19 Nov Lawyers for Real Estate Purchases: What You Need to Know
Purchasing real estate is one of the most significant legal transactions, involving numerous legal, financial, and technical aspects. Collaboration with a specialized lawyer is essential for the buyer to ensure the legality and security of the transaction. In this article, we analyze the role of the lawyer, the stages of the process, and the key points prospective buyers should pay attention to.
The Role of the Lawyer for the Buyer
1. Legal Review of Ownership Titles: The lawyer conducts a thorough check at the competent Land Registry and/or Cadastral Office to confirm that the seller is the lawful owner of the property and that there are no encumbrances such as mortgages, liens, or seizures. The review must cover an extended period, at least 30 years, to ensure an uninterrupted chain of ownership titles.
2. Examination of the Urban Planning Status: In cooperation with an engineer, the building permit and the legality of the property are assessed, identifying whether there are any unauthorized constructions or planning violations that could affect the property’s use or value.
3. Drafting and Negotiation of Contracts: The lawyer drafts or reviews the preliminary agreement and the final sale contract, ensuring that the terms are clear and protect the buyer’s interests. They also negotiate any amendments or specific clauses that may be required.
4. Tax Obligations: In collaboration with the notary, the buyer is informed of the tax obligations arising from the purchase, ensuring timely and accurate submission of the relevant declarations.
Stages of the Real Estate Purchase Process
1. Preliminary Agreement and Deposit: After selecting the property, a private agreement is usually signed between the buyer and the seller, outlining the main terms of the transaction and specifying the agreed deposit amount. It is crucial to avoid paying any amount before the full legal review of the property is completed. Verifying the legality and the freedom of the property from encumbrances, mortgages, seizures, or other registrations is fundamental to securing the buyer’s investment.
2. Legal and Technical Review: All necessary checks are carried out in cooperation with the engineer to confirm the legality and condition of the property.
3. Drafting and Signing the Contract: Following the completion of the reviews, the final sale contract is drafted by the notary. The lawyer plays a central role in verifying that all legal criteria and regulations included in the sale contract have been met before proceeding to the final signing, ensuring a smooth and secure transfer process.
4. Registration at the Land Registry or Cadastre: The contract is submitted to the competent Land Registry or Cadastral Office for registration, completing the property transfer process.
Key Points for Buyers to Pay Attention To
• Legal Review: It is essential for the lawyer to conduct a thorough review of the ownership titles and the urban planning status of the property. Without this review, the purchase process can resemble a step into the unknown, as the buyer may proceed with the transaction without being aware of potential legal obstacles or restrictions, putting their investment at risk.
• Tax Obligations: Be informed about the taxes and fees that burden the transaction.
• Urban Planning Violations: The buyer must ensure that the property does not have unauthorized constructions or other urban planning violations.
• Transparency and Professionalism: Transparency must be maintained throughout the process. The lawyer ensures compliance with the agreements and suggests solutions for resolving any disputes that may arise.
Why You Need a Lawyer
Having a lawyer for the buyer is not only a practical but also a strategic choice. The lawyer ensures that the property is free from legal issues and protects their client from potential risks that may not be apparent upon initial assessment.
Furthermore, purchasing real estate often represents the realization of a significant dream, where the buyer has invested time and effort over many years. Here, the role of the lawyer becomes indispensable, as they ensure that the buyer’s efforts and savings do not result in a precarious investment that causes more problems than benefits. The lawyer works to ensure that the property does not become a source of unforeseen expenses and legal challenges, thus safeguarding the buyer’s investment and dream.
Conclusion
Purchasing real estate is a process that requires the collaboration of experts. The lawyer is an indispensable ally for the buyer, ensuring that the transaction is completed safely and without issues. It is clear that involving a specialized lawyer is the first step toward a successful and legally secure transaction.
Karpouzis–Lianou & Associates Law FirmBy your side, for every legal challenge.
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