Why is it important to have a lawyer in a real estate transaction?
Real estate transactions are complex legal processes that require attention to detail and an understanding of the legal requirements. A good real estate attorney can prevent a number of problems, ensure your interests are protected, and help you avoid hidden risks. In this article, we will look at five key aspects that are important to know when buying and selling real estate.
1. Verification of the real estate documentation
Before proceeding to sign any contract, it is necessary to make a thorough check of all documents related to the property. This includes:
- Title deed
- Sketch and scheme from the cadastre
- Certificate of encumbrances in rem
- Tax assessment
- Construction and commissioning permits
- Certificate of absence of restitution claims
A professional real estate attorney will analyze these documents and determine if there are any legal impediments to the transaction.
2. Vendor verification
In addition to the property itself, it is also important to have a seller’s inspection. It is necessary to establish whether the person selling the property has the right to do so and whether there are any legal impediments. The solicitor will require:
- Certificate of heirs (if the property is heritable)
- Certificate of marital status
- Certificate of presence or absence of obligations to the NRA
- Check for pending enforcement cases with bailiff
3. Importance of the preliminary contract
The preliminary purchase contract is an important instrument that provides certainty to both parties until the final deed is signed. It must contain:
- Selling price and payment methods
- The terms of the transaction
- The conditions for the transfer of possession
- Liquidated damages in case of non-performance of the contract
Pursuant to Art. 19.3 of the Law on Obligations and Contracts, either party may bring an action for the conclusion of a final contract if the other party deviates from the preliminary terms.
4. The notarial deed – the final contract of sale
The final stage of the transaction is made by signing a deed before a notary. This step requires:
- Payment of local taxes and fees
- Payment of the notarial fee (set against the value of the transaction)
- Registration of the deed with the Registry Agency
The presence of a lawyer ensures that all the terms in the deed are precisely worded and protect the interests of the buyer.
5. Hidden risks in real estate transactions
Some of the most common problems in real estate transactions include:
- Presence of mortgages or foreclosures on the property
- Unlawful claims by third parties
- Errors in cadastral data
- Unpaid taxes or utility debts
A real estate attorney will protect you from these risks by conducting a detailed legal due diligence and protecting your interests throughout the transaction.
How can Concordia Law Firm help you?
Lawyers fromConcordia Law Firm are available for consultation and assistance with real estate purchases and sales. We will perform a detailed documentation review, draft and review contracts and ensure that your rights are protected. Contact us on +359 878583010, e-mail: law.concordia@gmail.com or via the contact form on our website.
