Buying process guide

Step-by-Step Guide

Examination of documents

All of the seller’s records and documents are usually checked as part of the purchase process before the final purchase contract is concluded. Here are some important points about it:

1. Notary:
   • A crucial step in the real estate purchase process is the examination of all relevant documents by the notary. The notary plays a central role in facilitating the purchase and ensures that all legal aspects are handled properly.
   • The notary typically reviews the property deeds, land register extracts, property tax assessments, building charge registries, and other relevant documents to ensure that the seller has the right to sell the property and that there are no outstanding encumbrances that could affect the purchase.
2. Buyer’s Lawyer:
   • Often, in addition to the notary’s examinations, the buyer will also engage their own lawyer to review the documents and ensure that all legal aspects are addressed in the buyer’s interest.
   • The buyer’s lawyer may particularly focus on ensuring that all agreed-upon conditions in the purchase contract are met and that the buyer is protected from potential risks.
3. Land Registry Office:
   • The land registry office also plays a significant role in verifying the ownership and encumbrances of the property. The notary typically requests a land registry extract to confirm the current ownership status and ensure that all entries are correct.

Verifying the seller’s documents is crucial to ensuring a smooth purchase and enabling the buyer to take over the property without any legal issues. Both the notary and the buyer’s lawyer play important roles in ensuring that all legal requirements are met and that the purchase contract aligns with the buyer’s interests.

Preliminary Agreement (Reservation Agreement)

A preliminary agreement, also known as a reservation agreement, is not always mandatory, but it can be useful in certain situations. Here are some cases where a preliminary agreement is typically concluded:

Securing the Property: If you’ve found a property that meets your requirements and you intend to purchase it, but not all details of the final purchase contract are settled, a preliminary agreement can be used to temporarily reserve the property. This prevents the seller from selling the property to other interested parties while final contract terms are being worked out.

Time for Financing Assurance: A preliminary agreement provides you with time to ensure your financing for the purchase of the property is secured. During this time, you can take necessary steps to obtain a loan or organize other financing sources.

Basis for Negotiation: The preliminary agreement can serve as a basis for further negotiations, especially if some details of the final purchase contract are not yet fully established. Through the preliminary agreement, important points such as purchase price, payment terms, and handover date can already be determined.

Withdrawal Conditions: The preliminary agreement can also include conditions under which you can withdraw from the purchase, in case certain events occur, such as non-fulfillment of financing requirements or discovery of significant defects in the property during inspection.

In some cases, a preliminary agreement can be useful in facilitating the purchase process and protecting the interests of both parties. However, it’s important that the terms of the preliminary agreement are clear and fair for both sides, and that you seek advice from a lawyer if in doubt.