9 legal rules to buy house
When you find the house you want to buy and start negotiations, it is time to confirm that the property has all the necessary documents to carry out the purchase and sale. The idea is to guarantee that you are facing a legal real estate and that your investment is not at risk.
Although the most advisable thing is to have the advice of a real estate expert lawyer, he can advance in the review of the documents and detect any anomaly in a timely manner.
Requests the seller copies of deeds, their official identification and marriage certificate, as well as the latest property and service payments. These documents are the pillars to know that the house you are going to buy is in order.
With the writing in hand, you should check:
1. The location
It corroborates that the property is located where the writing mentions it.
It is possible that the name of the streets has changed, if it is the case, go to the corresponding delegation or to the municipal palace of your locality, and verify that the previous name of the street coincides with the deeds.
2. Name of the owner
The only person authorized to sell the property is the same person who appears as owner in the deeds, for this reason it is important to corroborate their data with the official identification.
Sometimes it happens that the owner has two names and only one is read in the script. In this case, this clarification must also be made known to the notary.
3. Property regime
This point is of vital importance for the purchase of a house, because the civil status of the owner has relevance.
If the owner is or was married under the conjugal partnership regime, it is essential to have the consent of the spouse for the sale. Otherwise the transaction cannot be made.
Other aspects to review, which are not registered in the scriptures, are:
4. Permits and Plans
New constructions have architectural plans and installations, as well as a construction license and a notice of work completion. The specifications of these documents must correspond to the reality: if the paper says “five-story building”, it should not have six, because in case of incurring in these anomalies the work can be closed.
5. Constitution of Condominium Regime
If it is an apartment building, you also request this document which specifies that each buyer is the exclusive owner, and only of the apartment that he bought.
6. Debts and liens
These might be:
- Lien: Refers to those debts for mortgage loans or problems of foreclosures on the property. A lien applies to new and used housing.
- Property and services: Whether a new or used home, it is important to verify that payments for these concepts are up to date.
When you buy a new home, it is important that the developer guarantees in writing that there will be no debt at the time of signing the deed for electricity or water services, because if a debit is left they must pay it among all the residents.
Although the notary public at the time will verify possible encumbrances, or problems of litigation, it is advisable to detect possible setbacks before the process is more advanced.
7. The purchase-sale contract
When you have the certainty that everything is in order with the house or department, you are ready to sign the purchase-sale agreement, document in which your consent is expressed and that of the seller for making the transaction.
The contract must include the identification and individualization of the property to be acquired: street, number, colony, land area and construction, parking space. In addition to the technical characteristics, construction specifications, finished and other additional features in detail.
Also, the total price of the property and the way it will be paid are included; the additional prices and penalty amounts in case of default by any of the parties. The delivery date and if the home has quality insurance, or the deadline and terms of the guarantee in case of hidden defects.
In the case of new homes, either in the body of the contract or in annexes must be stipulate the amenities and services of the complex housing.
8. The deed
It was time to go to a notary office to deed the property in your name. The documents are presented in original and are: the previous deed registered in the Public Registry of Property (RPP); the full ballots of predial and water of last five years. If the seller married, his marriage certificate.
Along with your documents, you must provide an advance payment to pay some paperwork and documents necessary for the process, such as certificates and the appraisal. The rest of the notarial expenses, such as fees and taxes, are paid upon signing the new deed.
The entire process takes between 25 and 30 calendar days.
9. Signature of the deed
The process ends when you and the buyer come to the notarial offices to sign the deeds.
It is here when you must settle the property, either with a certified check or a bank transfer.
Once the parties have signed, the notary presents a copy of the following documents: valuation and certificates of non-indebtedness to the Public Registry, with the corresponding payment of taxes for the Registry to register the purchase-sale transaction.
Now, you can be sure that what you just signed and the money you just paid makes you the owner of the house you’ve dreamed of.