What formalities you need to deal with when buying a flat
Text from 2019. Laws, rates and prices may have changed since then. Ask an agent
Buying a flat is, contrary to appearances, a long process. The length of the transaction depends not only on how long it takes us to find a suitable property. That is really only the beginning. Then come meetings with specialists and the owners of the property, and filling in documents. Find out what formalities you need to deal with when buying a flat.
A flat is an investment
Finding the ideal property is important, but we have to know what budget we have. Buying a flat or a house often involves a loan. At the start of the road to buying a flat we must check our creditworthiness, which will let us realistically estimate our financial resources. It is worth comparing bank offers. Advisers can help us with this. The type of loan we choose is also important. When we need a larger sum to pay for the property, a mortgage is recommended. It is also worth taking into account the possibilities of co-financing the property from government projects or other subsidies. A loan is not everything. When buying a flat we must have a deposit (wkład własny), that is, our own cash earmarked for the property transaction.
Check all the documents
When buying a property from the secondary market, we cannot be trusting and take anyone's word for it. We must carefully check the legal status of the property. This will save us many serious problems. Going through all the documents that attest to the legal status of the property is almost a necessity. They include:
- an extract from the land and mortgage register (księga wieczysta),
- a certificate confirming there are no service charge arrears,
- the registration status of residents,
- the rights of third parties to the property.
All this information is very important. We cannot believe that a property is free of debt if we do not check the formalities. We also need to find out whether the flat is encumbered with a mortgage. In that case the purchase process is different, and this must be remembered.
READ ALSO – WHERE TO REPORT THE PURCHASE OF A FLAT?
Additional fees
It should be remembered that the price of the flat is not the only cost we have to bear. Unfortunately, the entry in the land and mortgage register and matters connected with notarial deeds (akt notarialny) are mandatory and subject to a fee. We must also pay civil law transactions tax (PCC) and court fees. Other financial obligations may be connected with intermediaries in the transaction.
What formalities you need to deal with when buying a flat – an agent's advice
Many people wonder why it is worth deciding on the help of an estate agent when buying a flat. An experienced professional has many tasks. Besides finding a property, they also deal with the legal and formal side of the property. They will make sure the seller has all the necessary documents and will handle all the notarial matters on the buyer's behalf.
