CAUTION! Newly Purchased Apartment Isn’t Yet Yours, But Here’s How To Protect Yourself
CAUTION! The new apartment does not become yours right away, and below you shall discover how to protect yourself
You received the keys to the new apartment and entered into its actual possession. But did you know that your apartment is still not really yours? In the period from the conclusion of the sale & purchase agreement, through the handover, and until the final acquisition of ownership, too much time can be lost. And not only that. The more time passes, there are more chances that something unforeseen will happen during that time.
If you want to legally protect your investment (and you do), it is vital that you inform yourself of the risks before entering into any contract and prevent a potential disaster. In order not to be late, below we offer you simple guidelines for understanding the basic risks that you should pay attention to when investing in real estate.
How come I’m not the owner of my own apartment, and I paid for it?
Ownership (property right) to immovable property is acquired at the moment of registration of the new owner in the real estate cadaster. Until that moment, you are not (yet) the owner of the apartment that you legally bought and paid for. And that is a risk in itself.
When the registration will take place and how to ensure the certainty of the moment of registration of your ownership in the real estate cadaster, in the rest of the text we have divided already constructed and buildings under constructions.
Buildings under construction
When buying an apartment under construction, it is extremely important to agree on deadlines and a precise map of the steps that will ultimately lead you to ownership of the apartment you have purchased, in the foreseeable and predictable time. In order to comply with the deadlines, special sanctions must be agreed upon in the event of their gross violation. This will especially favor further planning if you are buying an apartment for investment.
In addition, before signing any contract, it is necessary to check the compatibility between the technical documentation and the objective situation on the ground. Any divergence in that segment is a clear indicator of a high degree of risk and potential severe consequences, which will surely prolong the moment of acquiring ownership.
When is ownership acquired in buildings under construction?
After the completion of the construction, the investor should obtain a use permit and register the building in the real estate cadaster, after which the owner’s right to ownership of the apartment shall be registered. The investor will receive a use permit if he has built the building in accordance with the construction permit.
Regardless of how much time the real estate cadaster, as a slow authority, needs to register your ownership, the dynamics agreed in detail and thorough checks before the conclusion of the contract will lead to the certainty of the moment of acquiring the right of ownership.
Are already constructed buildings less risky?
Every investment, including the purchase of an apartment in an old building, requires equal caution and a degree of verification. Although it may seem that it is less risky than buying in a building under construction.
Before concluding the contract, it is equally necessary to carry out a series of legal and factual checks, which will depend on the outcome – which is the acquisition of ownership rights on your new real estate. Doing nothing can produce unintended consequences that will almost devalue your money.
After the Notary Public certifies the contract, ex officio he forwards it to the real estate cadaster. Only if everything is legally and factually in accordance with the regulations, the acquisition of property rights can go faster than it is the case with new construction. But in order for that to happen, it is necessary to carry out the aforementioned checks.
P.S. The goal of buying an apartment is to acquire ownership rights to that apartment, by registering your right in the real estate cadaster. Only then can you realize the full value of your investment.
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