Real Estate Attorneys
Legal support in the sale - purchase of a 2nd hand apartment
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Preliminary inspections when buying a second-hand apartment
An apartment purchase is undoubtedly an exciting event and one of the most important financial decisions we make in our lives. To ensure that we have found the right property for our needs, it is important to conduct preliminary inspections before signing the sales agreement. Throughout this article, we will discuss some of the important factors to consider when purchasing a second-hand apartment.
By Igal Mor, Adv. & Notary
Accuracy in Legal Advice. Excellence in legal support.
A Draft Tabu (Draft of Land Registration) and a blueprint for a condominium
The issuance of a taboo document is an important preliminary step because it serves as a kind of identity card for the property. In addition, we can verify that the seller is in fact the owner of the apartment, whether there are any liens, foreclosures, or mortgages on the property. How do you get a land registration? Of course, you can ask the seller if he has this document and if not, or if our records are not up to date, all you need to do is ask him for the block number and lot number. Then, we can get the taboo wording out online. As soon as we receive the draft of the taboo, we will contact an attorney to review it, who will determine whether any details raise doubts about the viability of the transaction, or if they require that the seller treat them.
Deficiencies In The Property
More than once, we enter the apartment and we immediately like it. Occasionally, because it is very bright, sometimes because of its aesthetic design, and perhaps because the seller has a pleasant manner. It is important, however, to set aside the initial enthusiasm for the apartment and carefully examine its condition. During this period, you should pay attention to the condition of the property for signs of dampness, improper electrical points, cracks in the walls, the condition of the windows and doors, etc. Additionally, the state of the bathroom and the kitchen, which are the most expensive rooms in the house, should be carefully examined. As a result, we will be able to determine whether the property requires renovation and, if so, we will have a good bargaining point to reduce the price of the property demanded by the seller.
The Apartment Environment
Apart from the property itself, it is very important that we also check its surroundings, as the apartment itself can be perfect for us but if it is on a noisy highway or near an active event garden, we may reconsider the viability of the deal. It is also very important to make sure that the access roads to it are convenient, that there is no parking shortage (as long as the apartment comes without parking) and whether the essential services for us are in the area (schools, health insurance and more). The level of maintenance in the building, the quality of the relations between the neighbors, the functioning of the house committee, etc. as these greatly affect our quality of life in the new house.
An Appraisal By a Real Estate Appraiser
It is also advisable to contact an appraiser before purchasing a second-hand apartment. During his inspection, he will provide us with the following information:
- An overview of construction anomalies, such as the addition of a room or the closure of a balcony without a permit. We need to know if there are construction anomalies on the property since this is a criminal offense that can result in further problems.
- The appraiser will be able to tell us what the possibility of utilizing these rights is if the apartment owner was granted building rights that were not utilized.
- A real estate appraiser will offer an opinion of the price the seller is asking for the apartment and determine whether it is in line with its value and the current market conditions.
Support From a Lawyer is Essential
We have discussed some of the preliminary tests that must be completed before purchasing a second-hand apartment in this article. This issue, it is important to note, is extremely complex and includes many other layers that are difficult to describe in a concise manner, For example, taking out a mortgage and the taxation aspect which are very significant in a real estate transaction. For us to be sure that we invest our money in the right property, it is important to receive professional legal assistance from an attorney specializing in real estate transactions throughout the entire purchase process and after we have taken possession of the property.
