What you need to know before buying a real estate

Here is what you need to know before buying a real estate (land, buildings in private property or co-proprietorship).  Buying a real estate is important, but also difficult in essence. This is why it is needful to inform rigorously in advance, before making any step in this direction. The first would be to distinguish whether the subject of the sale-purchase transaction is a building or land.

 

 

For land: When buying a land placed either urban or outside of a town you must keep in mind the compliance of three major requirements:

The authentication of the contract to the notary; the failure of the authentication of the sale-purchase document of land of any kind is sanctioned by absolute invalidity of the sale;

You should check if the right of first refusal was respected  which is a right of priority for certain categories of buyers, such as: co-proprietor, tenants, and neighbors. The pre-emption is a preliminary administrative procedure which consists in presenting by the owner of the unincorporated area at the city hall in whose territorial jurisdiction he is, for 45 days, so that the holders of the right of first refusal can manifest the possible purchase offer. The failure of these conditions entails the partial invalidity of the sale-purchase act;

Should be checked if on that land are any litigation to the courts, throughout the course of their settlement, the law prohibiting under penalty of absolute invalidity the alienation of these lands.

For buildings: For all buildings you need to know:

 

  • The approximate price in the area;
  • The structure of the real estate;
  • Year of construction;
  • The location of commercial and social centers, transportation according to the desired location;
  • The surface of the real state;
  • Its legal situation;
  • Any hidden defects.

 

Also, there are several aspects that you must consider before buying a building, if the building is a private property or hold in co-proprietorship.