Checking the property

Checking the property

Buying a property is one of the most significant financial commitments of your lifetime. Therefore, before proceeding to any transaction, it would be wise to have a number of checks conducted to ensure that this decision is the right one.

 

Check your own decision

The first stage is the careful selection of the location and category of the property, which will determine its price range. It is important for the property to meet the family’s requirements in terms of its daily needs and operation, such as accessibility to shopping, public transport, schools, etc.

Moreover, among the parameters for selecting both a residential and commercial property, are considered to be its resale value and future rentability, factors that will make this particular purchase a good investment for the future. It is likewise important that you have checked on whether the financing for the property, especially if there is a housing loan, can go ahead without unpleasant surprises (check on encumbrances to the property, as well as the possibility of multiple ownership).

 

Since buying a house or apartment is a personal matter, you must, above all, feel that this particular property can accommodate your dreams and become your new home.

 

Legal check

The lawyer is responsible for the legal check. Following an agreement between the two parties regarding the price of the property, a check on the legality of the property and its titles is recommended.

The lawyer must examine:

  • The legal status of the property at the competent land registry (cadastre).
  • Whether the vendor has paid for the property in full, or whether there is any encumbrance, mortgage or other claims or suits weighing against the property.
  • The titles, with particular attention, so as to ensure the legality of the manner in which it was acquired with respect to transfer of the property by the grantor or grantors.
  • The building permit for the property at the competent town planning office in order to ascertain whether it is unauthorized, and whether there are any town planning violations or transgressions in relation to the permit.

 

Technical check

The person responsible for the technical check is the civil engineer or architect.

The technical check is not obligatory but is recommended in certain cases, to ascertain that the state of the property is in accordance with the town planning regulations and that it has no construction or static problems. In this way, we also confirm the construction quality of the building and any possible abuses or violations of space.

In case of lots, its constructability must be checked together with the obligations of ownership.