I buy a house! Finally, after many searches that seemed vain, the time has come to select the best real estate proposals to view, to start getting an idea of what could become the home of your dreams.
During this reading we will try to guide you step by step towards a conscious purchase, to limit as much as possible any future unpleasant surprises or mistakes that will be difficult to remedy later.
Here are the topics we will cover while reading:
1. I buy a house: here is everything you need to know
2. Cadastral documentation and documents to view: do not panic
3. Have you checked everything? Now you can sign your real estate purchase proposal
4. Preliminary compromise or directly notarial deed?
5. Last tips for buying a house and living happily ever after
Who knows how many times you have said to yourself “now I’m going to buy a house, I can’t wait any longer!”, without ever actually making a purchase .. but rest assured, the problem is not you …
We know very well that the moment linked to the purchase of the first home is one of the most delicate phases in the life of a person or a family: not only are most of the hard-earned savings at stake in years and years of work at stake, it often happens too. that future sums must be invested and not yet collected due to the commitment made with a banking institution to take out a mortgage.
But know that today, when you think you want to buy a house, you will also need to know that you have all the tools you need to take prudent steps and be guided by professionals in the sector. The licensed real estate agents will accompany you on this journey from the research phase to arrive together with the final negotiation when you have finally crowned the dream of buying a house.
Before taking each step, inform yourself. Always try to do it by experts in the sector, so as to be sure that every notion that will be given to you is proven, so as not to risk that false information can harm you today or in the future: only in this way will you be able to sleep peacefully, while from ‘ on the other hand, trusted and experienced real estate consultants will actively try to find the right property for your needs.
Don’t be afraid to appear insecure and ask your real estate agent many questions: having to deal with situations of this kind every day, the professional will not forget how important and delicate this moment can be for a person.
I buy a house: that’s all there is to know
As we have mentioned, in this guide our purpose is to prepare you in the best possible way for the purchase, and therefore, below you will find some essential characteristics regarding the properties to be taken into account before making any type of purchase proposal, verbal or written.
Have you seen a real estate proposal and are you convinced that you want to commit to entering into a negotiation with the seller? Alt! First, it is good to check that the property in question is actually suitable for sale.
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- We advise you to carry out a second inspection with a qualified technician (engineer, surveyor, architect, etc.) in order to avoid possible defects or hidden wear. In fact, it is always good to check every aspect related to building regulations, to avoid having future problems.
- If the seller is not a natural person, but you want to start negotiations with a business or real estate company, we recommend that you have the financial status of the selling company checked by your intermediaries. This is because some builders can make use of the bankruptcy revocation, declaring that the sale was made to their detriment. Either way, it’s a remote possibility, but it’s good that you know.
- Talk to the condominium administrator: before making any purchase proposal, inform the condominium administrator if any extra maintenance work is planned for the building. Generally, the condominium regulation provides that if extraordinary maintenance works have been approved during the advertising phase of the property, the aforementioned works burden the current owners and not the future ones. In any case, ask for information even if you are only rumors in the building to schedule works of this kind. This advice is essential when it is known that maintenance work on buildings is generally expensive, and it would be a shame to have to shell out large sums as soon as the purchase is completed. By informing yourself in advance, you can play this card during the negotiation phase, if the owner wants to lower the starting price of the property.
- To be very picky, since you have now become familiar with the condominium administrator, also ask specifically if the current homeowner has pending debts towards the condominium. This advice, of course, does not imply entering into the personal affairs of the owner; know that in the case of unpaid pending, however, the administrator will have, by condominium regulation, the right to make up for the new owner, that is you.
- Make sure that the selling price is consistent with the average parameters of the reference area. To dispel this doubt, ask your real estate consultant to show you other similar houses by type and finishes in the area, to compare prices. You could also use the real estate market to realize the average value of a property per square meter in that specific reference area. For anyone who does not know, the real estate market is that particular tool capable of explaining the parameters for evaluations.
Cadastral documentation and deeds to be viewed: do not panic!
Once the technical aspect linked to construction has been carefully analyzed, it is certainly recommended to examine the cadastral documentation and the deed of the provenance of the property. Almost certainly, the real estate agency with which you viewed the apartment will have already analyzed the file and asked the owner for all the documents necessary for the sale. In any case, it is good that you know that carefully reading the deed of provenance could avoid delays in the deed phase and last-minute requests by the notary. So… get ready for the best!
- First of all, it is good to make sure that the seller in question is actually the owner of the property. It is not so obvious that to sell an asset one must have full ownership of the asset in question. This means that no other person should have rights to that property.
- The homeowner will need to declare that the structure is free from mortgages or defects: this aspect is essential because otherwise, it would be you who would pay serious consequences.
- The negotiation can only be completed if the house is registered as a dwelling. Please note that in some and particular situations, apartments located on the top floors in a condominium are still stacked as attics; in the latter case, you will have to provide for a change of intended use before the deed.
The three aspects described above are part of the general macro areas that can affect a large slice of properties (and therefore of potential buyers).
It is clear that each house has its own documentation to be analyzed in a completely subjective way. In real estate documentation, there are many of those possible quibbles that only a professional real estate agent is able to identify and, when possible, resolve.
Have you checked everything? Now you can subscribe to your real estate purchase proposal
One of the most delicate phases during the negotiation is precisely that relating to the signing of the purchase proposal. Doubts? Perplexity? You are right, you have to follow all the steps in a conscious way in order not to make mistakes.
You will understand well that, although a real estate negotiation can take place between individuals, it is always good to rely on expert professionals who can guide you, but above all protect you during the phases in which there is a need for experience and competence.
Signing a purchase proposal is synonymous with concrete commitment: from that moment on, a real negotiation will begin with the owner of the property, which in the best of cases will end with the acceptance of the proposal.
Let’s go step by step, however: let’s clarify immediately that there is no specific legislation on the matter, but that a valid purchase proposal must at least be completed in writing.
Verbal purchase proposals, generally from real professionals are not even considered.
Because? Because building a proposal in writing makes you strong in the eyes of the owner, who will be able to align (or not) with your requests according to the law.
In fact, the forms to be filled in for real estate purchase proposals are specially designed and made in carbon copy paper and in quadruple copy, just to be able to leave the right trace.
Guided by the real estate agent, you will be invited to specify everything that interests you and what you can do without, not only in relation to the property but also to the timing and methods of payment.
A very important aspect for completing the proposal is that of the non-transferable bank draft to be attached to the document.
This tool will also give the real estate consultant more credibility when he sits down to discuss the proposal with the sellers.
Of course, the check will not be cashed until the end of the negotiation and will be kept by the real estate agent , although it must be made out to the owner of the house.
What if the deal does not end? Should the negotiation be missed, the check will of course be returned to you.
After the first discussion between the real estate agent and the seller, there are three possible ways:
- Direct acceptance of the proposal
- Counter-proposal (always in writing)
- Direct rejection of the proposal (rare times)
After this phase, we proceed according to the wishes of the owners. Was there a counter-proposal? All right, now it’s your turn to make the next move.
Also, remember that the purchase proposal tends to have a sort of expiration date. What does it mean? It means that there is a deadline within which to give answers from both parties, generally no later than 20 days from signing.
Preliminary contract or directly notarial deed?
Has your proposal been accepted? Fantastic, then now all you have to do is complete all the paperwork and finally the house of your dreams will be ready to be inhabited.
After the phase of the real estate negotiation, the next step will certainly be to finally get to know the sellers and conclude the purchase procedure.
Although there are many real estate consultants who choose to skip the part relating to the compromise, our advice is to propose instead this intermediate step that precedes the deed.
The preliminary contract of sale, also known simply as “preliminary” or “compromise”, is a preliminary agreement between the parties, which takes place in an official manner and determines conditions and clauses that subsequently speed up the final notarial deed.
During the compromise, the real estate agent will read a real agreement that must be accepted and signed by the parties in place.
A real estate compromise model should not ignore these data:
- the personal data of the buyer and the promising seller;
- the agreed price, terms and methods of payment;
- the date by which the parties undertake to stipulate the deed of sale (deed);
- the existence or not of prejudicial registrations on the property;
- the provenance of the property
- the composition of the property and its accessories.
It is precise during the compromise that the check attached to the proposal takes the value of a confirmatory deposit. The sums indicated as a deposit will then naturally be deducted from the total price of the property to be paid during the notarial deed.
Are you ready for the notarial deed? Absolutely yes!
The final phase of the purchase negotiation is dictated by the notarial deed. The deed of sale is nothing more than an official agreement between the parties, agreed in the presence of the notary and witnesses.
During this phase, all the documentation is analyzed for the last time and the contract is read in the presence of both interested parties.
The document that the notary will have drawn up will be the result of all the necessary building, legal, and tax checks of that specific property.
During the deed of sale, all the necessary formalities will be carried out and there will be the official handover of the keys.
A single hitch could slow down or even make the entire act jump and skip for a long time.
This is why being precise and prompt in providing the correct documentation to the notary could avoid subsequent problems.
Last tips to buy a house and “live happily ever after” even after the deed
The choice to buy a house scared you until before reading this guide, but now you feel safe and aware? Very well, then we have succeeded in our initial intent.
Our desire was precisely to make you aware and autonomous to face such an important and delicate moment as that of the first real estate purchase.
While reading, you will certainly have grasped the right ideas to better inform yourself and avoid making false steps.
In any case, however, the only advice we feel we can reiterate are those related to the choice of entrusting yourself to an expert professional in the sector who can follow the practice with you and that of not making risky choices dictated by the emotion of having viewed a ” beautiful house”.
During the initial phase of the search, it is very likely that you will think that you have found the right house just because it has hit your heart: we agree that the search should not take years, but always keep in mind the concept that by committing to a real estate purchase, you are probably choosing to spend the rest of your life in that housing solution (barring unexpected changes, of course).
This explains the reason for this practical guide … good luck!