Do you want to acquire the property of your dreams? Building land, single storey house, off-plan apartment, in short, the project of a lifetime. For an individual, the act of buying real estate is a journey strewn with pitfalls and traps, into which it is easy to fall if one is not assisted by an informed advice! So caution is the key word when it comes to buying real estate.
Acquire a property in complete safety, what are the steps?
When an individual wishes to acquire a property, he most often has to take many steps, but what complicates the exercise is that he has to deal with many interlocutors (sellers, real estate agent, notary, experts, etc. etc.). It is therefore easy to get lost quickly.
- The role of the lawyer in real estate law will then be to assist and support you in your efforts in order to ease your mind and achieve the completion of the sale without worry.
- A real estate sale is generally carried out in two stages, the signing of a promise to sell, then the signing of the deed of sale which realizes the sale itself.
- The promise to sell can be signed through a real estate agency or a notary, or directly by the buyer. Whatever the hypothesis in which the buyer finds himself, extreme attention must be paid to the drafting of this promise to sell.
Indeed, in matters of sale “promise of sale is worth sale”. In other words, once the seller’s offer has been accepted under the conditions proposed on the price and the item by the buyer, the latter is committed. The contract is then formed! This contractual formation thus prevents the purchaser from renouncing his acceptance without risking being held liable, and consequently being claimed for damages.
The buyer and the seller also have the possibility of concluding a sales agreement. This time, the implications for the two contracting parties are greater than in the presence of a promise to sell since it is a real contract.
The Commitment Solutions
Being definitively committed, the breaking of a sales agreement may result in the payment of damages. Worse, the parties may be forced in court to pass the final act.
- Here again, prudence is the mother of all securities. In addition, certain time limits, in particular for withdrawal, are granted to the purchaser under certain conditions, which a purchaser who has not been informed by counsel may ignore. The lawyer here plays a privileged advisory role for the future buyer.
- The second step, in other words the sale of the property itself, must take place before a notary. Here too special attention must be given to the drafting of the deed of sale, in order to prevent any subsequent conflict.Like the sale of real estate, the acquisition or construction of a single-family house also has specific features.
If the acquisition of a single-family house does not present any particular specificity when it is in very good condition (which is verified with the help of an expert who makes it possible to quantify in particular the work to be carried out), the operation is much more complex when one decides to acquire a house to renovate or to acquire a building land to build a detached house.
Visit https://www.realvantage.co/insights/important-considerations-when-buying-overseas-properties/ for more information about buying and owning overseas properties in Singapore.