The purchase of an apartment requires a significant investment. There are several steps and formalities to be followed before its purchase. To guide you in the steps to follow, read the following! The steps to follow when buying an apartment.
Evaluation of the budget
Before looking for your apartment, it is essential to evaluate your budget. It is according to this one that you can seek the good which is appropriate to you. To request a loan simulation, contact your banker. They are in the best position to determine the amount of your loan and its duration, based on your income and expenses. Please note that the debt ratio for real estate financing must not exceed 30%.
The search for an apartment
There are several ways to find an apartment:
- Going through a property dealer: this is a buyer of real estate who then resells it in the short term, approximately within 2 years. Their goal is, above all, to make a capital gain. In fact, they buy a house (or a building) in terrible condition, renovate it, and resell it. They have a vast real estate park where you may find your future apartment there.
- To call upon a house hunter of the apartment: if the real estate agents devote themselves a little more on the salesmen, a hunter of apartment deals rather with the purchasers. This is a profession that has developed recently. They undertake to find the property corresponding to the criteria of the purchaser. In general, they earn a commission between 3% and 6% on the value of the property.
- Use the Internet: with the advancement of technology, it is now possible to find an apartment on the Internet with a single click. Indeed, it is a more practical tool, efficient, fast, and easy to handle. All you have to do is to consult the websites of real estate agencies, ads between individuals, or notary chambers.
- Contact a real estate agency directly.
The choice of the notary
A single notary may be sufficient to carry out the sale of a house or building. However, both parties (seller and buyer) may each have their own notary. In general, the deed of sale is drafted by the seller’s notary. Depending on the tasks performed, a beginning notary earns between 1,550 dollars and 1,800 dollars per month. This rate can vary from 1,800 dollars to 8,800 dollars, depending on the office where they work.
Signing the preliminary contract
There are two possibilities for the seller and the buyer to sign the preliminary contract:
The preliminary sales agreement (7 days deadline): this is used in particular in cases where the seller wishes to obtain the immediate commitment of their co-contractor. It can be written freely by the two parties or drawn up before a notary. Unlike the promise to sell, its registration is not compulsory.
- The promise to sell (10 days deadline): it is about reserving the property for a limited period, in case the buyer is not sure they want to buy it. If they finally give up, they have to pay a deposit or a “down payment” of about 10% of the price of the property as compensation. As for the seller, they undertake to sell their property. This promise of sale must be registered with the tax authorities as soon as possible.
The delivery of the result of the real estate diagnostics
The establishment of the real estate diagnosis allows informing the purchaser about the property. This is presented in the form of a technical diagnosis file or DDT and must be annexed to the preliminary contract and to the deed of sale. In addition to the diagnosis, other documents contain information about future debts, the organization of the building, and the financial situation of the co-ownership and the seller. The buyer can judiciously make an offer to purchase. The cost of the implementation of the real estate diagnostics is at the seller’s expense.
The signing of the deed of sale of the apartment
To finalize the sale, the signing of the deed of sale must take place approximately 3 months after the signing of the promise to sell at the notary’s office. Two to three months after signing the authentic contract, a copy of the title deed must be given to the buyer. Once this is done, the notary receives the loan from the bank and provides the seller with the check representing the purchase price.
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