The UK legislation is characterized by a negative legal system that calls into question the good faith of the apartment purchase. And a lawsuit does not guarantee that your claims will be met. In addition, real estate transactions are frequently targeted by dishonest sellers and developers. To prevent problem situations, you should contact a real estate agent. What is special about a real estate transaction with the participation of a realtor? How to check if it works?
What kind of real estate specialist should you always involve?
We recommend contacting a professional realtor who specializes in real estate purchase and sale transactions. Such a specialist knows the specifics of legislation and has experience in real estate transactions. The best option would be a realtor from a real estate agency with more than 5 years of experience (in Black Stone Estate Agents, for example, all employees have such experience). But why is an agency realtor needed? In this case, it is highly likely that the specialist has extensive experience in checking apartments and knows all the nuances of this process. Working in the agency, the specialist is constantly in the mode of conducting transactions, and is not relaxed engaged in earning income as a self-employed citizen.
Before starting cooperation, discuss with the real estate agent the stages of verification and find out what services he intends to provide. Below is an approximate list of his actions:
- Request for title deeds for real estate.
- Study of the history of alienation of real estate.
- Checking the owner’s passport, making a copy of all pages of the passport.
- Inspection of the bankruptcy register.
- Checking the base of litigation.
- Request for documents on the marital status of the owner.
- Request for an extract from the house book, certificate of the absence of debts on utility bills.
- Request for certificates from neuropsychiatric and narcological dispensaries.
- Checking documents of the BTI and apartments for illegal redevelopment.
- Preparation of an apartment purchase and sale agreement (at your request).
Why hire a realtor for a mortgage or notarized transaction?
A more thorough examination is carried out by lawyers from a bank or insurance company, but they still have less experience than a specialist from a real estate agency. In addition, a bank employee will not check things that a realtor would check. Lawyers from the bank will also not study the history of the transfer of ownership (this is simply not part of their job responsibilities), which means they will not confirm the legality of owning an apartment. They consider only a standard package of documents for processing a transaction.
The notary is responsible for the legal purity of the transaction, but he will not check the legality of the redevelopment and will not understand the chain of transfer of ownership. Requesting certificates from dispensaries is also not the responsibility of a notary.
The realtor protects your interests
A deal is an agreement between the parties, and the right deal is also compliance with the law and the rule of law. To conclude such a deal when buying real estate, you need to know the legal intricacies that the average buyer is hardly familiar with. Not knowing all the nuances, he will not be able to control every stage of the transaction, which means there is a risk that the other party will receive more favorable conditions. This will lead to infringement of the buyer’s rights, and in the worst case, to the loss of money and an apartment. A real estate agent will not allow such situations and will help resolve issues related to the purchase of real estate.
How to check the reliability of a realtor?
Experts from BLACK STONE ESTATE AGENTS strongly recommend contacting only trusted agents and realtors who are included in the database of the “Unified Register of Certified Companies and Certified Real Estate Market Specialists“. Also, do not forget to read reviews about him on the Internet: as a rule, good real estate agents do not go without recommendations and evaluations of their own activities by past clients.
Is it possible to buy an apartment in trade-in on your own, without the participation of a realtor?
In the first part of the publication, it was said that with the arrival of the real estate market in our country, the “natural” exchange of apartments gave way to an alternative deal. If one of the parties to the transaction is a developer offering offsetting of the client’s old apartment when buying a new one, then this is an example of using the “trade-in” technology in the real estate market.
For many years the BLACK STONE ESTATE AGENTS agency has been an authorized partner of many developers working on this technology, and has extensive experience in communicating with clients. They often ask the same question:
“Is it possible to exchange your apartment for a new building on your own, without using the services of realtors?”
Such people want to save on commissions, and self-conducted transactions are trending today. Indeed … from year to year there are more and more sites where sellers can find a buyer. In some places, the ability to remotely perform a legal check of the selected apartment and even approve an online mortgage loan is declared.
In addition, such resources publish a lot of “specialized life hacks” and stories of successful transactions made without an agent. There comes a time when even the most cautious people, overloaded with such information, begin to consider themselves competent enough to work on their own in the real estate market. Can they implement the trade-in technology for themselves without involving realtors?
Of course, conducting a simple transaction is available to a well-trained layman and, having completed it, he may add to the Internet collection of arguments about the uselessness of realtors. However, having saved on paying for the agent’s work, he loses a lot of his own time studying the technology of work (and it also costs something!) And, more importantly, in case of any inconsistencies, only himself can blame, while a specialist and the agency it represents is responsible for the outcome.
Should you exchange an apartment without intermediaries?
Anyone with the help of a thread can pull out a swinging milk tooth from his child, but we do not recommend trying to pull his own teeth based on this experience. This also applies to “self-service” in real estate. Trade-in in this market is a complex operation: an alternative trade conducted in a time-limited environment.
We believe that only an experienced specialist who has access to non-public information – the real sales prices in the area where the client’s apartment is going to be credited and information about possible sources of problems in the process of its implementation – can maintain the balance of interests of its parties. In addition, an individual buyer can book a selected apartment with a developer only for one or two days … The BLACK STONE ESTATE AGENTS agency, on the contrary, offers long-term booking under the trade-in program with fixing the cost of a new apartment.
In general, in our opinion, when working independently, the risk of unnoticeable crossing the fine line between trade-in and trade on * is unjustifiably high. Agency “BLACK STONE ESTATE AGENTS” is actively expanding the range of services provided to clients wishing to purchase an apartment in a new building, taking into account the cost of the old “living space“. We will keep our readers informed about the proposals of developers and our work technologies. We will always be happy to answer your questions by phone or in offices that are conveniently located in the center of the capital.