Buying a Used Home

Seven Essential Steps Before Buying a Used Home

When buying a home, you should take a series of pre-delivery signal reserving the property precautions.

Buying A Used Home Post Contains

  1. Check The Housing
  2. Ask The Neighbors
  3. Property Registry
  4. Refer To The Owners
  5. City Hall
  6. Make Checks In The Bank
  7. Autonomous Community
  8. Signing The Arras

Buying a home is one of the largest financial outlays amount to be done throughout life. However, in some cases, people who have acquired a floor have known after he was under mortgage now can not afford or was not owned by the seller, but a family. It is also possible that the previous owner has not paid the expenses of the community of neighbors or the building structure is not in as good condition as it looked. Although most such transactions are performed without any problem, there is always a small percentage of individuals who try to exploit the situation. Should be alert and make the necessary checks before paying a signal to the seller. After the contract can be late.

1. Check The Housing

Chances are that whoever decides to buy a home, have visited dozens of floors before finding the right one . For this reason, you will be used to check the status of certain aspects of the property, as its structure, if the installation of light and gas are in good condition and if the faucets work properly. It should also measure the rooms, hallways and terraces to see if the size of the floor coincides with what was said by its owner.

It is also advisable to make several visits at different times of day. Thus, you can see if the house is light or dark, if noisy at certain times or if the neighbors are annoying.

The information may give the neighbors about the building is important

Other relevant information provided by the owner is the kind of reforms that have taken place and date. If you have changed the bathroom or water, if installed cold insulating windows or reformed kitchen, housing will have more value. Although it may be a bit embarrassing, it is not more ask the owner to show invoices that justify these reforms.

When the buyer finds that compensates acquire housing, you must make an offer to the seller. Most floors are still overvalued day today and if it was common before the price rise if the operation was not done, the opposite is true today. Both real estate and private individuals are accustomed to listen and respond deals downward. The motto today is “everything is negotiable”. According to information from experts, ask for a drop of 10% is not excessive.

2. Ask The Neighbors

The details that can give the neighbors are also important, so in one visit you can ask if there are any problems on the stairs or in the house itself you want to purchase.

Sometimes a floor is too cheap for a reason: there are people upset in the house, with a resident grudges … It is important to find out before it’s too late.

3. Go To The Property Registry

When the buyer has opted for a home, even prior to the decision, you must go to the Land Registry to meet a number of vital data on ownership and charges that may weigh on the floor. This step is critical. Even in the case of people who are known or if the purchase is made in a small town where trust relationships prevail, simple note can contain many surprises. For an average price of 3 USD, any citizen can obtain this document, which contains the location and area of ​​the house, its owner and if they weigh loads on the house.

First you should check that the street, the number and square meters match what the owner wants to sell. You should then check that the number of holders is that the seller said. If it is a marriage , both must sign the sale, as happens if the house belongs to several brothers. It is an extreme where it should be great caution, because if one of the co – owners do not agree, the buyer will find a home that is not entirely his.

On other occasions, a court order has given the family home to one spouse after a separation or divorce and the other who tries to sell it. Ownership is therefore an important aspect that should make it very clear.

With simple note also seen if on housing weighs a mortgage. In some cases, the owner does not believe that the house has loads and then the buyer must deal with a large debt.

Similarly, you should verify that it is not rented, since, almost certainly, the new owner would have to respect the rights of tenants and, if they are old rental, the situation will become much worse for the buyer .

4. Refer To The Owners’

Another of the checks that must be done before the money advance is that the owner of the house is aware of the payments to the residents. To do this, you must talk to the manager or the board of owners . Otherwise, the debts may fall on the buyer of the floor.

It is imperative to ask a simple note in the registry to find out who is actually the owner

At the same event you can ask if building facilities work well-the elevator, heating,  if the structure -walls, beams, roof- is in perfect condition. We also have to make sure they are not provided high amount he would pay the new owner.

Another data that should be assessed is the fee paid to the homeowners. Some farms have janitor , manager, gardener and cleaner, plus pool and recreation areas that make the monthly payment is very high.

We must also ask whether rehabilitation or compulsory reform will take place in the building. From this year, the legislation requires reviewing some old buildings and make reforms to certify their safety. In addition, buildings over four stories may be forced to place a lift. Many people are clear from their home to avoid having to deal with these additional costs, so that is another extreme to be taken into account before paying a signal.

5. Go To City Hall

Every year homeowners have to pay the Property Tax , the IBI. Who wants to purchase a second – hand flat should verify that it is paid. You can do this in the council ask the seller or the last receipt.

6. Make Checks In The Bank

Before advancing money, it must be assured that the bank granted mortgage

Before paying a signal for housing, we must be sure that the bank granted the mortgage. If at the end of the process the person concerned has advance bail and not get credit to pay for the house, the owner is entitled to keep the money.

You should also consult the steps to follow if the property for sale has loads. One possibility is to remove the mortgage at the time of the sale and the other, subrogated to the mortgage holder. In this case, the clauses of the entity must know and see if you can get better conditions in other banks.

7. Reference The Autonomous Community

When you purchase a resale home, you have to pay a number of taxes, such as property transfer and documented acts. In total purchase costs may reach 10% of the value of the floor. Given this high level, it is very important to consult in the Autonomous Community if the buyer can get some tax benefit. Some regions lower the tax on capital by almost half transmissions if buyers are young, they are part of a large family or meet certain requirements, different in each autonomy.

It is possible that, for a few months, the buyer meets the requirements asked for in your region for more advantageous conditions and, in other cases, may be delayed purchase to meet the requirements because saving is of thousands of euros. Know in advance the tax benefits of the community is key to a good buy.

Signing The Arras

In the earnest money contract, the buyer ahead of the seller, as a reserve, a percentage of the price of housing agreed between them beforehand. The amount may vary as agreed in each case, but often is set at 10%.

It is a private contract in which it is not necessary to intervene a notary, but has no legal value and binding on both parties. Should include clauses agreed upon both the buyer and the seller and not to give anything of course, everything must be in writing.

The buyer loses the signal does not meet its commitments

One of the concepts that will reflect the amount is advanced by the applicant. This should know that, before any breach by you will lose money. Similarly, if it is the seller who does not go ahead with the sale, the Civil Code states that must pay the other party twice the money he gave her.

It must include the period in which the sale is made. It is important that times can be met easily for the contract to be established go ahead. If not done so, one of the two participants may be impaired, either because they do not get time to complete the formalities for sale or for not having the time necessary to give it the mortgage.

Another concept that should be clear is whether housing will be delivered without charge or credit will weigh on it at the time of signing the deed.