There is no optimal period for buying an apartment in terms of construction stages: the cost of an apartment at the zero stage of construction will be significantly lower, while buying a ready-made house can avoid all the risks of a collision with an unscrupulous developer. Lawyer Irina Gukova, founder of the GAP law firm, told socialbites.ca.
“First you need to check the developer: Examine the shareholders’ reviews of their past projects. If the house has already been put into operation, study residents’ reviews of specialized resources or talk to residents before purchasing. The legal history of the department is also important. For example, when purchasing space in a non-commissioned residential complex from a third party who is not a developer, the owner risks his own money. Since the house has not yet been delivered, the seller’s ownership of the property has not yet been registered (as the apartment building does not actually exist yet). Essentially, you are purchasing an unregistered title to a property. “In such transactions, it is recommended that the flat owner, contractor and the flat itself be checked more seriously in terms of legal problems,” he said.
Buying housing at the initial stage of construction is associated with risks: possible delays in the delivery of housing, poor construction quality, as well as more serious consequences such as freezing and termination of construction
“The most important criterion is the unpredictable timing of housing delivery and the quality of construction. Many construction projects experience plan changes and delays in commissioning due to financing problems. In addition, the quality of the house built in the future may not meet your expectations. The expert noted that the main recommendation to reduce risks when buying a house is to examine the reputation of the developer.
Important points when evaluating a developer include the issue of liability insurance: warranty coverage for construction quality is also extremely important.
“Despite the fact that the law obliges the developer to provide guarantees on the quality of construction, in practice there are nuances that allow developers to avoid liability for poor quality construction. “Legal support of real estate transactions involves many parallel tasks, especially in the resolution of complex cases, where sometimes the help of an expert is indispensable,” the lawyer said.
Former member of parliament saidWhat documents need to be checked before buying an apartment.