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Buy an apartment without a realtor: difficulties, risks and price issue

You need to be careful and consider the possible risks.

Most people who decide to buy an apartment in Kiev often want to save money and not pay realtors. It is possible to buy an apartment without a realtor, but one must be careful and take into account possible risks. How to buy an apartment without a realtor, why you need a real estate consultant and how much his services cost, I learned from the Capital Real Estate Portal

We are looking for an apartment without intermediaries
Starting to search for an apartment to buy for a start is worth preparing. It is not only about the financial side of the issue, but also about the security of the participants in the transaction.

Buy a new sim card
To get started, it’s worth getting a separate mobile phone number while you are looking for new housing. This is necessary in order, firstly, to understand who is calling and on what issue, and secondly, so that after the transaction you are not disturbed by calls with offers of apartments.

To protect yourself, it is better not to keep the money at home, but keep it in a bank (in your account or in a bank cell). Criminals can identify people who make money to buy housing and then rob apartments. They can give “fake” ads for the sale of real estate at a bargain price, take contacts and other data of the buyer and then rob. Protect yourself and your family.

Related article: Changes in legislation in the field of real estate: what you need to know to conclude a purchase and sale transaction in Ukraine

Explore the offer
To understand if you have enough money for an apartment and what you can buy for this amount, you need to look at the offer on rating real estate sites or on the sites of large real estate agencies. It should immediately be prepared that finding an ad from the owners is extremely difficult. Often, realtors offer a sale service to property owners for free, so homeowners do not need to refuse the services of consultants. If you managed to find housing without intermediaries, then arrange a viewing.

Check documents
This is the most important stage. The security of the transaction depends on this. The owner must show you the document on the right of ownership of the real estate, passport and TIN code. The notary studies the documents in more detail.

Pay and make a deposit
Almost always, a preliminary sales contract is concluded between the seller and the buyer. This is a guarantee that both parties will not change their minds. The deposit agreement is made in writing, often the conditions for making the deposit are included in the main contract of sale.

Order verification of documents for professionals
A lawyer or notary must check the entire package of documents before the transaction. Specialists check the relevant Registers and find out if there are any encumbrances on the purchased property, the rights of third parties, etc. You also need to check if the seller’s relatives are not registered in the apartment, if there are any debts for utilities, etc. You need to find out if there are lawsuits related to real estate when third parties sue the owner and claim a violation of their rights. A notary or lawyer must also find out that there are judicial restrictions. The cost of such a service starts from 2500 UAH.

Related article: How to arrange an inheritance in Ukraine and legally inherit an apartment, house, land

Clearance transaction
If everything is in order with the documents and you are ready to complete the transaction, then prepare the full amount and the necessary documents. To protect yourself, you can transfer money to the seller’s bank account. In this case, you will have to pay a commission (about 1% of the amount). You can pay in cash, but do not tell anyone when you plan to collect the amount from the bank. It is better to do this immediately before the transaction. Settlement can also be done at a bank branch; many bank branches provide negotiation rooms for processing transactions.

Registration of property rights
After the transaction is completed, data on the new owner is entered into the Real Estate Register. After that, you will be issued a certificate of state registration. Next, you need to draw up contracts with the Housing Office, utility providers, etc.

Why do you need a realtor
Buying and selling real estate is a risky undertaking. This is due to a thorough check of the documents that the property owner provides. It is difficult to do it yourself without legal and expert assistance. In recent years, important changes have taken place in the laws governing the execution of transactions, the payment of taxes on the sale of housing and the rules for evaluating real estate.

Related article: Fake real estate documents: how to understand that not everything is clean with documents

“A realtor provides professional services that include not only the selection of a profitable option, but also the issue of legal support for the transaction.

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