Things To Check Before Buying A Home: Consulting With Title Insurance Services Is A Must

Before signing the deeds, it is always a wise move to check the legal status of the home. Buying a home commits us in the long run in many ways. There are professionals who can help with this little review of the prospective property. Before the acquisition of commitments with the seller of the home, it is advisable that the buyer know and verify the legal status of the same. The purchase of housing is one of the most important economic decisions since it compromises our economic situation in the long term and therefore it is necessary to have a complete information possible to facilitate the adoption of a correct decision and to allow an optimal planning.

It may be interesting to have the collaboration of a third party like title insurance services to carry out a legal real estate audit of the house documents you want to acquire, carrying out the research process before the acquisition of the property by qualified professionals in the sector. In this case, the result of the research activity will be a report that incorporates an analysis that highlights the result of the review.

The prospective buyer has the right to inform himself, and the seller has the obligation to inform him. If there are burdens on the dwelling, it is advisable to require the seller that before the signature to become aware of payment or otherwise discount the outstanding amount of payment of the sale price.

Things to check

Is the seller is the real owner of the house? Are there any charges levied on housing? (mortgages, foreclosures, etc.): Are there leases or possessors in the dwelling? Are there receipts other taxes pending payment? Does the house fulfill the requirements of the urban plans?

Formal and public statement of the seller that leases are not levied on the dwelling. In case they exist, it is important to pay attention to:

– Duration and extensions, verifying if there are rights of advance ruling to know the time in which the investment of the property is assured its profitability.

– Net income (discounted costs).

– Costs incurred by the lessee.

– The existence of additional guarantees.

– The regime applies to works and conservation.

– Preferential acquisition rights.

If the house is new or is under construction, has the developer hired damage insurance for the possible structural defects of the building? Request for the contract policy completed with the document proving its entry into force; certificate issued by the insurer accrediting the constitution and validity of the contract or supplement of entry into force of the insurance in which the conditions of the contract are specified. The notarization of the signature of the document submitted to prove the constitution and validity of the insurance are required.

Is there any litigation affecting housing? Request for property information on judicial claims, legalization records, and relapsed sentences.

Does the house have a habitability certificate? Request for the duplicate of habitability certificate. If the dwelling does not have a habitability certificate, an architect, technical architect/surveyor or building engineer will certify the habitability of the dwelling, issuing a certificate in this respect, which will be accompanied by request for a habitability certificate.

When you buy it on the map: Consult the staff that has the responsibility for the registration of the company, administration fees, attorneys" fees and statutes. Request for certification of domain and charges issued by the Registry of the property and include to request for a copy of the license.

One of the most important things to check is the building plan. Does the house have a master plan? You must request for the document signed by the developer and builder.

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