What Is The Process Of Buying An Immovable Property


From the moment of the conclusion of the preliminary contract ONLINE GUIDES, the seller is required to receive the entire purchase price in the amount agreed and within the deadlines agreed with the buyer. Our kevinloberg.ca will give you all the information you need to know about the process of buying and selling an immovable property. But if you are too busy to handle these things leave it to the experts such as real estate agents or real estate lawyers.


Until the moment of the conclusion of the verification of the main sales contract, the seller is obliged to fulfill all obligations that were agreed with the other party. On the day of conclusion of the contract, the seller is obliged to submit a certificate of the registration of the property, a certificate of tax administration from the competent municipality that has settled all liabilities arising from the property tax, their last paid electricity bill, the last phone bill. These things are necessary for the process to be completed.

The seller is also obliged to at the time of conclusion of the contract to give the keys to the buyerand empty the place to make it ready for the new owner to move in. The obligation of the seller is to forward a copy of the birth certificate and court certified statement of the spouse, or, other members of the family, depending on the case, and to amend the documents proving their ownership, if that necessary.

The obligation of the buyer is to pay the purchase price within a certain deadlineas it was agreed with the seller. It is common that during the conclusion of the preliminary contract the buyer pays 10% of the agreed purchase price, and the rest within the agreed time, all in accordance with the Law. The buyer is obliged to pay the brokerage commission, the court fee for the certification of agreements, contracts, or annexes, the cost of transferring the money with the authorized bank, tax on absolute rights as a fee to own the subscription rights, as well as and the fee for the registration of real estate on their behalf, if they have been met.

Payment of the purchase price

The method and deadline for payment of the purchase price is determined by the two parties. They are the ones who agree about this according to their possibilities and options available.

Choosing a bank is also a matter of agreement between the seller and the buyer. Sellers do not have any reason to be scared of this, because the money can be withdrawn immediately, if the bank notices something suspicious. The whole transfer process between the two parties should not take more than 30 minutes. Transfer fees are paid by the buyer, and they vary from bank to bank.

According to the current legislation the purchase price for the immovable property may be paid either in foreign currency too.

Posted by Kelli