Usual steps when buying
Choose of a broker
The very first step is simply going to any real estate agency you have chosen and let an agent know about your demands, imaginations and of course, also price you are willing or able to pay.
Your agent will show you a certain amount of places in the shortest possible period. He will also help you to choose a piece of real estate so that the price and quality corresponds to the actual situation at the market.
Your broker also has the duty to check all documents and contract belonging to the certain house or flat so you could be sure that everything is ok and you might start living there without any following problems.
Simply, the agent who you are dealing with is or at least should be always on your side.
Choose of a real estate
Your agent’s responsibility is also responsible for caring about you even when you are not just there in his office. This means that he puts your demands into the real estate agency’s system and you will be getting emails with offers either automatically or manually. This will ensure that you don’t lose any chance to see a place where you could possibly live.
Let’s take it!
After what you finally agree on one and mention that you want to reserve it, you will agree by word on a following meeting. At this meeting with the agent in his office you will deal about the other details, such as paying the reservation fee and future financing. As the case it may be mentioned the possibility of taking a mortgage and its next steps and formalities.
Signing of the contracts
Soon there is time for another meeting where you are supposed to sign a reservation contract and pay a reservation fee. This ties you up to finish the process of buying.
Later on, at another meeting you will get back the reservation fee and you will agree on a contract of the future contract of sale. Actually this type of contract you need only in case that you are still not able to sign the real contract of sale. For example because you are finishing documents around mortgage, etc.
This deal makes you obliged to buy the real estate and makes also the agent obliged to sell it to nobody else than you. In case the papers around mortgage are done then you and your broker will simply do a next step, which is the mentioned Contract of sale. Possibly you can deal about next paper work around the mortgage.
Almost at the end with the paper work
Basically everything what you had to do until now was signing a few papers. Now the real estate agency may also ensure the registration of your new place to the cadastre and signing you as the owner (if it is not somebody else). They also determine the co-owners of the house and lands belonging to it.
In case you are financing your new place from a mortgage there will also be needed a signature for a mortgage debenture between the real estate agency and your bank. The collateral is not higher than how much you rent in the bank. It is a usual procedure when the bank makes sure that in case you are not able to repay your house, it will pass to their ownership. The collateral itself is put up on your house and then the agency takes usually 70% of your mortgage.
There we go!
After all these steps you are finally getting keys! What a moment! Now you are supposed to pay the rest of the negotiated price (30%) and to sign the final sale contract. And do not forget that your new place does not have insurance! Once you finish this you can literally put a cup of coffee on your new table.