California Trends Guides Home Buying USA

The Complete Step By Step Beginner Guide To Buying Real Estate

All of you who are interested in reading this blog are probably potential buyers of apartments, houses, cottages, shops, land. You have never encountered a challenge called buying a property and would like to know more about it. you are in the right place. We will try to present you in the most basic outlines the procedure of buying real estate, step by step, everything you need to know and the path you need to go from looking for real estate to registration in your name.

In this text, we have given only the basic steps without going into them and without explaining them in detail, because they will be treated as separate topics as one of the next blogs we are writing.

Where to start looking for real estate?

A lot of ads, internet portals, newspapers, agency offers, these are all sources where you can find real estate, it’s just a matter of how much time you have to look and visit, the best way to do that is to find a good agency. I can do the job without spending less of my time, being safe and protected. Agencies cooperate with each other, exchange real estate and have an insight into the offer on the market, so at least it should be if they do their job professionally. Be sure to check if the agency works legally and if it is licensed – the register of intermediaries.

What to look for when choosing a property

Most buyers look at a house or apartment and make a decision based on whether they like it. There are things that should certainly not be neglected, who are the neighbors, what is the plan to build next to the building or house not to buy an apartment with a beautiful view, and in a year in front of your window sprouts a building, how the building is maintained, how much investment you have and of course paperwork.

How to check the property you are buying

When you have chosen the property you are buying, you need to check whether it is registered, whether it is sold by a buyer who is registered in the cadastre as the owner, whether there are encumbrances, mortgages, whether someone else claims it, whether there are co-owners and other things for which you should definitely hire an expert. Ask the buyer for a transcript of the list of real estate. Also check the utility bills, whether they were paid, had debts.

Property price

When you decide to buy the selected property, you should determine the price of the property with the seller, usually when selling real estate, the prices are subject to correction, the sale and purchase of real estate is a trade, keep that in mind. Once you have agreed on the price, you need to determine the dynamics of payment, the method of payment. Please note that all transactions exceeding € 15,000 must be realized through a bank, ie through an account, otherwise both the buyer and the seller are in violation of the law on foreign exchange operations.

Purchase contract and certification

Everything is agreed, it remains to draw up a sales contract, this is done by a lawyer or agency, by no means try to rewrite someone’s contract or use blank copies. Now is the time for the Notary Public who has to certify the sales contract (solemnizes) because only a notarized contract is valid. Notaries only certify contracts, the court or any other institution does not and cannot do that.

Payment of the purchase price and handover

If the payment is made through an account, the best option is for the buyer and seller to have open accounts in the same bank (so the cost of the transaction is the lowest). To transfer money, you need a sales contract and ID cards, and a bank clerk will transfer money from the buyer’s account to the seller’s account. All you have to do is get the keys, hand over the handover, congratulations, you must be very happy now.

Obligations even more end…

Paying taxes

If you, as a buyer, have undertaken the obligation to pay taxes on the transfer of absolute rights, you do so by submitting a request to the tax administration in the territory where the property you bought is located. for that you need a PPI4 form, a sales contract and an annex, if any, a photocopy of the seller’s ID card. The request is submitted in the name of the seller. You must file a tax return within 10 days from the date of certification because otherwise you risk paying interest, and you should receive the decision within 60 days, after which you have to pay tax according to the decision or appeal if you think that the tax administration has determined an exorbitant amount to pay.

In addition to paying taxes, you have the obligation to submit your property tax return, and you do so in the local tax administration by submitting your photocopy of ID card, photocopy of the sales contract and tax return on the PPI2 form.

Registration in the cadastre, acquisition of ownership

You have not yet become the owner, because the ownership is acquired by registering in the Real Estate Cadastre, do not hesitate to submit the documentation to the competent cadastre and register as the owner.

Transferring utility bills

All you have to do is transfer the utility (gas, electricity, water, heating, telephone, etc.) bills to your name with a photocopy of the contract.

Congratulations once again for doing a great job, becoming a property owner is one of the most important and beautiful things that can happen to you in life.

If all this sounds complicated to you, you do not have time to deal with this procedure or you simply think that someone will do the job better and faster for you, I advise you to use the services of people for whom it is a job, that is why we exist.

Do not hesitate to ask anything that is not clear to you, ask questions in the form below, we will be happy to answer you, and you can follow us and ask on social networks. If you liked this text, comment, share it and recommend it to your friends, maybe we can help someone else.


Related posts

Step By Step Guide To Buying Your First Apartment

Natalie Davis

Buying Your First Apartment In California – Everything You Need To Know

Natalie Davis

Solar Panels To Be Mandatory On New And Renovated Buildings In California From 2023

Natalie Davis

Leave a Comment