Buying an apartment from a developer, i.e. choosing the best one

27 July 2020 by No Comments

development flats

 

If we want to buy an apartment step by step , we try to take into account all the most important issues, even the smallest elements. Every thing matters here because, as you know, the place where we will live is at stake, and probably throughout our lives. Some buy an apartment from a given owner, renovate it in their own way and live in it, others buy new apartments in a developer standard. Everyone is different, everyone cares about something different and everyone also has a different amount of money that they can spend on a flat. Certainly a developer in Warsawit is a good option for those who want to buy a new apartment, but not only. It is often better to bet on such from a development company, because it turns out to be more secure than from a private individual. Thanks to the 2012 development act, the client is fully protected and secured against the actions of development companies. Previously, he had to take the developer almost on his word. Today, he has the right to access the full documentation so that he can check everything thoroughly before making a specific purchase.

What can we demand from a developer?

development flats

Cordia Osiedle Zielone Bemowo

Each developer has specific solutions to offer us, i.e. real estate that may interest us more or less. Real estate can be completely new premises, but also old ones, which the investor has bought, renovated and wants to rent or sell. However, before we decide to bet on a specific place and before we sign the contract, the most important thing is to carefully check the investment prospectus. We can learn many important things from such a document, including but not limited to:

  • information about the developer – who he is, how long he has been operating on the market, what investments have been made by him, are there no enforcement proceedings against him, is he fully entitled to practice and other, similar issues related to the developer himself
  • information about the plot or premises itself – is it not encumbered with a bank loan, does it have all permits, what is the issue of spatial development of neighboring plots, are there any investments in the vicinity?
  • information related to the risk of selecting such and not another property. It is necessary to take into account the fact that if the buyer’s money is guarded by an escrow account, and this is an obligation, if the investment started after the entry into force of the new act, then in a situation where the developer becomes bankrupt, the client can get his money back. 
  • information on the company’s financial statements, building permits, design, and land and mortgage register of a given property
  • information on the finish of the premises, i.e. what will be the standard of its finish. Thanks to this, it is possible to accurately estimate how much money we will need to be able to fully complete the apartment and live in it. 

Signing a preliminary contract

When we have selected specific apartments in Szczecin , the moment comes to sign a preliminary contract. For some it is not possible to negotiate the price, for others you can negotiate the price as much as possible or get slightly better amenities, such as a cheaper garage or a higher standard when it comes to finishing a given apartment. However, if the other party is also satisfied with the terms to be agreed, the time comes to sign the developer contract, which is a preliminary contract. Of course, before we sign it, it is necessary to read it carefully. It often happens that many months pass from signing such a contract, because the developerhe often sells flats that are not even built yet, which is why such a preliminary contract is the key here before signing the final one. Such an agreement contains information on the price of the apartment, the date of the down payment and the payment of subsequent installments, and the date of handing over the premises. 

At this stage, can any of the parties withdraw? Of course. In this case, it is usually the case that if the buyer withdraws, the down payment is forfeited, if the seller is returned to the customer twice the amount of the down payment.

However, if everything is successful, the contract is drawn up in the form of a notarial deed, and the costs are divided between both parties in half. When the premises is ready for collection, an appropriate date is agreed. At this point, when viewing the apartment and signing the receipt, you should check all the smallest elements, so that in the event of imperfections or failures, you can immediately report it, because after the collection we can do nothing about it. If everything is correct, we sign the receipt and then the final contract is signed, from which we become 100% full owners of the property. If we choose a professional developer, everything will certainly go quickly and successfully, which is why choosing the best one is something everyone should definitely focus on. 

Polish