the exact and detailed rules of these.
Last but not least, do not forget to announce the change of address and ask for a new address card.