Each person, buying an apartment, may face a number of risks, as a result of which he may in the future not only remain without real estate, but also will not be able to return the money spent on it. It is sometimes cheaper to buy an apartment on the primary market than on the secondary. And this is due to the fact that apartments in new buildings are sold at the construction stage.
And here is the first risk: the buyer has to wait for the completion of construction and commissioning, which significantly increases the risk of unfinished construction and loss of investment.
The second and very serious risk of buying an apartment in a new building is the double sale of the same apartment to two different buyers under the contract of “purchase and sale” of property rights to the apartment or investment agreement / equity agreement in the construction of the apartment (which in fact does not exist, so as it is not completed). After all, when concluding such an agreement, the right of ownership is not registered in the state register for the buyer, which is why a double sale is possible.
In order to minimize the risks, it is necessary to at least follow a number of guidelines and rules.
There are many situations when buyers have not been able to get their apartment to use, so be vigilant and always involve a professional in the agreement in order to secure your investments.
Among other risks when buying an apartment in a new building are the following:
- unfinished object that has not been put into operation, the presence of encumbrances, arrests, court decisions;
- wrong contract;
- assignment of the apartment;
- unscrupulous developer;
- problems with permits at the start of construction, which can cause problems when putting the house into operation.
Regarding the risks when buying a home on the secondary market, these are:
- fraud when selling on behalf of;
- fraud with a lifetime maintenance agreement;
- purchase through auction;
- purchase of an apartment that is mortgaged or is the subject of litigation or enforcement proceedings;
- availability of third party housing rights, illegal redevelopment, hidden encumbrances, arrests, court decisions;
- gift or will for an apartment.
Other risks include the following:
- housing was sold on forged documents;
- was illegally taken from the previous owner;
- the seller turned out to be an incapable person;
- the apartment is the subject of a mortgage, etc.
I will tell you more about all these risks if you make an appointment for a consultation.
Thus, the risks when buying real estate can arise with both secondary housing and housing in new buildings. To minimize the risks, I recommend seeking the help of professionals in this field. Of course, before buying real estate, as well as during the conclusion of the contract, it is better to know in advance about all possible pitfalls and trust a professional in this situation. Contact the lawyers of the law firm “Prikhodko and Partners”, we will be happy to solve your problems and help you avoid them in the future.