What legal aspects to consider before buying a real estate project?
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Loading... - Jude Baker
- 30 Aug 2022
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Only from January 2019 to April 2022, the resolution bodies of Indecopi imposed 1,589 sanctions and approximately 21 million 286,830 soles (4,956.4 UIT) in fines to real estate service providers, says the managing partner of the Asesori, Herman Patow.
It is a latent danger that anyone who dreams of acquiring a new home from a real estate agency must pay attention to in order to avoid inconveniences in a buying and selling process, he says.
"When purchasing a property, especially if it is a future asset, it is essential to have legal advice so that you can properly negotiate with the real estate agent and thus minimize the risk of the operation," he suggests.
However, it is necessary to opt for this option or not, it is essential to review the registry entry, the construction license; as well as construction details, location plans, electrical installations and sanitary installations, verify if the property is financed by a bank, among other things.
Therefore, if you plan to buy an apartment in a real estate project, take into account the recommendations provided by Asesori.
What documents to request from the real estate?
1. Property Registry Certificate: with this document it will be possible to corroborate, among other things, that the promoter has the right to market the property and that there is no charge or encumbrance on it (such as a mortgage).
2. Information related to the execution time of the project.
3. Construction license: this document implies that the preliminary project presented to the corresponding municipality has already passed all the observations/recommendations of the urban development management.
4. Project of Internal Regulation: it serves to know the potential internal policies in the facilities of the future building.
5. Purchase Agreement.
Why look for projects that are backed by a bank?
The sponsorship of a bank always gives greater security to the purchase and sale of a future asset because it implies that the financial institution has approved the developer's credit (and technical) capacity and that the project is legally in order to be executed.
This benefits a future buyer not only in the buying experience, but also in access to credit that can give them a better chance of acquiring the property.
In addition, it gives you greater peace of mind regarding the risk of the operation, since it is assumed that the presence of a bank implies that the registration item of the property does not have any impediment/risk for its commercialization. Read More…
