In this blog post, we continue our theme on buying a property.<\/p>\n
What risk factors to look out for to ensure that you actually get what the parties agreed before the sale and purchase contract was concluded and in the condition they agreed.<\/p>\n
The most important issues to be clarified are the ownership, the rights (e.g. encumbrances) registered on the property, the facts recorded, which can be found on the title deeds of the property. You can also request a title deed through our client portal, but you should consult a lawyer with experience in real estate law before you secure a deposit. <\/p>\n
We can only obtain ownership of the property from the owner.<\/p>\n
In our previous blog post (insert link) we have already dealt with the issue of the right of first refusal, which arises when there are several owners of the property, i.e. it is in undivided joint ownership, and one of them wants to sell their share.<\/p>\n
When looking at the title deeds, we often come across usufruct, which is discussed in detail in a separate article. To be able to buy the property you want free of charge, the beneficial owner must be involved in the contract, otherwise you may well end up buying a property that you cannot use. The beneficial owner has the right to use and benefit from the property owned by another. A property subject to a beneficial interest can also be sold, although care must be taken. <\/p>\n
It is also often the case that a mortgage on the property and a prohibition on alienation and encumbrance securing it have been entered on the title deeds as security for the lender. The value of the mortgage as recorded in the title deeds is unlikely to reflect the real value of the property, as it increases due to interest and decreases with repayment, so the mortgage holder (e.g. a financial institution) can issue a certificate of the current debt, which can be used to settle the debt and discharge the property, and the registered mortgage holder can issue a cancellation order. <\/p>\n
If the mortgage registered on the property is also secured by a prohibition of alienation and encumbrance, the holder must also agree to the cancellation of the prohibition of alienation and encumbrance when the cancellation authorisation is issued.<\/p>\n
The title deed of the property also contains a right of enforcement. Even in this case, all is not lost, but buying a property with such a right requires great care. A registered right of enforcement means that enforcement proceedings are already under way, which could be followed by a sale at auction. The most important thing is that the property should be unencumbered, but the money for this should not be given to the seller but paid directly to the executor. <\/p>\n
If a right to buy is listed on the title deed of the property, this means that the holder of this right can buy the property by making a unilateral declaration.<\/p>\n
In the case of easements over real estate, drainage, or the installation of pipelines, you may encounter an easement where someone else can use your property for a specific purpose and to a specific extent. It is important to note that this right is vested in the current owner of the property and remains in force even in the event of a change of ownership. <\/p>\n
The risk factors listed above require the expertise of a lawyer with experience in real estate law, in order to prepare a real estate sales contract with the right strategy, so that both the seller and the buyer are satisfied with the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"
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