Have you found a promising apartment but don’t know if everything is really okay? A reservation contract is a big commitment and if you cancel, you are forced to pay a penalty or forfeit the entire reservation deposit. And this often means sums in excess of one hundred thousand crowns. For this reason, it is advisable to check all details thoroughly before signing the reservation. In this article you can read what to look out for before buying an apartment.
Thorough personal inspection
If you want to buy an apartment, the location and the internal layout and size of the unit must suit you. Many things cannot be changed by renovation and you need to have a good foundation. Before the viewing, make a list of the things you absolutely expect from your new home. As part of the inspection, also check the technical condition of the property thoroughly.
Checking the title deeds
Before booking, check the title deed from the Land Registry thoroughly. This must show the names of the owner or multiple people with divided shares. It also clearly specifies the housing unit. A problem may arise if the property is a condominium and you plan to finance it with a mortgage.
Require a certificate of no debt for repair fund and utility charges for the apartment. This is because debts owed on the unit need to be properly settled. Any problems can slow down the whole sale process, which can put a dent in your budget due to possible moving and deadlines.
What else to look out for before signing a reservation contract?
The above three points are far from the only things you should be concerned about. Before actually signing and paying the deposit, check the following:
- There are no easements on the apartment
- The reservation agreement includes the owner of the property
- You have pre-arranged financing corresponding to the value of the property
If you comply with all these points, you have a great chance of successfully completing the sale. Even so, booking is only the first step and many formalities remain to be resolved.