Publication date: 24.08.2024
How to protect your rights when buying real estate under construction?
Buying real estate under construction can be an attractive opportunity for many people, as it often offers lower prices and a choice of layouts. However, this type of investment carries certain risks, and it is important to know how to protect your rights in this process. In this article, we will look at the main aspects of protecting buyer's rights when buying real estate under construction and provide practical advice on how to minimize risks.
Checking the developer
The first and most important step when buying real estate under construction is to thoroughly check the developer. This will help you avoid cooperation with unreliable companies and reduce the risk of losing money.
Key aspects of the developer's due diligence:
- Reputation of the company in the market
- Financial stability
- History of completed projects
- Availability of necessary permits and licenses
To conduct such a check, it is recommended to use the service of legal analysis of a situation. A professional lawyer will be able to conduct a comprehensive due diligence of the developer and provide an objective assessment of its reliability.
Analysis of construction documents
The next important step is a thorough analysis of all construction-related documentation. This will help to ensure that the project is being implemented legally and complies with all the necessary standards.
The main documents to be checked are:
- Building permit
- Documents for the land plot
- Project declaration
- Technical conditions for connection to utilities
For the correct interpretation of these documents, you should use the service of legal analysis of the documents. A specialist will be able to identify possible problems and risks associated with construction documents.
Conclusion of the contract
One of the most important stages in the process of buying real estate under construction is the conclusion of a contract. A properly drafted contract is your main defense against possible problems in the future.
Key points that should be in the contract:
- Accurate description of the real estate object
- Terms of completion of construction and transfer of the apartment
- Price and terms of payment
- Liability of the parties for breach of contract
Before signing the contract, it is strongly recommended to use the service of a legal opinion of a lawyer. This will help you make sure that all your rights are protected and the terms of the contract are fair.
Question
Can I withdraw from a real estate purchase agreement during the construction phase?
Answer
Yes, in most cases, the buyer has the right to withdraw from the real estate purchase agreement during the construction phase, but the terms of such withdrawal must be clearly stated in the agreement itself. Usually, the buyer may terminate the agreement in case of a material breach of the agreement by the developer, such as a significant delay in the construction period or changes in the essential characteristics of the property. However, it is important to understand that withdrawal from the contract may be accompanied by financial losses, such as fines or withholding of a portion of the funds already paid. Therefore, before making a decision to withdraw from the contract, it is recommended to use the service of a lawyer to assess all the legal and financial consequences of such a step.
Monitoring the construction progress
After entering into the contract, it is important to regularly monitor the construction progress. This will help you identify possible problems in time and take the necessary measures.
Ways to monitor construction:
- Regular visits to the construction site
- Receiving reports from the developer
- Communication with other investors
- Checking information in official sources
If you have any doubts about the progress of construction, we recommend using the legal analysis service. A specialist will be able to assess the situation from a legal point of view and advise on further actions.
Protection of financial interests
An important aspect of protecting your rights when buying real estate during the construction phase is to ensure the financial security of your investment.
Methods of protecting financial interests:
Use of escrow accounts
Phased payment in accordance with the progress of construction
Financial risk insurance
Obtaining bank guarantees
To choose the best way to protect your finances, it is recommended to use the service of lawyer's consultation. A professional will be able to advise you on the most suitable option, taking into account the specifics of your situation.
Acceptance of the apartment
When the construction is completed, an important stage of acceptance of the apartment comes. This is your chance to make sure that everything is in line with the contract and your expectations.
Key points when accepting an apartment:
- Checking the size and layout of the apartment
- Assessment of the quality of construction and finishing works
- Testing of all engineering systems
- Drawing up an act of acceptance and transfer with fixing all the shortcomings
For a professional assessment of the condition of the apartment and the correct execution of documents, it is recommended to use the online lawyer service. This will help you to correctly record all identified deficiencies and ensure that they are eliminated by the developer.
Registration of ownership
The last, but no less important stage is the registration of ownership of the purchased real estate. This is the legal consolidation of your right to an apartment.
Steps to formalize your ownership:
- Obtaining a technical passport for the apartment
- Signing the final acceptance certificate
- Registration of ownership in the state register
- Obtaining a certificate of ownership
For the correct and quick completion of all stages of property rights registration, we recommend using the service of a legal opinion of a lawyer. A specialist will help you prepare all the necessary documents and carry out the registration procedure without delay.
What happens if you don't solve the problem? Ignoring the protection of your rights when buying real estate during the construction phase can lead to serious consequences. You risk facing construction delays, changes in the characteristics of the object, financial losses, and, in the worst case, a complete loss of investment. In addition, the lack of proper legal support can lead to problems with the registration of property rights, additional costs to eliminate construction defects, and litigation with the developer. That is why it is so important to pay due attention to protecting your rights at every stage of the real estate purchase process during the construction phase.
Buying real estate under construction is a complicated process that requires care, caution and legal literacy. From checking the developer to registering the title, each stage has its own peculiarities and potential risks. That is why it is so important to have reliable legal support throughout the process. Legal Marketplace CONSULTANT offers a wide range of services that can greatly facilitate the process of buying real estate during the construction phase and ensure the protection of your rights. Whether it's the verification of documents by a lawyer by a lawyer, written consultation the service of a lawyer online, or the service of legal analysis of a situation, qualified specialists are ready to provide you with the necessary assistance at every stage. Don't risk your investment and future home - seek professional legal consultation and make the process of buying real estate under construction as safe and successful as possible.
