In the modern world, probably, there is no such person who would not want to have his own housing. But not everyone has the opportunity to purchase it in comfortable new buildings with developed infrastructure, since the prices there are very high.
Buying an apartment on the secondary market is one of the options for acquiring living space, which is becoming more and more important every year. This is due to rising prices for new housing and falling purchasing power of the population. However, when buying this type of real estate, you must be extremely careful and take into account many nuances, since the buyer is faced with certain risks. Let's try to deal with all aspects of the acquisition of secondary real estate, which will avoid many pitfalls.
What are the risks facing homebuyers?
So, what are the risks when buying an apartment in the secondary market, the buyer assumes?
The main ones are the following:
- acquisition of real estate by fictitious power of attorney;
- purchase of living space on which persons under the age of majority live, as well as temporarily displaced residents;
- execution of a transaction with non-compliance with the legal framework;
- purchase of housing with which prohibited the performance of any operations;
- the acquisition of an apartment in which an illegal redevelopment was carried out.
All these nuances can cause a lot of problems to the buyer, so every person who is thinking about buying a second home should have a detailed understanding of all the nuances of the transaction.
Key features of the acquisition of secondary housing
In order not to get into an unpleasant situation, it is necessary to check the apartment when buying. The secondary market is very attractive to a huge number of buyers, therefore, it runs many unscrupulous realtors and scammers who want to profit from uninformed citizens.
Therefore, before signing the documents, you must check:
- whether the apartment appears in any dispute;
- who owns the housing;
- Does the property have any encumbrances (heirs, minor owners, etc.);
- compliance of living space with technical documentation;
- Reputation of a realtor, law firm or notary.
If everything is in order with all the nuances listed above, then the purchase of an apartment in the secondary market can be carried out. Also, do not forget to pay attention to the infrastructure and transport interchange, because the comfortable location in your home depends on the convenient location of your home.
Verification of documents
For the transaction to be legal, the documents when buying an apartment in the secondary market must be authentic. Their verification will avoid black realtors and their fraudulent schemes, as well as significantly reduce the associated risks.
The following papers are subject to careful study:
- an agreement;
- will;
- document confirming the transfer of housing by inheritance or gift;
- proof of ownership;
- Act on the privatization of housing.
It is very important that each of the documents listed above be drafted in full compliance with all legal formalities, because otherwise it will simply be fictitious. In addition, you must provide the originals of all contracts and certificates. Never work with photocopies.If you have insufficient knowledge of the legal framework, it is better to use the services of qualified lawyers specializing in this matter.
Verification of the identity and documents of the seller
The purchase of an apartment in the secondary market should only occur with a bona fide seller, so you need to check his identity and documents, namely a civil passport and a taxpayer card. In the documents for the transaction, relevant data from these securities must be entered. Try to avoid people with an untidy or suspicious appearance, as well as those who are drunk with alcohol. This check is very important, because if irrelevant information is added to the legislative documents, then in the event of a lawsuit initiated by the seller, you lose the case and lose the legal right to own the living space. In this case, it will be almost impossible to return the money paid.
If the seller is married, then he should ask for his written consent for the sale of the apartment by the spouse. This applies even to those cases if one of the couple is not registered in the apartment. To obtain information about all persons living in the home and having the right to it, ask the seller to provide a certificate of form No. 3.
Checking ownership through registries
Regardless of whether you buy an apartment in a mortgage on the secondary market or for cash, the transaction will be considered legal only if the seller has real property rights to residential real estate.
You can verify this in the following ways:
- request an extract from the Register of Property Rights to Real Estate;
- get a certificate in the Unified Register of Prohibitions on Alienation of Housing;
- submit a request to the State Mortgage Register.
All these state bodies will need to submit an application in the established form, as well as provide information about the seller of the apartment and the address of the property. But here it is important to understand that all these organizations may not have complete information, so it is best to receive these statements through a notary public. In addition, the living space may simply not be entered in any of the above registries. In this case, you can get the necessary information through the BTI.
Preliminary conclusion of the transaction
One of the most problematic and difficult ways to purchase your own home is to buy an apartment on the secondary market. Step-by-step instructions for this process are described in detail in the Civil Code. According to the law, the transaction must be carried out exclusively in writing, and also be notarized.
If you are disposed to purchase real estate, you can conclude a preliminary agreement with the seller, supported by documents, which will guarantee that the landlord will conclude a deal with the buyer on the sale of the residential property on pre-agreed conditions in a strictly defined time frame. This allows buyers to reduce potential risks and reinsure themselves against the fact that the property will be bought by another person.
What should be considered when concluding a transaction?
If the purchase of an apartment on the secondary market occurs under a preliminary contract, then when signing the document, the following nuances should be taken into account:
- the contract must be concluded in the presence of all persons registered in the apartment being sold;
- the seller must provide all the documents required by law;
- details specified in the contract must be relevant;
- the terms during which the sale must be executed should be agreed in advance;
- payment must occur in national currency;
- duties and responsibilities of both parties should be agreed in advance;
- on all pages of the document must be the signature of the buyer and seller.
It is worth noting that if the seller wants to conclude an agreement of intent with you, then do not rush to do this, since this paper has many legal formalities. Therefore, first consult with a qualified professional.
Secondary Home Insurance
When making a purchase, residential real estate insurance is a reliable guarantee that in case of a transaction failure for any reason, a person will receive a cash payment, the amount of which is indicated in the insurance contract. This allows you to reduce any categories of risks in transactions with real estate, therefore, such services are very popular.
Insurance will be relevant in the following cases:
- If the transaction is not made with the owner of the apartment, but with a trustee.
- One of the parties to the transaction is a person under the age of majority. If the sale of housing will significantly worsen the living conditions of children, then the guardianship authorities have legal grounds for the legal cancellation of the transaction even after the formalization of the purchase.
- Undervalued living space. Most often, the price is underestimated in order to reduce the amount of tax deductions. In this case, the buyer transfers one part of the amount officially to the seller and the other in the envelope, so if the transaction is canceled for any reason, the buyer will be able to return only the part indicated in the documents.
It is worth noting that if you are buying an apartment in a mortgage in the secondary market, then insurance is also a prerequisite. The thing is that this requirement is inherent in most banks when applying for a mortgage.
Resale Process
In order to safely purchase a secondary housing, you must strictly adhere to the basic rules for the transaction.
The procedure for buying an apartment in the secondary market is as follows:
- Search for an attractive property.
- Learning the authenticity of documentation.
- Verification of the identity of the seller.
- Registration of the transaction and making an advance payment.
- Preparation of the necessary package of documents.
- Signing papers by both parties.
- Registration of a new owner in a government agency.
- Drawing up an act of reception / transfer of the apartment.
This procedure is standard, therefore it is very important to follow all its stages consistently.
Benefits for the purchase of secondary housing
Nowadays, the state provides support to low-income citizens by issuing maternity capital.
In this case, buying an apartment in the secondary market is possible only if the property meets the following requirements:
- Housing becomes the full property of the family.
- The property is located in Russia.
- The sanitary condition meets all the requirements.
- The transaction is executed in full compliance with the law.
- All family members, including minors, will have the right to own the apartment.
In this case, the purchase of a residential property can be carried out both in cash and on credit.
Conclusion
So, we examined how the purchase of an apartment on the secondary housing market occurs. As you might have guessed, on the one hand it is beneficial, since the cost of such real estate is much lower than in new buildings, but on the other hand, buyers have to take higher risks. Therefore, in order to protect yourself and not lose money, it is best to buy real estate through experienced lawyers with extensive experience in this field. Today, the market has many companies involved in this type of activity.