Buying real estate, whether for living or investment purposes, is an important decision. And of course, it is not enough to make a decision based merely on the appearance or location of the property. Considering many details, from the legal situation to the technical infrastructure, will enable you to prevent potential problems in the future. Here are 8 critical questions you should ask when buying property:
1.Title Deed and Ownership Status
- What type of title deed is it? Is it a land title, condominium title, or apartment title?
- Is there a separate title deed for each independent unit, or is the entire project located on a single lot?
- Is there shared ownership? Are there any disputes with the shareholders?
- Is it clear who owns the common areas (pool, parking lot, security booth, etc.) in the title deed?
- Are there any mortgages, liens, court judgments, or project commitments in the title deed?
- Zoning and Construction Status
- Has the parcel been checked for compliance with the zoning plan?
- What are the Taks (floor area ratio) and Kaks (construction area ratio) ratios?
- Have the building permit and occupancy certificate (building use permit) been obtained?
- Are all structures permitted? Have the renovations been incorporated into the permit?
- If construction is ongoing, can the project, permit, and building inspection documents be presented to the buyer?
- Site Management and Common Expenses
- Is there site management? Is it a professional management company or under the control of the contractor?
- How much is the monthly maintenance fee and what services does it cover?
- What are the details of the common area expenses?
- Is there a management plan in accordance with the Condominium Law?
- Is it clear who the common areas are registered to in the land registry?
- Infrastructure and Technical Condition
- Are the electricity, water, sanitation, and internet infrastructures functioning properly?
- Are the heating and cooling systems individual or centralized?
- Are additional technical systems, such as a purification system, generator, and water tank, available?
- Is there a technical service network or maintenance service provided?
- Contract and Terms of Sale
- Will the sale be carried out with an official title deed transfer or a notarized contract?
- What items are included in the sale? (Furniture, appliances, special landscaping, etc.)
- Are the down payment amount, payment plan, and delivery date clear?
- If the project is still in the planning stage, does the contract include penalties for delays?
- Tax and Fee Status
- Does the seller have any unpaid property taxes from previous years?
- Who will pay the title deed fee?
- If the seller acquired the property within the last 5 years, do they need to pay capital gains tax?
- If the seller has a mortgage on the property, does the buyer need to pay the mortgage?
- Location and Transportation Information
- Which municipality does the property belong to?
- How far is it from public transportation, main roads, and shopping areas?
- What kind of developments are planned for the surrounding area according to the zoning plan?
- Visual and Technical Documents
- Can the architectural project, site plan, and floor plans be shared with the buyer?
- Are the visuals presented consistent with the observations made on site?
- Are there any recent visuals taken with a drone?
When investing in real estate, questioning every detail ensures a safe and smooth process. Don’t hesitate to ask these questions; as an informed buyer, you will protect both your time and your money.
