What are the risks when selling a property?
Are you planning to sell your property? Surely you are trying to get the best deal you can – sell the property for the highest price in the shortest time possible. How to proceed to avoid the greatest risks? And what can experienced real estate agency help you with?
Correctly set price
If you start to cooperate with a quality real estate agency, introduce them to your price expectations. They will provide you with price counseling. They will assess if the price is reasonable for the given area and whether it is feasible to sell the property for this price.
If necessary they will advise you whether to move the price and in which direction. After taking all these steps it can not happen that a first potential buyer approaches you and tries to manipulate you to move the price to your disadvantage.
Poorly constructed purchase contract
Purchase contract is the most important document identifying the property and ownership transfer from the seller to the purchaser. Therefore it is a key document for the ownership and money transfer to be smooth.
It is recommended not to build the contract without any experiences or using template documents that can be found on the internet. Instead use the services of experienced lawyer. It will pay off well! Above all you should set a condition that the ownership right will be transferred no sooner than the price is paid.
This transfer of right can not be legally treated – the buyer acquires the right in the moment when the change is approved in the lang register. To this change comes with no regard whether the price has been paid or not yet.
Do not withhold any defects
In the purchase contract describe the state of the property and do not withhold any defects, not even the concealed ones. In case the buyer discovers some defect, according to the law it is possible to claim part of the money back. In some cases the buyer can even withdraw from the contract and claim the whole amount of money back.
Proper payment securing
The riskiest moment is the payment. In case you consented to the change in land register before the payment you could easily be left off without the property and the money as well. But also the buyer wants to make sure he would not pay the price and then found out the property not legally available.
Solution to this can be various bank tools where the money transfer is bound to the changes in the land register. For example a notarial custody.